Teva hits 15-year high

Teva Pharmaceuticals

Teva Pharmaceutical Industries Ltd, the world's largest generic maker of drugs, have announced that trading has hit a 15-year high and than annual revenue will double to $31 billion by 2015.

As the company has reduced its dependency on Copaxone multiple sclerosis treatment, its biggest selling drug, it has seen its more profitable branded business more than double.

The company's growth has also been attributed to more opportunities in countries where generics account for a small amount of drug sales, as well as greater government reforms emphasizing cost savings. It also hasn't hurt that $150 billion worth of brand name drugs will be losing their patent protection in the next five years.

High net projection

Teva also projected net income of $6.8 billion in 2015, with the company expected a net income for 2009 of nearly $3 billion.

During its investor event in New York, Teva projected the global market for generics would grow to $135 billion to $150 billion by 2015, from around $80 billion today.

Shlomo Yanai, chief of Teva Pharmaceutical Industries, has said the company will become more diversified, both product-wise and geography-wise, in order to achieve its goals.

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