TEVA Reports 6.7% Rise In Q1 Net Income

Teva Pharmaceutical Industries Ltd TEVA reported a 6.7% rise in its first-quarter net income. The company also affirmed its projections for the full year. The company's profit increased to $761 million, or $0.84 per share, versus $713 million, or $0.79 per share, in the year-ago period. The company's adjusted net rose to $1.04 per share from $0.91 per share. The company's shares outstanding dropped 2.1% to 902 million. Its sales climbed 12% to $4.08 billion. However, analysts were expecting earnings of $1.04 per share on sales of $4.28 billion. TEVA's sales in Europe increased 66% while sales in North America dropped 11%. TEVA projects 2011 adjusted earnings of $4.90 to $5.20 per share on revenue of $18.5 billion to $19 billion. However, analysts were projecting earnings of $5.07 per share on revenue of $18.74 billion. TEVA shares gained 0.32% to $47.29 in after-hours trading. Read more from Benzinga's Company news.