Teva Beats as Revenue Jumps

The Israeli drugmaker's revenue tops $1 billion for the first time.
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Teva Pharmaceutical

(TEVA) - Get Report

shares rose about 4% early Tuesday after the Israeli company's revenue topped $1 billion for the first time.

The drugmaker earned $205 million, or 64 cents a share, compared with $138 million, or 50 cents a share, in the year-ago period. Revenue jumped 39% to $1.05 billion. The consensus estimate was for net income of $188 million, or 59 cents a share, on revenue of $1.01 billion.

Including charges, the bulk of which relate to its January acquisition of Sicor, the company lost $428 million, or $1.44 a share, in the first quarter.

Teva said it expects 2004 sales of $4.5 billion or more, before charges, and EPS of $2.70 to $2.74. The consensus estimates are for $4.43 billion and $2.57 a share.

North American sales accounted for 64% of the company's total drug sales, rising to $594 million, from $427 million a year ago. Overall, sales were driven by new generic products and its multiple sclerosis product Copaxone, which rose 33% to $207 million.

Shares rose $2.65, or 4.4%, to $63 in premarket trading.