Profits totaling $230 million in the second quarter, despite recent negative trends in company’s stock.
Financial results of the Israeli medicine company were surprisingly positive during the second quarter despite recent negative trends in Teva’s shares over the past few weeks.
The company today (Tuesday) reported that net profit in the second quarter of 2004 totaled $230 million – an increase of 9% compared the 2003’s Q2 results. Share profits reached 35 cents, which was 3 cents higher than analyst’s forecasts.
Teva’s financial reporting also includes statistics from Sikor, a company that it purchased 10 months ago for $3.4 billion. Sikor’s revenue contributed to Teva’s financial success, which totaled $1.175 billion – a 54% increase compared to last year’s second quarter.
Teva’s shares, however, have recently been showing decreased yields. Last week, the shares dropped on one day by 7% on TASE, but managed to close with only a decrease of 4%. The reason for the sharp drop is still unclear.
Yisrael Makov, Managing Director of Teva, said that he is proud of the company’s success, which has added 17 new products to its line following the purchase of Sikor.