TEVA’s Q1 Net Jumps 58%; Beats Analyst Expectations

Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) reported a 58% jump in its first-quarter net income, as the sales of the company’s multiple-sclerosis drug Copaxone continued to be robust sales.

Jerusalem drugmaker TEVA’s net came in at $713 million, or $0.79 a share, up from $451 million, or $0.51, in the year ago quarter. Excluding one time items, earnings were at $0.91 a share, as against $0.71 a share. Meanwhile, Teva Pharmaceutical’s sales rose to $3.65 billion, as compared to $3.15 billion in the same quarter a year ago. The analysts were expecting the company to earn $0.90 per share on sales of $3.73 billion.

While the sales of the company's flagship multiple-sclerosis medication, Copaxone, rose 28% to $796 million, those of Azilect for Parkinson's disease jumped 40% to $77 million. TEVA attributed its robust sales in the quarter to pramipexole, the generic equivalent of Boehringer Ingelheim's Mirapex. The company also said that sales continued to be robust with the help of the generic versions of Adderall for attention-deficit hyperactivity disorder; Pulmicort for asthma; Accutane for acne, and Eloxatin for colon and colorectal cancer.

Teva has also declared a dividend of 0.7 shekels (18.8 cents) a share to be paid on May 27, up from 0.6 shekels a share a year ago.

Teva’s shares fell 0.27% to $59.87 in pre-market trading.

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