(TEVA) Teva Pharmaceutical – Strong Earnings Results and Solid Momentum

January 27th, 2010

Teva Pharmaceutical Industries Ltd. (TEVA) recently presented an updated its strategy for growth. The company plans to achieve revenues of $31 billion and non-GAAP net income of $6.8 billion by 2015. Management said its core business, generics, will continue to drive growth, while Teva continues to expand its branded business.

Company Description

Teva Pharmaceutical Industries develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Teva is headquartered in Israel but more than 80% of its sales are in North America and Europe.

Growth Strategy

The company recently presented an updated its strategy for growth. Teva plans to achieve revenues of $31 billion and non-GAAP net income of $6.8 billion by 2015. Management said its core business, generics, will continue to drive growth, while Teva continues to expand its branded business.

Strong Results and Solid Momentum

Teva posted third-quarter earnings of 89 cents per share, beating the Zacks Consensus Estimate by a penny. Net sales of $3.55 billion soared 25% year-over-year.

Management said all business units and geographies continued to grow during the quarter, with especially strong sales of Copaxone®, which continued to strengthen its position as the world’s leading therapy for the treatment of multiple sclerosis, and of ProAir(TM), the leading Albuterol inhaler in the U.S.

Shares advanced on the stellar results, more than doubling the market’s return since reporting.

Bullish Forecasts

Analysts polled by Zacks upped full-year 2009 earnings estimates from $3.35 to $3.37 per share over the past 3 months. For 2010, the Zacks Consensus Estimate climbed from $4.46 to $4.53 per share over the past 3 months. Fourth-quarter forecasts of 94 cents are up a penny over the past 3 months.

The company is scheduled to announce fourth-quarter and full-year results on Feb 16.

Alex Kolb is the Growth & Income Stock Strategist for Zacks.com. He also writes the popular daily commentary column for the ZacksElite.com service.

Zacks Investment Research

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