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|November 01, 1999 10:34 a.m.|
|Teva Pharmaceutical Industries Ltd Reports 1999 Third Quarter And Nine Months Financial Results 1999 Third Quarter Net Income Up 43%, In-Market Sales Of Copaxone Increase 68 % vs. Third Quarter 1998 Declares Regular Quarterly Cash Dividend|
| Jerusalem, Israel, November 1, 1999 - Teva Pharmaceutical Industries Limited (Nasdaq: TEVA) today reported that net income for the third quarter ended September 30, 1999, rose 43% to $36.1 million, or $0.57 per ADR, as compared to $25.3 million, or $0.41 per ADR, reported for the third quarter of 1998. The 1999 figures are before a one time write off in respect of "acquired R&D" of $17.7 million, $0.28 per ADR, resulting from the Copley acquisition. |
Total sales for the 1999 third quarter rose 6% to $321.1 million, as compared to $303.3 million in the third quarter of 1998. An increase in the pharmaceutical sales in Europe and increased sales of Copaxone® were the major contributors to the strong performance.
For the nine months ended September 30, 1999,Net income (before deducting the one-time write-off for "acquired R&D") rose 42% to $95.5 million, or $1.52 per ADR and total sales rose 10% to $902.5 million, as compared to $819.0 million, for the first nine months of 1998. In-market sales of Copaxone® in the 1999 third quarter amounted to $41.4 million, compared to $24.7 million in the corresponding quarter last year, reflecting an increase of 68%. In-market sales for the first nine months of 1999 totaled $111.2 million, compared to $58.1 million in the first nine months of 1998, an increase of 91 %.
Further MRI data on Copaxone® was presented in September 1999 at the Ectrims/Actrims conference in Basel, Switzerland. Study results showed that patients who had received Copaxone® for the extended 18 months period continued to benefit from the drug, as their MRI activity and burden of disease further declined. Patients who switched from placebo to Copaxone® at the 9-month point showed a significant reduction in MRI activity and stabilization in MRI burden, confirming that Copaxone® has sustained beneficial effects over time. During the conference, Copaxone® was formally launched in Switzerland. The following table analyzes total sales by geographical area: