NEW YORK (AP) — Teva Pharmaceutical Industries Ltd.'s fourth-quarter profit sank 34 percent as an acquisition by the world's largest generic drugmaker improved revenue but raised expenses.

The Israeli company said Wednesday its net income dropped to $506 million, or 57 cents per share, in the three months that ended Dec. 31. That compares to $771 million, or 85 cents per share, in the last quarter of 2010.

Excluding a variety of one-time items, like acquisition, amortization and impairment charges, Teva earned $1.59 per share.

Revenue climbed 28 percent to $5.68 billion from $4.41 billion a year ago, topping expectations on Wall Street.

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