Teva reports strong first quarter financial results

Teva has revealed strong financial results for the first three months of 2011.

The generic medicines specialist has reported that it achieved net sales of $4.1 billion (2.49 billion pounds) for the first three months of the year ending on March 31st 2011.

It stated that this represents an increase of 12 percent from the previous quarter.

Teva's president and chief executive officer Shlomo Yanai said: "Teva's performance during the first quarter provides a good demonstration of the power of our balanced business model."

He noted that contributions from its European business helped the firm generate a high number of sales, in addition to high-growth generics markets in Latin America, Asia and Eastern Europe.

Mr Yanai went on to say Teva plans to continue to make progress by building a more diversified business.

This comes after the company announced it will acquire Cephalon's outstanding stocks for $6.8 billion in total, at $81.50 for each share, earlier this month.