Teva Sees Revenue Improve

But sales of generic drugs in the U.S. fell in the second quarter.
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Teva Pharmaceutical Industries

(TEVA) - Get Report

reported financial results that essentially met Wall Street's expectations even though sales of generic drugs in the U.S. slipped.

The Israel-based company said Monday that it earned $241.2 million, or 36 cents a share, on revenue of $1.23 billion for the three months ended June 30. The consensus of analysts polled by Thomson First Call predicted a profit of $244.9 million, or 36 cents a share, on revenue of $1.28 billion.

For the same period last year, Teva earned $229.5 million, or 34 cents a share, on revenue of $1.18 billion.

Teva is the world's second-largest generic drug company, having recently lost the top spot to

Novartis

(NVS) - Get Report

when the Swiss drug giant bought two generic drugmakers. Teva will recapture the lead if regulators approve its takeover of Miami-based

Ivax

(IVX)

,

for which it bid $7.4 billion last week.

Teva noted that second-quarter sales rose 4.3% worldwide even though its biggest market, North America, recorded a revenue decline of 6.5% to $703.1 million. The U.S. slump was due to fewer brand-name drugs going off patent this year.

The decline in U.S. generic sales was partly offset by a revenue increase to $193 million for the brand-name multiple sclerosis drug Copaxone. Worldwide sales of Copaxone, including the U.S. segment, rose 29% to $293 million.

Total sales from Europe rose 22.7% to $381.6 million, while total sales from other markets rose 25.1% to $142.5 million. Teva's stock rose 18 cents to $31.65 in early trading Monday.