Teva reports strong Q1 results
pharmafile | May 10, 2010 | News story | Sales and Marketing |Â Â 2010 financials, TevaÂ
Generics firm Teva Pharmaceuticals has reported strong first quarter results, driven by its patented multiple sclerosis therapy Copaxone.
Sales of Copaxone, an injectable form of glatiramer acetate, leapt 28% and helped Teva to a 16% rise in total sales of $3.7 billion for the first quarter.
Shlomo Yanai, Teva’s president and chief executive, said: “2010 is off to a great start for Teva, with strong operational results and cash flow.
“We continued our strong growth momentum in the first quarter, driven by contributions from across our many businesses and geographies, and we are looking forward to another year of continuous growth.”
Yanai continued: “One of the most exciting events of this quarter, of course, was our agreement to acquire ratiopharm, an important milestone in executing our long-term strategy, and one that will make Teva – the global generics leader – the leader in Europe as well.”
As of April, Teva had 210 product applications awaiting final FDA approval, including 44 tentative approvals.
They include 133 applications that challenge patents on branded products and the company believes it is the first to file on 83 of the applications, which relate to products with annual US branded sales exceeding $50 billion
Collectively, Teva estimates that the branded products covered by these generics applications currently have annual US sales of over $113 billion.
Teva pushes into pharma top ten
Meanwhile, Teva is poised to join the ranks of the ten biggest pharma companies, as ranked by prescription sales, according to a report by industry analysts EvaluatePharma last week.
Teva’s current position is fourteenth but the report forecasts the generics specialist will be tenth by 2016 due to a an expected annual growth rate of 7% from 2009–2016.
This forecast was compiled before Teva’s acquisition of the generics firm Ratiopharm in March, which has the potential to push the company even further up the rankings.
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