Generic drug firm sees global Q2 revenue rise 19%

Teva, the world’s leading generic pharmaceuticals company which employs almost 500 people in Ireland, has reported a 19% increase in global second-quarter revenues over the same period last year.

Global net revenue from Teva’s generics and branded medicines was $5bn (€3.9bn), up from $4.2bn (€3.4bn) in Q2 2011.

Teva Pharmaceuticals Ireland general manager Sandra Gannon said Teva is on a growth path as generic drugs become more widespread.

“We are experiencing strong demand across our product lines. Our continued focus on generics is driving growth as people and healthcare providers look to tap into the transformative effect of these medicines from a healthcare and efficiency perspective,” she said.

Net income for the second quarter was $863m (just above €700m) — an increase of 50% on the same period last year. Diluted Earning per share (EPS) was $0.99 compared to $0.64 in the second quarter of 2011 — a 55% increase.

Cashflow from operations was $1.2bn and free cash flow of $709m.

The company reaffirmed that it is on track to achieve further growth in 2012.

Teva Pharmaceuticals, which has facilities in Waterford and Dundalk, specialises in the development, production and marketing of generic and branded pharmaceuticals and active ingredients.

Teva is also the leading generic pharmaceutical supplier in a number of countries, including the US, Britain, Italy, Spain, the Netherlands and Ireland.

Ms Gannon said that the company will grow its market share in Ireland.

“Here in Ireland and globally, Teva is taking market share and reinvesting for growth. Patient confidence in the quality and value of generic medicines is strong. The demand for more affordable medicines from healthcare professionals is growing.

“With legislation to allow for generic substitution currently before the Oireachtas, and an increased focus on developing a sustainable drugs pricing system, the opportunities for Teva in Ireland are clear,” she said.