Teva posts record full-year profits

Israeli-based Teva Pharmaceuticals has announced a rise in profits for the year 2005, beating $1 billion for the first time.

Net income at the company rose by 11 per cent during the full-year to $1.07 billion, excluding the effect of changes such as the acquisition of Sicor during 2004. Earnings per share rose by 12 per cent to $1.59 a share.

Sales also grew into positive territory, rising in 2005 by nine per cent to $5.3 billion. North American business accounted for 62 per cent of its business in the fourth quarter, earning $776 million for the company, boosted by the performance of multiple sclerosis drug Copaxone.

“I am proud to report that 2005 was a challenging year for our industry but was an excellent year for Teva. In fact, it was a record-breaking year for us, not only financially, but strategically as well,” said president and CEO Israel Makov.

“We enhanced our leadership both in the global generics industry overall and in many specific markets around the world.”

The company is currently filing for 160 generic product approvals, including those filed by recent acquisition of Ivax. It is hoping that 49 of them are “first to file” ? giving the company a period of exclusivity on the treatments.

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