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Teva Pharmaceutical Industries Limited's CEO Discusses Q1 2012 Results - Earnings Call Transcript

During Q1, we continue to enjoy strong growth in our Rest of World markets, particularly in Eastern Europe and Latin America. Sales totaled $1 billion, up 23% in local currencies. And in Japan, Teva has introduced a new face to the market, with the integration of Teva's existing businesses into one new company, Teva Taiyo. We are very pleased with the enthusiastic response the Teva brand is receiving in Japan.

2012 was off to a great start for Teva's branded business, with strong sales of our major branded products. As you have seen in our press release, sales of Teva's portfolio of branded products enjoyed 54% increase in sales year-over-year, thanks to a combination of organic growth, the addition of Cephalon products and positive sales synergies of the major Cephalon products with Provigil, Nuvigil and Treanda growing organically, on average, 22% year-over-year.

I am pleased to report that the integration of Cephalon into Teva is growing even more quickly than we anticipated, and synergies remain in line with our expectations.

Copaxone remains the market leader in the U.S., retaining over 40% market share and continues to grow outside the U.S. in terms of value and units sold. Outside the U.S., in-market sales grew by 15% in value and 26% in units sold over the first quarter of 2011. Copaxone remains the leading global therapy for the treatment of MS.

Teva's global respiratory business grew by 4% over the first quarter of 2011. In the U.S., market share for both ProAir and Qvar continue to grow during Q1, with Qvar further strengthening its #2 position in the growing inhale corticosteroid market. We are very excited about our recent launch of Qnasal and have received U.S. approval for our ProAir dose counter, which we expect to launch this fall.

Finally, I am pleased to report that as part of our strategy to turn our women's health business into a global franchise, we have launched our women's health product, ZOELY, in select EU countries and have submitted Seasonique for approval in the EU.

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