TEVA -- Zukunft mit Generika

In the quarter, sales of respiratory products rose 19 percent, and women's health products grew 30 percent. The in-market sales of multiple sclerosis therapy Copaxone increased 14 percent.

Meanwhile, gross profit margin dropped to 53.6 percent from 55.1 percent a year ago.

Shlomo Yanai, Teva's President and Chief Executive said, "Teva's performance during the first quarter provides a good demonstration of the power of our balanced business model, as contributions from our European business, as well as high-growth generics markets in Eastern Europe, Latin America and Asia enabled us to deliver another quarter of double-digit growth."

Further, the company reiterated its guidance for 2011, excluding 2011 anticipated acquisitions, of adjusted earnings of $4.90 to $5.20 per share and revenues of between $18.5 billion and $19.0 billion. Twenty-six analysts project earnings per share of $5.11 and revenues of $18.71 billion for 2011.

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Earlier in May, it announced a deal to acquire U.S. specialty drug maker Cephalon Inc (CEPH) for $6.8 billion, to boost its presence in branded drugs. In March, Teva unveiled a joint venture with Procter & Gamble Co. (PG) that combines their over-the-counter drug businesses outside North America, projecting sales of up to $4 billion by the mid to later part of the decade. Last summer it bought German drug maker Ratiopharm for $5 billion.

The U.S. remains Teva's main market, accounting for half of its revenue, but the company wants to expand its exposure in markets with higher growth potential, and Monday's announcement reflects that aim.

Teva last week said first-quarter profits rose 7%, as strength in Europe and emerging markets help offset weakness in North America where generic drug sales were hit by a lack of new launches and manufacturing issues.

The company wants to reduce its reliance on Copaxone, its leading branded treatment for multiple sclerosis, which faces increasing competitive threats.

Last month, the drug maker reported positive data on its oral multiple sclerosis treatment laquinimod, developed by Sweden-based Active Biotech ( ACTI.SK), which may provide a foothold in the emerging market for oral MS treatments while also helping dilute the dependence on Copaxone's profits.

Teva's latest deal underscores the separation in Japan between the generic and proprietary drug industries there.

Japan's biggest makers of patented treatments are busy ramping up multi- billion dollar acquisitions in the U.S., Europe and emerging markets to offset product pipelines that are emptying, as blockbuster medicines approach the end of patent protection.

In the latest and highest-priced example of that trend, Takeda Pharmaceutical Co. (4502.TO), Japan's biggest drug maker by sales, is homing in on a deal to buy Swiss peer Nycomed for up to $14 billion that could be announced as early as this week, people familiar with the matter say.

Japan's fourth-biggest drug maker by sales, Eisai Co. in January 2008 bought U.S.'s MGI Pharma for $3.9 billion. A few months later, Takeda spent $8.8 billion to buy Millennium Pharmaceuticals, a U.S. biotech firm. Also that year, Daiichi Sankyo Co. acquired a controlling stake in India's Ranbaxy Laboratories Ltd, an Indian generic drugs maker, for $4.6 billion.

Teva's latest deal targets a Japanese generics maker which underscores the attractions of Japan's fast-growing economy.

High-profile Japanese drug makers have, for their part, shown little appetite for generics deals at home. Dwarfed by both domestic brand-name drug makers and peers in industrialized countries, Japan's makers of "copy-cat" medicines have been hampered by a government-controlled system of minimum prices and misconceptions about the quality of their products.

While use of generic drugs has been growing, progress has been slow and the government goal of a 30% market share still seems distant. Still, even at that level, generic products would account for half as much of Japan's drug market as in countries like the U.S., the U.K. and Germany.

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