By Tova Cohen

TEL AVIV (Reuters) - Israel's Teva Pharmaceutical Industries Ltd. (TEVA.O: Quote, Profile, Research) (TEVA.TA: Quote, Profile, Research) said global sales of its multiple sclerosis treatment Copaxone rose 35 percent year-on-year in the first quarter to a record $542 million.

In the United States, after achieving sales leadership in the multiple sclerosis market in 2007, Copaxone saw further increases in both sales and market share.

First quarter net sales were $311 million, up 20 percent over the first quarter of 2007.

Sales outside the United States increased 64 percent over the first quarter of 2007, reaching $231 million.

"This extraordinary growth rate for sales outside the U.S. is not indicative of the growth expected in future quarters," Teva said in a statement on Wednesday.

Teva's shares were up 1.5 percent in midday trade in Tel Aviv, compared with declines in the broader market.

Yoav Burgan, an analyst with the Leader Capital Markets brokerage, said the results were suprisingly good.

"We estimated that Teva would record revenue from Copaxone of $245-$250 million in the first quarter and the meaning of the data published today is that Teva will record revenue of about $300 million," he wrote in a note.