UPDATE 3-Teva Q4 profit rises 20 pct, upbeat on 2008/09

(Adds 2008, 2009 outlook, more comments)

By Steven Scheer and Tova Cohen

TEL AVIV, Feb 12 (Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.O) (TEVA.TA) reported a more than 20 percent rise in quarterly net profit to beat expectations on Tuesday and saw forecast-beating growth in sales and profit in 2008 and 2009.

Teva's results in 2007 were boosted mainly by strong sales of its generic drugs.

Copaxone, Teva's branded treatment for multiple sclerosis, posted sales growth of 15 percent in the fourth quarter although it was largely flat from the prior three months, leading analysts to believe the drug's growth rate may have peaked.

Still, Copaxone in 2007 became the U.S. leader for treating MS, overtaking Biogen's Idec Inc's (BIIB.O) Avonex, and Teva officials expect it to reach No. 1 globally this year.

"As we see the numbers of market share for competitors we believe that in 2008 we will also become the global leader," President and Chief Executive Shlomo Yanai told a news conference.

Israel-based Teva, the world's largest generic drugmaker, posted fourth-quarter net profit of $570 million, or 69 cents per share, compared with $460 million, or 56 cents per share, a year earlier.

Sales for the quarter rose to a record $2.576 billion from $2.28 billion a year earlier.

Analysts on average expected the company to earn 67 cents per share on revenue of $2.486 billion, according to Reuters Estimates.

Its shares were up 0.5 percent in afternoon trading in Tel Aviv, paring losses of more than 2 percent earlier in the day. The Nasdaq shares were flat at $46.82.

After posting record revenues of $9.41 billion in 2007, Teva forecast 2008 revenues of $10.75 billion and adjusted EPS of between $2.60 and $2.75. Yanai told a conference call that he expects adjusted EPS to exceed $3.00 in 2009.

Teva had been forecast to post revenues of $10.41 billion in 2008, EPS of $2.73 and EPS excluding items of $2.67, according to Reuters Estimates. It earned a diluted $2.38 in 2007.

ACQUISITIONS

Yanai said the company's outlook includes a planned increase in research and development costs but does not include any significant acquisitions the company may make.