Teva posts net gains for Q3
Teva Pharmaceutical Industries has reported gains for its 2008 third quarter results, which ended Sept. 30.
The Jerusalem-based company booked its generally accepted accounting principle (GAAP) net income of $637 million up 21 percent compared to net income of $525 million in the comparable quarter in 2007. The company said its income included: $100 million received in connection with a settlement agreement with an institution regarding its auction rate securities portfolio; in-process research and development, along with other acquisition-related charges of $33 million in connection with the acquisition of Bentley Pharmaceuticals on July 22; impairment of financial assets totaling $26 million; and related tax effect of $3 million.
The recorded net sales of $2.84 million, up 20 percent compared to $2.37 million in the third quarter of 2007, according to the company.
As of Oct. 28, Teva said it had 145 product applications awaiting final FDA approval, including 41 tentative approvals.
The Jerusalem-based company booked its generally accepted accounting principle (GAAP) net income of $637 million up 21 percent compared to net income of $525 million in the comparable quarter in 2007. The company said its income included: $100 million received in connection with a settlement agreement with an institution regarding its auction rate securities portfolio; in-process research and development, along with other acquisition-related charges of $33 million in connection with the acquisition of Bentley Pharmaceuticals on July 22; impairment of financial assets totaling $26 million; and related tax effect of $3 million.
The recorded net sales of $2.84 million, up 20 percent compared to $2.37 million in the third quarter of 2007, according to the company.
As of Oct. 28, Teva said it had 145 product applications awaiting final FDA approval, including 41 tentative approvals.