Record year once again at Teva
increases in sales across its branded, generic and active
pharmaceutical ingredient (API) operations in the fourth quarter of
2003, as net income rose by more than a third to $186 million
(€144m).
Net sales for the quarter were up 22 per cent to $942 million, driven by a continued strong performance of the company's multiple sclerosis drug Copaxone (glatiramer acetate), but also generic products launched since the end of 2002. The impact of new products boosted gross margins to 46 from 44 per cent.
The company's API business saw sales to third parties rise 28 per cent to $96 million compared to the fourth quarter of 2002. Total API turnover, including internal sales to Teva's pharmaceutical businesses, totalled $157 million, up 17 per cent. This business - as well as Teva's generics division - will be bolstered significantly in 2004 by the $3.4 billion acquisition of SICOR, which closed last month.
For the full year, Teva's overall sales were $3.3 billion, an increase of 30 per cent. Net income came in at $618 million (excluding a one-off benefit of $74 million) up 51 per cent.
Chief executive Israel Makov said that the results "exceeded our ambitious strategic objective of doubling sales every four years and doubling net income in an even shorter period".
The near-frantic pace of new product roll-outs by Teva over the last year can be measured by the company's hike in R&D spending - up 26 per cent to $77 million. The company told a conference call yesterday that it has 112 products in the pipeline awaiting approval from the US Food and Drug Administration (FDA), including 18 from SICOR.
