Teva reports 14% increase in revenue
Generic pharma group Teva has reported a 14 per cent rise in revenue in the third quarter to $5 billion but still reported a loss of $79 million for the period compared to a $916 million profit in the year ago period.
The company, which employs almost 500 people in Ireland, said its bottom line was hit by a $670 million provision relating to patent litigation and a further $481 million charge for RD.Teva, one of the largest generic pharma groups, said net revenues of its multiple sclerosis drug Copaxone jumped 13 per cent to $1.05 billion.
Sandra Gannon, general manager of the group’s Irish business, called for Government action on generic substitution for branded products. “Generic medicines account for only 20 per cent of medicines used in Ireland, compared to 80 per cent in the UK,” she said.