from the December 2006 issue

Teva Q3 profit up on generic sales

Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) reported that third-quarter earnings rose on strong sales of generic versions of blockbuster treatments for depression and cholesterol, as well as its recent acquisition of Ivax. Net income at the Israel-based company rose to $606 million, or 74 cents per share, from $267 million, or 40 cents per share, a year earlier, it said on Tuesday.

Sales for the third quarter rose 74 percent to $2.29 billion.

Teva President and Chief Executive Israel Makov said the company had a strong launch of Azilect, its innovative treatment for Parkinson's disease. The drug was launched in the United States in July and is available in 22 countries.

He also said Teva was realizing "tremendous synergies~ from its acquisition of IVAX, completed in January.

North American drug sales reached $1.325 billion in the quarter, up 87 percent from a year earlier.

Sales benefited from 22 new products that were not sold in the 2005-quarter, including simvastatin and pravastatin for lowering cholesterol and sertraline for depression.

Teva has 144 product applications awaiting final approval from the U.S. Food and Drug Administration. The brand products covered by these applications have annual U.S. sales of $87 billion.

The company  has announced that global market sales of its drug Copaxone for the treatment of multiple sclerosis increased 15% to a record $354 million in the third quarter of 2006.

In the US Copaxone continues to outpace the market growth with total prescription share increasing to 34% and new prescription share increasing to 35.2%, as of September 2006. US sales in the third quarter of 2006 increased 10% over the third quarter of 2005 to $226 million.

Teva added that outside the US, mainly in Europe, Copaxone was the fastest growing MS therapy with growth of 26% over the third quarter of 2005, reaching sales of $128 million.

Copaxone is now a 'blockbuster' drug, with annual sales in excess of $1 billion. Teva also said its board authorized the company to repurchase up to $600 million of its ordinary shares/ADRs and convertible debentures of its finance subsidiaries. The repurchase program is Teva's Israeli High-Tech Company Capital Raising Q1-Q3/2006.

In the third quarter of 2006, 87 Israeli high-tech companies raised $381 million from venture investors - both local and foreign. The quarterly amount was down 6 percent from the $404 million raised in the previous quarter, but was 13 percent above the $336 million raised in the third quarter of 2005.

Reprinted from the Israel High-Tech & Investment Report December 2006

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