Teva Net Rises on Strong Copaxone Sales

Teva said first-quarter earnings rose 58% on strong sales of multiple sclerosis drug Copaxone.
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JERUSALEM (

TheStreet

) --

Teva Pharmaceutical

(TEVA) - Get Report

said first-quarter earnings rose 58% to $713 million, or 79 cents a share, from $451 million, or 51 cents, a year earlier, on strong sales of multiple sclerosis drug Copaxone.

On an adjusted basis, first-quarter earnings were 91 cents a share; analysts surveyed by Thomson Reuters expected earnings of 89 cents.

Teva, the biggest generic drugmaker, said sales rose 16% to $3.7 billion, in line with the estimates of analysts.

Teva said sales of Copaxone, the leading therapy for multiple sclerosis, rose 28% to a record $796 million.

In March, Teva Pharmaceutical

agreed to buy Germany's second largest generics producer

Ratiopharm

for about $4.9 billion.

-- Reported by Joseph Woelfel in New York.

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