Thank you, Rachel. Good morning, good afternoon, everyone. Thank you for joining us today to review Teva's first quarter 2012 earnings results.
I’m joined today by our President and CEO, Shlomo Yanai; Teva's incoming President and CEO, Dr. Jeremy Levin; our CFO, Eyal Desheh; Bill Marth, President and CEO of Teva Americas; Rob Koremans, President and CEO of Teva Europe; Dr. Michael Hayden, President of Global R&D and Chief Scientific
Shlomo will begin by providing an overview of the quarter, followed by Eyal. We'll then provide additional details on our consolidated financial results. Finally, we will hear from our new CEO, Jeremy Levin, before opening the call to a question-and-answer period.
Before we start, I’d like to remind you that our discussions during this conference call will include forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in Teva’s report on Form 20-F and Form 6-K.
Also, the discussions during this conference call will include certain financial measures that were not prepared in accordance with Generally Accepted Accounting Principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in Teva’s earnings release issued earlier this morning, which can also be found on our website, www.tevapharm.com.
With that, I will now turn the call over to Shlomo. Shlomo, if you would please?
Thank you, Kevin. Welcome, everyone, and thank you for joining us today as we review Teva's results for the first quarter of 2012.
I'm pleased to report that the year is off to a solid start for Teva. Compared to the first quarter of 2011, sales were up by 25% to reach $5.1 billion. Quarterly operating profit grew by 42% to $1.6 billion, and net income increased by 39% to $1.3 billion. This brought us to EPS of $1.47, up 41% over the first quarter of 2011.