Deutsche Bank analyst Christina Kovacs today updates her rating for Teva Pharmaceuticals (Nasdaq:TEVA), as the company is expected to soon post its quarterly and annual reports. Kovacs maintains her Buy rating for the Israeli pharmaceutics company and leaves its price target at $74, 20% higher than market price.
Deutsche Bank believes Teva will end 2001 with revenues of about $2.07 billion, $56 million in Q4 alone, 18% more than its revenues in 2000. Sales of its multiple sclerosis treatment drug Copaxone in the recent quarter could total $100 million, making the drug's contribution to the company¿s top line $350 million.
Kovacs updates the company's Q4 profit forecast from 58 cents to 60 cents, a quarterly profit of $78.1 million. Kovacs believes Teva will end what she calls this "very successful" year with overall profit of $271.6 million, or a $2.05 profit per share.
The investment bank believes Teva will outperform the market again in 2002 because of its position in the market and its long list of about 50 more products awaiting FDA approval. The bank in this context mentions the sales of Copaxone that have far exceeded all forecasts.
Recently various speculations and estimates regarding an upcoming acquisition by Teva have been reported, after its attempt to purchase Faulding's Injectables for $365 million failed. Kovacs believes Teva will outperform the market whether or not it makes another acquisition.
Kovacs updates the share's profit forecast for 2002, raising it 7 cents to $2.43. She believes Teva will post $2.4 billion revenues this year and a total profit of $320.9 million.