Teva announces record breaking $539m. profit

Pharmaceutical giant's developments Copaxone, Azilect, increase in sales by 29%, 50%, respectively.

azilect 224.88 (photo credit: Courtesy)
azilect 224.88
(photo credit: Courtesy)
The Israeli pharmaceutical giant Teva on Tuesday announced a company record - a net profit of $539 million in the second quarter of 2008. Sales of Copaxone, a revolutionary medicine for treatment of Multiple Sclerosis (MS) which is the first medicine designed, manufactured and tested entirely in Israel, jumped to a record $536 million in sales, an increase of 29 percent over the corresponding quarter in 2007. Copaxone is among very few medications engineered by Teva, known mainly as a manufacturer of generic drugs. The company's total revenue reached $2.82 billion, 18% higher than the corresponding quarter in 2007. 56% of the company's revenue in the last quarter, $1.51 billion, stemmed from sales in North America. European sales generated $762 million, 29% of the company's revenue. Teva's second in-house development, Azilect, a drug for the treatment of Parkinson's disease, jumped in sales by 50%, generating $42 million in revenue. In June, the company published a study that concluded Azilect was efficient not only in relieving the symptoms of Parkinson's but also in holding back the progress of the disease. Teva's total cash and stock reserves at the end of the second quarter of 2008 reached $3.6 billion.