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Teva Q2 sales up, boosted by Barr acquisition

Teva Pharmaceutical Industries, the world's largest generic drugmaker, reported higher second-quarter sales, boosted by its acquisition of rival Barr Pharmaceuticals.

Israel-based Teva said sales totaled $3.4 billion, a 20% rise from the same period last year, compared with the average forecast of $3.5 billion from analysts polled by Reuters Estimates.

Teva said exchange rate differences negatively affected sales by 9% compared with the second quarter of 2008.

Excluding one-off items, income rose to $742 million, a 25% increase from last year, while earnings per diluted share was 15% higher at 83 cents, beating the average forecast from analysts of 81 cents a share.

But Teva said net income fell to $523 million or 58 cent per diluted share from $535 million, or 65 cents per share, a year earlier.

Teva's branded drug Copaxone remained the number one multiple sclerosis therapy globally, with record sales of $682 million in the quarter, up 21% from a year ago.

Teva's sales were mainly boosted by its acquisition of rival Barr in December 2008.

“I believe that a quarter like this one -- when we had only one key launch, but still delivered the best numbers in our history -- provides a very clear demonstration of Teva's unique qualities and the strength of Teva's growth momentum,” Teva President and Chief Executive Shlomo Yanai said. (Reuters)