Israeli drug manufacturer Teva Pharmaceutical (TEVA) actually managed to post a gain in February in the face of a declining market after reporting better than expected fourth quarter results and receiving an outperform rating by Credit Suisse. Excluding one-time items, the company reported a quarterly profit of $634 million or 76 cents per share, 3 cents better than analyst expectations. It was interesting to note that by the end of 2009, Teva expects the leverage of its balance sheet to fall to levels before its $7.46 billion acquisition of Barr Laboratories. Excluding special items, the company expects to earn between $3.20 and $3.40 per share in 2009 giving it a forward P/E of 13.51.
