July 31--Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) reported higher profit and revenue in its financial statement for the second quarter of 2014.
Revenue was $5 billion in the second quarter of 2014 up 2% from the corresponding quarter of 2013. Non-GAAP net profit was $1.05 billion ($1.23 per share), up 4% from the corresponding quarter.
The company also raised EPS guidance for 2014 to $4.90-5.10 if Copaxone maintains its exclusivity and to $4.50-4.80 if generic Copaxone comes on the market.
Teva President and CEO Erez Vigodman said, "We are pleased with the results of the second quarter of 2014, delivering organic growth in revenues and all profit lines over the comparable quarter last year. Our generic business delivered solid results with significantly improved profitability."
However, sales of branded multiple sclerosis treatment Copaxone in the second quarter of 2014 fell 12% to $939 million from $1.070 billion in the corresponding quarter.
Vigodman said, "In our specialty business, we have successfully converted, to date, 51% of the Copaxone family in the US to the newly-launched Copaxone 40mg/mL, and are continuing to stably lead the global and US relapsing remitting multiple sclerosis market."
He added, "We are also excited about the progress we are making in our specialty pipeline, which includes, this quarter, the successful launch of DuoResp Spiromax in Europe, the progression toward FDA submission for ER hydrocodone and the FDA acceptance of our albuterol MDPI NDA."
He continued, "We are also making significant progress on our top priorities for 2014: solidifying the foundation of Teva, maintaining the Copaxone franchise, driving organic growth and positioning Teva for long-term value creation. This quarter, we have announced a new organizational structure for Teva, including the formation of the Global Generics Medicines group under the leadership of Siggi Olafsson, one of the most experienced executives in the generic industry. We continued to accelerate the transformation of our operational network, and have performed a thorough review of our cost reduction program, which yielded additional net savings. We have also acquired Labrys, adding an important asset to our unique patient-centric offering in the pain area. Finally, we are progressing in defining and shaping the future strategic direction of Teva."
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