BUDAPEST: Teva Pharmaceutical Industries reported better than expected third-quarter profit as sales were boosted by its $40.5 billion acquisition of Allergan’s generic drug business on Aug. 2.
Teva said on Tuesday it earned $1.31 per share excluding one-time items, which was down from $1.35 a year earlier due to equity offerings in December to finance the acquisition. Adjusted net income rose to $1.4 billion from $1.2 billion.Revenue grew 15 percent to $5.6 billion, primarily due to the inclusion of $887 million from the Allergan acquisition. Excluding foreign exchange fluctuations, revenue increased 19 percent.
Teva, the world’s biggest generic drugmaker, was forecast to earn $1.28 excluding one-off items on revenue of $5.7 billion, according to Thomson Reuters I/B/E/S.
Global sales of its best-selling multiple sclerosis drug Copaxone slipped 2 percent to $1.1 billion. The drug is now facing competition after Sandoz, part of Swiss drugmaker Novartis AG, and Momenta Pharmaceuticals last year launched a once daily 20 mg version called Glatopa.
Teva forecast adjusted fourth-quarter earnings per share of $1.34-$1.44 and revenue of $6.2-$6.5 billion. For all of 2016, it sees adjusted EPS of $5.10-$5.20 and revenue of $21.6-$21.9 billion.
