Teva Pharm Q2 profit, revenue up on generic launches
TEL AVIV, July 31
TEL AVIV, July 31 (Reuters) - Teva Pharmaceutical Industries reported on Thursday higher quarterly earnings that beat analysts' estimates by one cent due in part to the launch of several generic products in the United States.
Teva, the world's largest generic drugmaker and Israel's biggest company, earned $1.23 per share excluding one-time items in the second quarter, compared with $1.20 a year earlier. Revenue rose 2 percent to $5.05 billion.
Teva was forecast to earn $1.22 a share excluding items on revenue of $5.09 billion, according to Thomson Reuters I/B/E/S.
The company raised its full year 2014 earnings forecast to $4.50-$4.80 a share if rivals launch generic versions of multiple sclerosis drug Copaxone and $4.90-$5.10 without competition. Previously, it had predicted $4.20-$4.50 with competition and $4.80-$5.10 without.
Global sales of its best-selling MS drug Copaxone, which accounts for about 20 percent of sales and 50 percent of profit, fell 12 percent to $900 million. The injectable drug faces competition from oral treatments as well as cheaper generics in the coming years.
Teva declared a quarterly dividend of 1.21 shekels (35.3 cents) a share, unchanged from the first quarter. (Reporting by Tova Cohen)