Teva Pharmaceutical 3Q profit slides 13 percent
07.02.12
Teva Pharmaceutical Industries Ltd. said Wednesday its third-compassion net income fell 13 percent, and the world's largest maker of generic drugs narrowed its 2011 earnings prognosticate.
The Israeli company earned $916 million, or $1.03 per apportionment, in the three months that ended Sept. 30. That compares with $1.05 billion, or $1.15 per allowance, in the same quarter last year. Revenue climbed 2.2 percent to $4.34 billion.
Adjusted earnings were $1.25 per allotment.
Analysts surveyed by FactSet expected, on average, earnings of $1.22 per ration on $4.52 billion in revenue.
The third quarter delivered "an total mixed performance," Teva CEO Shlomo Yanai said in a allegation from the company. But he added that the company expects a strong fourth fourth, including an improved U.S. generics business. Teva recently had an unique excluding launch of the generic version of Eli Lilly and Co.'s top-selling antipsychotic Zyprexa.
Source: BusinessWeek
Teva sacks 1500 Cephalon workers
07.02.12
Most of the dismissed workers are Cephalon employees who labour in departments overlapping Teva's. Cephalon has a generic division, Mepha, located in Switzerland, which is known for all practical purposes in Europe. It appears that a large number of the division's employees will be dismissed following the combination with Teva as Teva's generics activity constitutes some 70% of its income.
As of December 31, 2010, Cephalon had 3,700 employees, most in the In accord States, thus Teva will be firing about 40% of Cephalon's personnel before the combination takes place.
Teva estimates that is will benefit from a $500 million synergy following the obtaining with dismissals constituting most of the sum as Teva expects to slash sales, marketing and manipulation and general costs by $300 million; research and event costs by $120-$150 million by removing duplicate operations; and the extant $50-$80 million by reducing production costs.
Source: Ynetnews
