Teva Pharmaceuticals (Nasdaq:TEVA) reported record fourth quarter results. Sales rose to some $567 million, 9% more than for the same period in 2000, while profit before one-time charges rose to $89 million, 66 cents per share, 54% more than for the parallel quarter in 2000. Analysts had expected 5 cents less.
Revenue for 2001 grew to $2.08 billion, 19% more than for 2000. Net profit after some $10 million one-time charges and tax rose to $80 million, 59 cents per share.
In the fourth quarter Teva reported $16 million one-time charges relating to structural changes, including closing and selling manufacturing sites.
Net profit for 2001 after one-time charges grew to about $278 million, some 87% more than the 2000 profit.
Gross profit for the fourth quarter increased to some $239.9 million, 17% more than for the same period in 2000. Gross profit for 2001 grew to about $847.3 million. Gross profit rate for 2001 grew to 40.8%, from 39.5% in 2000. Gross profit rate for the fourth quarter rose to 42.3% due to improved product mix.
Global sales of Copaxone, used for treating relapsing remitting multiple sclerosis, in the fourth quarter grew to about $102 million, 42% more than in the parallel period. Copaxone sales in 2001 rose to some $363 million, 47% more than in 2000. Today Copaxone is approved for sale in 39 countries.
Teva has 58 products awaiting the approval of the U.S. Food and Drug Administration. The FDA has given tentative approval for 13 products. Original product annual sales of the 58 products come to more than $20 billion. Teva is waiting for the approval of 260 products for sale in Europe.