Sometimes, where a revenue increase comes from is just as important as how much it increases. For generic-drug maker Teva Pharmaceuticals
Total sales rose 18% year over year, but only about a third of that was organic growth. Another third came from the effects of the declining dollar, while the last third came from a change in selling Copaxone, something I'll cover in a moment. Let's get the rest of the sales figures out of the way first.
Sales in Europe were up 25% and 37% for the rest of the world -- mostly Russia and Latin America. However, combined, they compose less than 45% of the total. In North America, sales were up a respectable 11% thanks to recent generic launches. These include versions of GlaxoSmithKline's
This last part is both good and bad. Teva ended its partnership with Sanofi-Aventis
As a side note, Biogen Idec
The reclassification of Copaxone sales will complicate year-over-year comparisons for a while. Even without that, though, investors could expect some difficulty here. Teva is planning on closing the acquisition of Barr Pharmaceuticals
While the merger is probably a good thing in the long run, Teva's going to have to show me some better growth on the bottom line, and shore up its patent dispute over Copaxone, before I'll jump in.
Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Johnson & Johnson and Glaxo are selections of the Income Investor newsletter. The Fool's disclosure policy is far from generic.