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