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Financial Report: Teva

Earnings hit by lost generic Lipitor royalties

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Teva

1Q Revenues: $4.9 billion (-4%)

1Q Earnings: $626 million (-27%)

Comments: Generic revenues were $2.3 billion (including API revenues of $186 million), down 12%, mainly from the absence of royalties related to generic Lipitor sales under an agreement with Ranbaxy, as well as declines in sales of the generic equivalents of Lexapro and Adderall XR due to increased competition. Specialty medicines revenues were flat at $2.1 billion. OTC revenues were $306 million, up 56% due to strong revenues and share growth in Europe and Eastern Europe, and an increase in sales of OTC products in the U.S. under a manufacturing agreement with Procter & Gamble.

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