Teva posts net gains for Q3

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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.