UPDATE 3-Teva Q3 profit rises as Copaxone sales jump

* Q3 EPS ex items $0.89 vs $0.88 forecast

* Q3 revenue up 25 percent to $3.55 billion

* Copaxone sales up 38 percent to $776 million

* Sees 2009 EPS $3.30-$3.40, 2010 EPS $4.40-$4.60

* Continues to seek acquisitions -CEO

(Adds 2009, 2010 outlook, Nasdaq share reaction)

By Tova Cohen

TEL AVIV, Nov 3 (Reuters) - Teva Pharmaceutical Industries (TEVA.O), the world's largest generic drugmaker, reported higher quarterly net profit on Tuesday, boosted by sales of its multiple sclerosis drug Copaxone and its respiratory business.

Teva President and Chief Executive Shlomo Yanai said he did not believe a generic version of Copaxone, the number one MS treatment, would reach the market any time soon.

"We think it's well protected legally and structurally. It is difficult to make an alternative because of its complexity, this will need clinical trials," he told reporters.

Teva last month sued Mylan Inc (MYL.O), alleging that the company's application to market a copycat version of Copaxone was infringing Teva patents, which extend until 2014.

Yanai said oral treatments for MS being developed would not substitute injectables such as Copaxone as they have some disadvantages. Teva is also developing an oral treatment for MS.

"It will take a long time till these products get market share," Yanai said. "MS is a complicated disease. It's an autoimmune disease so drugs have side effects that are not simple. People react better to some drugs than others so switching drugs is complicated."

Excluding one-off items, Israel-based Teva (TEVA.TA) posted third-quarter earnings of 89 cents a share diluted, up 16 percent from a year earlier. [ID:nBw026691a]

Revenue rose 25 percent to $3.55 billion. Teva said a stronger dollar hurt sales by $160 million, or 6 percent.

Analysts had expected Teva to earn 88 cents a share, excluding items, on revenue of $3.63 billion, according to Thomson Reuters I/B/E/S.