Teva full-year profits up 22%

JERUSALEM Teva Pharmaceutical Industries got a big boost in profits in 2009 compared with 2008, the world’s largest generic drug maker announced.

Teva had profits of $3 billion for the year and earnings per share of $3.37, a 22% and 11% increase over 2008, respectively. Sales for the year were $13.9 billion, a 25% increase over 2008.

 

For fourth quarter 2009, profits were $847 million, 28% more than in fourth quarter 2008, while sales were $3.8 billion, 33% more than in 2008.

 

Among individual products, the company said it had global sales of $2.8 billion for the branded injectable multiple sclerosis drug Copaxone (glatiramer acetate).

 

“2009 was a very good year for Teva, a year in which our company delivered record-breaking sales and profits across all our geographies and major businesses,” Teva president and CEO Shlomo Yanai said in a statement. “This was also a year of major strategic achievements, including the successful integration of Barr, a process which was completed less than a year after closing, and from which we expect to continue to derive significant synergies for many years to come.”

In other news, the company said that Eli Hurvitz, chairman of its board of directors, would take a medical leave of absence for three weeks after responding successfully to a therapy for an unspecified recently diagnosed illness. Board member Moshe Many will serve as chairman while Hurvitz is away.

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