Teva records double-digit growth in Q2 2012

Teva has announced its financial results for the second quarter of 2012, during which it experienced a 19 percent year-on-year increase in sales.

Net revenues for the period came to $5 billion (3.2 billion pounds), with double-digit growth reflected across its US, European and rest of the world operating divisions.

During the period, the company benefited from the recovery of the US generics market, a strong performance from its global branded division and sequential growth in European generics compared to the first quarter of 2012.

A key contributor to the improved figures was the 2011 acquisition of Cephalon, which has helped the group to greatly expand its presence in the branded medicines sector.

Dr Jeremy Levin, Teva's president and chief executive officer, said: "Overall, we continue to see tremendous opportunities ahead and look forward to rebuilding shareholder value over time."

This week, the company also announced plans to commence a new phase III clinical trial of its drug laquinimod for the treatment of relapsing-remitting multiple sclerosis.