Teva Profits Up 53%; Copaxone Sales Rise

JERUSALEM ( TheStreet) -- Teva Pharmaceutical ( TEVA), the world's No. 1 maker of generic drugs, said second-quarter earnings rose 53% as sales of Copaxone, Teva's multiple sclerosis treatment, increased 13%.

Teva, in a statement Tuesday, said net income in the quarter was $797 million, or 88 cents a share, vs. $521 million, or 58 cents, a year earlier.

Adjusted earnings were $981 million, or $1.08 a share.

Teva said sales rose 12% to $3.8 billion from $3.4 billion a year earlier.

Analysts surveyed by Thomson Reuters expected Teva to earn $1.04 a share on sales of $3.81 billion.

Teva said quarterly global in-market sales of Copaxone were $773 million, up 13% from the second quarter of 2009. Teva said Copaxone continues to be the leading MS therapy in the U.S. and globally.

Teva said the second quarter was "especially strong" quarter in North America and Europe.

"2010 is well on track to becoming another year of profitable growth and major achievements for Teva, a year in which we will make significant progress towards achieving our long-term strategic objectives," said Shlomo Yanai, Teva's president and CEO, in a statement.

-- Reported by Joseph Woelfel in New York.

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