Teva Pharmaceutical’s second-quarter profit rose 5 percent to $539 million, or 65 cents per share, compared with $515 million, or 63 cents per share, a year earlier.
Net sales at the Israel-based company rose 18 percent to $2.82 billion. Analysts on average expected Teva — which earlier this month said it would buy smaller rival Barr Pharmaceuticals for $7.46 billion — to earn 64 cents excluding items on sales of $2.70 billion. Global in-market sales of Teva's multiple sclerosis treatment Copaxone surged 29 percent to $563 million in the quarter.
Teva said its Copaxone distribution agreement with Sanofi-Aventis SA ended on March 31, and the Israeli firm now books all sales of the drug. Teva will make payments of 25 percent of Copaxone net sales to the French drugmaker for two years.
Teva had 149 product applications awaiting final U.S. Food and Drug Administration approval as of July 23. The brand products covered by these applications had annual U.S. sales of about $93 billion, the company said.