Teva, a global pharmaceutical company which employs almost 500 people in Ireland, has reported a 19% increase in its second-quarter revenues over the same time last year.

Net revenue from the company's generics and branded medicines was $5 billion, up from $4.2 billion in the second quarter of last year.

It says it is on track to achieve further growth in 2012.

Net income for the second quarter was $863m. That was increase of 50% from the same period last year.

Cash flow from operations was $1.2 billion and free cash flow of $709m.

Teva has facilities in Waterford and Dundalk. The company manufactures and develops a range of respiratory products, such as inhalers, for supply to the US and other global markets in Waterford.

Teva Pharmaceuticals Ireland's general manager Sandra Gannon says there is opportunities for generic medicines.

"With legislation to allow for generic substitution currently before the Oireachtas, and an increased focus on developing a sustainable drugs pricing system, the opportunities for Teva in Ireland are clear," she said.