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The company's second-quarter net income rose to $539 million or $0.65 per share from $515 million or $0.63 per share last year. On average, 17 analysts polled by First Call/Thomson Financial expected the company to post earnings of $0.64 per share.
In the sequential quarter, the company posted net income of $147 million or $0.18 per share, including a charge of $382 million for research and development in-process resulting from the acquisition of CoGenesys, and adjusted net income of $529 million or $0.64 per share.
Quarterly net sales grew 18% to $2.82 billion from $2.39 billion in the second quarter of 2007, and beat analysts' estimate of $2.68 billion. Exchange rate differences contributed approximately 6% to quarterly sales. Second-quarter net sales increased from $2.57 billion recorded in the preceding quarter.
Commenting on the results, Shlomo Yanai, Teva's President and Chief Executive Officer, said, "This was another solid quarter for Teva. Our strong financial results were driven by our product launches in the U.S., robust sales in the fast-growing international markets, and Copaxone's continued leadership of the global MS market."
Teva had ended the Copaxone distribution agreement for North America with sanofi-aventis (SNY | Quote | Chart | News | PowerRating) on March 31, 2008, and now records the full in-market sales of Copaxone in North America. For a two-year period, Teva will pay sanofi-aventis a payment equal to 25% of net sales.
Global in-market sales of Copaxone climbed 29% to $563 million. In the U.S., in-market sales grew 17% to $332 million, while in-market sales outside the U.S. surged 53% to $231 million. In the second quarter, Copaxone maintained its status as the leading global multiple sclerosis treatment, the company noted.
On a segment basis, Pharmaceutical sales rose 19% to $2.67 billion from $2.24 billion in the previous year. Pharmaceutical sales in North America, including Copaxone, were $1.51 billion, up 12% from last year, and accounted for 56% of total pharmaceutical sales. Quarterly sales benefited primarily from the launches of generic Wellbutrin XL and Risperdal during the quarter, among other things.
In Europe, pharmaceutical sales, including Copaxone, grew 25% to $762 million, accounting for 29% of total pharmaceutical sales, driven by strong generic sales in France, Hungary, Poland and the Czech Republic, and increased sales of Copaxone and Azilect. The weakening of the US dollar against the European currencies also helped the sales growth.
International pharmaceutical sales, including Copaxone, totaled $400 million, up 37% from last year, driven mainly by sales in Russia as well as across Latin America.
A.P.I sales to third parties only rose 9% to $156 million from $143 million a year ago.
On a geographical basis, quarterly net sales in North America rose 11% year-over-year to $1.57 billion from $1.42 billion last year. European net sales were $814 million, up 25% from the previous year, and International sales rose 38% year-over-year to $436 million.
The company's second-quarter gross profit margin was 53.3%, up from 52.1% in the previous year. The company noted that starting the current third quarter, the company's gross profit margin will be positively affected by the termination of the Copaxone distribution agreement with sanofi-aventis.
As of July 23, 2008, Teva had 149 product applications awaiting final FDA approval, including 41 tentative approvals. In total, the brand products covered by these applications had annual U.S. sales of about $93 billion.
For the first six months of fiscal 2008, Teva's net income declined to $686 million or $0.83 per share from $857 million or $1.05 per share a year ago. Excluding CoGenesys acquisition of R&D in process charge, adjusted net income grew to $1.07 billion or $1.29 per share from last year's $857 million or $1.05 per share. Year-to-date sales rose to $5.40 billion from $4.47 billion a year ago.
Further, Teva said its Board of Directors, at its meeting on July 28, approved a second-quarter cash dividend of NIS 0.45 per share, or about 13 cents. The record date will be August 5, 2008, and the payment date will be August 20, 2008.
TEVA closed Monday's regular trading session at $45.77, down $0.41, on a volume of 6.2 million shares.
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