beat earnings expectations with its third-quarter report, although sales fell short of expectations despite a 25% increase.
Teva said it had earnings of $650 million, or 72 cents a share, for the quarter ended Sept. 30, compared with a year ago profit of $632 million, or 77 cents a share, in the year-ago quarter. The difference in earnings per share was due to a larger number of shares in the most recent quarter.
Excluding items, including restructuring and legal charges as well as a tax benefit, Teva said it earned 89 cents in the quarter, coming in ahead of the Thomson Reuters average estimate by a penny.
Teva said net sales rose 25% from a year ago to $3.55 billion, compared to the average analyst target of $3.62 billion. Pharmaceutical sales in North America rose 34% from a year ago to $2.16 billion, accounting for 63% of total pharmaceutical sales.
Sales of Teva's Copaxone multiple-sclerosis therapy rose 38% from a year ago to $776 million. Sales of Azilect, which treats Parkinson's disease, rose 39% to $64 million.
"This is the time of year when we develop our workplan and update our strategy for the next few years," said Shlomo Yanai, CEO and president of Teva. "The process this year is an especially inspiring one, as the more closely we analyze the opportunities ahead, the more excited we become about Teva's future -- which, in both the near and long-term, looks very bright."
-- Written by Robert Holmes in New York
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