Israel-based Teva Pharmaceuticals has reported a third quarter profit rise of 47%, due to its acquisition of Ratiopharm and a rise in sales for its US generics business.
Earnings climbed from $806m recorded in Q3 2009 to $1.18bn, while profit rose above the average estimate of $1.27 per share.
Sales also rose to $4.25bn, although the figures excluded costs linked to acquisitions.
Teva agreed to acquire Ratiopharm for $5.04bn in March 2010 as a means to reduce its dependence on its Copaxone treatment, used to treat multiple sclerosis in the US. The drug is responsible for approximately 19% of the company’s sales and now faces competition from Novartis’ Gilenya pill-based alternative.
The company has retained its forecasted profit of between $4.50 to $4.60 per share.
