DOW JONES NEWSWIRES
Teva Pharmaceutical Industries Ltd. (TEVA), the world's largest
maker of generic drugs, Wednesday reported higher fourth-quarter
net profit and underscored its aim to reduce its dependence on just
a few medicines and markets.
The Israel-based, NASDAQ-listed group, which has diversified
into brand-name and over-the-counter drugs, said non-GAAP net
income in 2011's final quarter rose 23% to $1.4 billion, giving
earnings on a non-GAAP basis of $1.59, up 27%. Generally accepted
accounting principles, or GAAP, are a set of financial reporting
standards.
Net revenue in the quarter was up 28% at $5.7 billion.
"Our results demonstrate the strength of our balanced business
model, with its focus on growth and increasing diversity across
geographies and business lines," said Shlomo Yanai, Teva's
president and chief executive.
Teva is now focusing on growth and on reducing dependence on any
one particular market or product, Yanai said, adding: "During 2011
we made important progress in reaching our strategic goals with the
acquisitions of Cephalon and Taiyo, and the creation of a unique
joint venture with Procter & Gamble."
"Our strategic achievements in 2011 provide a strong foundation
for Teva's sustainable long-term growth," he added.
Revenue from generic products rose 12% in the fourth quarter to
$3.0 billion, while sales of branded medicines were up 68% from a
year earlier at $1.3 billion.
The rise in branded revenue was mainly due to the inclusion of
Cephalon products, such as narcolepsy drug Provigil with $350
million in revenue, leukemia drug Treanda with $131 million, and
narcolepsy product Nuvigil with $86 million.
-By Sten Stovall, Dow Jones Newswires; +44 207 842 9292;
sten.stovall@dowjones.com