Teva Pharmaceutical

(TEVA) - Get Report

reported a fourth-quarter loss of $688 million, or 88 cents a share, compared with year-earlier net income of $570 million, or 69 cents a share.

Earnings excluding items, such as the acquisition of in-process research and development of $992 million in connection with the acquisition of Barr Pharmaceuticals in December and other impairments, were $634 million, or 76 cents a share.

Sales in the quarter rose to $2.85 billion from $2.58 billion a year earlier. Exchange rate differences negatively impacted sales in the fourth quarter by about 5%, Teva said in a press release Tuesday.

Analysts surveyed by Thomson Reuters expected the Israeli drugmaker to report earnings of 73 cents a share on sales of $2.93 billion.

Sales of Copaxone, a treatment for multiple sclerosis, rose 37% to $595 million in the fourth quarter.

Teva said pharmaceutical sales in North America, including Copaxone, for the fourth quarter were $1.65 billion, accounting for 61% of total pharmaceutical sales and were an increase of 15% from the year-earlier fourth quarter.