Israel's Teva Reports 2004 Results

Leading generics manufacturer Teva has reported a US$965mn net profit for 2004, with revenue rising 46 percent to US$4.8bn. The company noted that the results include revenue associated with company's US$3.4bn acquisition of US drugmaker Sicor in early 2004 and a legal settlement with UK drug major GlaxoSmithKline in 2003. However, the company attributed half the year-on-year revenue rise to organic sales growth. Net income in the fourth quarter was US$279mn, some 50 percent higher year-on-year.

Breaking the results down by region, 64 percent of Teva's 2004 net sales were in North America, with 26 percent in Europe. Israel accounted for roughly half of remaining world net sales. The company claims to have 140 products filed with the US FDA, including 18 tentatively approved drugs. A 49 percent year-on-year rise in sales in Europe to some US$319mn was attributed to currency appreciation, as well as an improvement in its Hungary-based distribution operations. The company also recently acquired Italian generics maker Dorom.

Teva's leading product in 2004 was its ethical injectable therapy for multiple sclerosis, Copaxone, which had global revenue of US$936mn and US market share of roughly 33 percent. With 30 new products launched in the year, Teva also reported strong sales of Gabapentin, Oxycodone and Quinapril in the US, while Gabapentin, Pravastatin and Ramipril were the company's leading products in Europe.