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Pharmaceutical specialist Teva (NYSE:TEVA) just announced results for the first quarter of 2014.

Sales increased 2% year over year to $5 billion, falling short of the $5.1 billion analyst consensus. Teva's earnings increased 8% to $1.22 per share and American Depositary Receipt, matching Wall Street's expectations.

The generics segment reported 3% year-over-year sales growth, accounting for 46% of Teva's total revenue. The segment was helped by the release of new medications in Europe and North America, but hindered by a mild European winter and increased competition in America.

In the specialty segment, sales increased by 3%. The gain was driven by more than 20% growth in Parkinson's disease treatment Azilect, narcolepsy medication Nuvigil, and asthma inhalator drug ProAir.

The over-the-counter division saw sales of $269 million, a 12% decrease from the year-ago period. This drop was driven by "an exceptionally weak cough and cold season in Europe and Russia," according to Teva.

The Israel-based company launched a modified version of its blockbuster Copaxone multiple sclerosis medication during the quarter. About one-third of all Copaxone patients in America have already switched to the new thrice-a-week dosing schedule.

"We are intensely focused on solidifying the foundation of Teva, maintaining the Copaxone franchise, driving sustainable organic growth, and positioning Teva for long-term value creation," said CEO Erez Vigodman in a prepared statement.

Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Teva Pharmaceutical Industries. Try any of our Foolish newsletter services free for 30 days.

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