"We are extremely proud of our results," said Eli Hurvitz, President and CEO of Teva Pharmeceuticals. "The development of the quarterly results during the year followed the pattern we indicated at the beginning of 2000. The fourth quarter was the strongest exceeding $500 million in quarterly sales. This makes us a $2 billion company in terms of revenue". Teva reports net income for the fourth quarter ended December 31, 2000 of $57.9 million - or $0.43 per share - an increase of 44% and 33% respectively. Net sales for the fourth quarter of 2000 were $518.5 million, an increase of 36% over the comparable quarter of 1999. Net sales for the year ended December 31, 2000 amounted to $1.75 billion, an increase of 36% over the prior year.
"The quarter growth was led by sales in North America and included the consolidation of our most recent acquisition, Novopharm that was consolidated into Teva's accounts as of the second quarter of 2000," said Israel Makov, Teva's COO. The improved results were achieved in spite of greatly increased costs for both generic and innovative research and development. Research and development increased quarter over quarter by 60% to $43.6 million in the fourth quarter of 2000. Teva Pharmaceutical Industries is Israel's largest pharmaceutical company, with over 85% of its sales outside Israel, mainly in North America and Europe. The Company develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients.
"The quarter growth was led by sales in North America and included the consolidation of our most recent acquisition, Novopharm that was consolidated into Teva's accounts as of the second quarter of 2000," said Israel Makov, Teva's COO. The improved results were achieved in spite of greatly increased costs for both generic and innovative research and development. Research and development increased quarter over quarter by 60% to $43.6 million in the fourth quarter of 2000. Teva Pharmaceutical Industries is Israel's largest pharmaceutical company, with over 85% of its sales outside Israel, mainly in North America and Europe. The Company develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients.