SAN FRANCISCO (AP) -- Teva Pharmaceutical Industries Ltd. said Thursday it has set a goal of doubling its revenue and increasing its profit margin over the next five years.
The Israeli maker of generic drugs said its goal is to increase annual revenue to $31 billion and its adjusted profit to $6.8 billion, or 22 percent of revenue, by 2015.
Teva CEO Shlomo Yanai said the company's core business of generic drugs would continue to drive growth. Much of the growth is expected to come in Europe and other markets that have low penetration rates for generics, the company said in a statement.
Yanai also said Teva would expand its business that sells branded drugs.
In the fiscal year that ended in December 2008, Teva earned adjusted profit of $635 million, or 78 cents per share. Revenue was $11.09 billion.
Teva's shares fell 36 cents to end Thursday's trading at $56.84.