NEW YORK (TheStreet) -- Generic drugmaker Teva Pharmaceutical (TEVA) - Get Report reported second-quarter earnings of $984 million, or $1.10 a share, compared to $981 million, or $1.08 a share, in the year-ago period. Analysts were expecting earnings of $1.09 cents a share.

Net sales for the Israel-based company rose 11% in the quarter to $4.2 billion. European sales constituted the biggest increase due primarily to the company's 2010 acquisition of the generics brand ratiopharm. That income helped counter the company's lagging generics business in North America, down 15% for the quarter from the year-ago period. U.S. generic and other sales were $903 million in the quarter, down 40%.

In a press release, Teva CEO Shlomo Yanai said, "We anticipate increased growth in U.S. generics, as well as continued growth across all our geographies and businesses, in the second half of the year."

-- Written by Carlton Wilkinson