Teva Pharmaceuticals (TEVA) reported earnings of $0.89 in the third quarter of 2009, up 16% from the year-ago period and a cent above the Zacks Consensus Estimate. Net sales increased 25% to $3.55 billion.
We are impressed with Teva’s strong performance in the first nine months of 2009. We expect Teva to continue posting strong revenues and earnings going forward thanks to new product launches, both generic and branded. We are also pleased to see Teva’s progress with its branded and biogenerics pipeline. Biogenerics should help drive growth in the long-term.
Meanwhile, the acquisition of Barr should help Teva strengthen its position in the U.S. and expand its presence in Europe. We are maintaining our Outperform recommendation on Teva with a price target of $65.Zacks Investment Research
