Israel's Teva Pharmaceuticals Reports Q4 Losses

The company attributes the decline in profit and revenue after sales of its drug Copaxone fell as a result of competition.

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Trucks drive in front of Teva Pharmaceutical Logistic Center in the town of Shoam, Israel.
Trucks drive in front of Teva Pharmaceutical Logistic Center in the town of Shoam, Israel.Credit: AP

Teva Pharmaceutical Industries, the world's largest generics drugmaker, reported a decline in fourth-quarter profit and revenue as sales of its top drug Copaxone fell in the wake of competition.

Israel-based Teva, which is in the process of buying Allergan's Actavis generic business for $40.5 billion and Mexico's Rimsa for $2.3 billion, said on Thursday it earned $1.32 per share excluding one-time items and equity offerings on December 15, down from $1.33 a year earlier.

Revenue slipped 6 percent to $4.88 billion, although excluding foreign exchange fluctuations, revenue fell 1 percent.

Teva was forecast to earn $1.29 excluding one-off items on revenue of $4.84 billion, according to Thomson Reuters I/B/E/S.

Global sales of its best-selling multiple sclerosis drug Copaxone fell 14 percent to $1.0 billion. The drug, which accounts for about 20 percent of its revenue and 50 percent of profit, is now facing competition.

Sandoz, part of Swiss drugmaker Novartis AG, and Momenta Pharmaceuticals last June launched a once daily 20 mg version called Glatopa.

Teva forecast adjusted first-quarter earnings excluding the equity offerings of $1.32-$1.36 and revenue of $4.7-$4.9 billion. It said it will provide a full year outlook shortly after the Actavis closing, which could be slightly delayed beyond the first quarter.

It will pay a quarterly dividend of 34 cents a share.

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