Teva Pharmaceutical Industries
said Wednesday that record-breaking sales helped push its second-quarter results past analyst estimates.
The world's largest generic-drug maker earned 63 cents a share, excluding special items, or 7 cents better than the consensus of analysts polled by Thomson First Call. Revenue of $2.39 billion beat the average forecast of $2.28 billion.
Including items, Teva earned $515 million, or 63 cents a share, compared with the year-ago profit of $489 million, or 59 cents a share, on revenue of $2.17 billion.
Thanks to its second-quarter and first-half results, Shlomo Yanai, the president and CEO, told analysts that he expects to achieve earnings per share at the high end of the $2.20-to-$2.30 range for 2007 that Teva provided in May.
Although Teva specializes in generics, it was once again paced by a brand-name product, the multiple sclerosis treatment Copaxone, whose total sales rose 23% year over year to $436 million. U.S. sales gained 24% to $285 million. Another brand-name drug, Azilect for Parkinson's disease, reported sales of $28 million vs. $6 million a year ago.
Generic drug sales were aided by the shipping in the U.S. of cheap copies
of Lotrel, a blood-pressure drug from
. Teva didn't provide sales details.
Teva won a legal fight in June to sell the generic drug, although Novartis has vowed to protect what it says is patent coverage for the next 10 years
Meanwhile, another Teva fight with a brand-name drugmaker has been delayed until Sept. 7. This one involves
and its heartburn drug Protonix. Teva wants to sell a generic version of the drug, which produced sales of $1.8 billion for Wyeth last year.
On Tuesday night, Wyeth said a federal judge had agreed to review a request for a preliminary injunction filed by Wyeth and its partner, Denmark's
, against Teva and India's
Sun Pharmaceutical Industries
. Teva and Sun will refrain from selling generics until the judge makes a ruling, Wyeth said.
Wyeth said Teva and Sun are infringing on the Protonix patent even though the Food and Drug Administration has given them tentative clearnace to sell generics. Wyeth says the U.S. patent is good until July 2010 and perhaps until January 2011.
By early afternoon, Teva's stock was off 15 cents to $41.88.