Teva Reports 7% Increase in Q1 Profit
Teva reports a 7 percent increase in its Q1 net profit to $761 million.
Israel-based Teva Pharmaceutical Industries, the world's largest generic drugmaker, announced yesterday its Q1 financial results and reported a 7% increase in first-quarter profit, driven by sales growth in international markets.
Net income rose to $761m from the $713m reported in the corresponding year-ago period, while adjusted net income, excluding certain one-time items, grew 13% to $936m.
The results come in spite of weakening performance in North America which saw regional sales fall 11% to $2.06bn. Teva has stood behind its fiscal 2011 earnings and sales forecast.
Last week, the firm agreed a $6.8bn cash deal to buy the US-based biotechnology firm Cephalon, beating rivals includi
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