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Teva Pharmaceutical

(TEVA) - Get Report

said its third-quarter earnings topped estimates as sales rose 20% to $4.3 billion.

Teva, the biggest generic drugmaker in the world, reported non-GAAP earnings of $1.2 billion, or $1.30 a share, up 47% from a year earlier. Net income was $1.1 billion, or $1.15 a share, up 62%.

Analysts, on average, expected Teva to earn $1.27 a share on sales of $4.37 billion, according to Thomson Reuters.

Teva said global sales of its multiple sclerosis drug Copaxone were $808 million, up 4% from a year earlier. Copaxone's global market share is 30%.

Teva said its third-quarter earnings include results from its acquisition of Ratiopharm, which have been consolidated since August.

"This was another outstanding quarter of profitable growth for Teva, with record-breaking sales across all our geographies and major businesses, leading to record-breaking results across the board," said Shlomo Yanai, Teva's president and CEO, in a statement Tuesday. "This was also a quarter of major strategic achievements and operational successes, particularly in the U.S. with high growth rates in our generics business, and in Europe, where we closed our acquisition of ratiopharm and are already making excellent progress on the integration -- which we now expect to complete ahead of schedule."

-- Written by Joseph Woelfel

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