- Fourth Quarter 2013 Net Revenues of
$5.4 Billion and Full Year Net Revenues of $20.3 Billion
- Fourth Quarter 2013 Non-GAAP EPS of
$1.42, GAAP diluted EPS of $0.45; Full Year Non-GAAP EPS of $5.01,
GAAP diluted EPS of $1.49
- COPAXONE® Remains the Leading Global MS
Therapy with Record Annual Revenues of $4.3 Billion
- Robust Cash Flow Supports Return to
Shareholders, Capital Expenditures, Debt Reduction and Legal and
Tax Payments in 2013
- 5% Increase in Quarterly Dividend
- Company Reaffirms 2014 Financial
Outlook
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) today reported
results for the quarter and year ended December 31, 2013.
“Teva is reporting today strong results for the fourth quarter
of 2013, bringing to close a year largely in-line with our
expectations. During 2013, we had several key product launches,
driven by a strong pipeline, which will continue to bear notable
results in 2014, starting with the launch of COPAXONE 40mg/mL,”
stated Eyal Desheh, Acting President and CEO of Teva. “We
continue to focus our efforts on our core R&D programs and
go-to-market activities while increasing organizational
effectiveness through our cost-reduction program to ensure Teva's
growth and its role as a leader in the ever-changing pharmaceutical
industry. 2013 was an important year for Teva and its shareholders.
Many seeds were planted to ensure our long-term success and
prosperity. 2014 will be a pivotal year in terms of execution and
further enhancement of our strategic direction.”
Revenues for the three months ended December 31, 2013, were $5.4
billion, an increase of 3% compared to the fourth quarter of 2012.
In local currency terms, revenues increased 4%. The increase was
primarily attributable to higher sales of generic medicines in the
U.S. and higher revenues from our global specialty medicines
business, as well as higher sales of OTC products. This increase
was partially offset by a decrease in generics sales outside the
U.S., mostly in Japan, due to the weaker yen, and API sales to
third parties.
Revenues by Segment for the Fourth Quarter 2013
Three Months Ended
December 31,
PercentageChange
PercentageChange
2013 2012 % of 2013 % of 2012
2013-2012
2013 from2012
U.S. $ in millions
in localcurrencies
Generic Medicines United States 1,178 1,034 22% 20% 14% 14% Europe*
940 955 17% 18% (2%) (5%) Rest of the World 579 673 11% 13% (14%)
(2%) Total Generic Medicines 2,697 2,662 50% 51% 1% 3% Specialty
Medicines United States 1,540 1,527 28% 29% 1% 1% Europe* 463 422
8% 8% 10% 5% Rest of the World 201 157 4% 3% 28% 36% Total
Specialty 2,204 2,106 40% 40% 5% 4% Other Revenues United States 69
60 1% 1% 15% 15% Europe* 196 181 4% 3% 8% 6% Rest of the World 264
240 5% 5% 10% 14% Total Other Revenues 529 481 10% 9% 10% 11% Total
Revenues 5,430 5,249 100% 100% 3% 4%
* All members of the European Union, Switzerland, Norway,
Albania and the countries of former Yugoslavia.
Generic medicines net revenues in the fourth quarter were
$2.7 billion (including API sales to third parties of $163
million), an increase of 1% compared to the fourth quarter of 2012.
In local currency terms, revenues increased 3%. Generic revenues
consisted of:
- U.S. revenues of $1.2 billion, an
increase of 14% compared to the fourth quarter of 2012. The
increase resulted mainly from the exclusive launches of niacin ER,
the generic version of Niaspan®, and temozolomide, the generic
version of Temodar®, in the third quarter of 2013, and launches of
duloxetine, the generic version of Cymbalta®, and tobramycin, the
generic version of Tobi®, in the fourth quarter of 2013, as well as
higher sales of budesonide inhalation, the generic version of
Pulmicort®.
- European revenues of $940 million, a
decrease of 2%, or 5% in local currency terms, compared to the
fourth quarter of 2012. The decrease was mainly due to our
strategic focus on profitable and sustainable business in Germany
and Spain and a contraction of the market for generics in France,
as well as lower API sales to third parties. The decrease was
partially offset by higher revenues in the U.K. and Italy.
- Rest of the World ("ROW") revenues of
$579 million, a decrease of 14%, or 2% in local currency terms,
compared to the fourth quarter of 2012. The decrease was primarily
due to lower sales in Russia, due to a particularly weak winter
season, and Japan, mainly because of the weakening of the yen.
Generics medicines comprised 50% of total revenues in the
quarter, compared to 51% in the fourth quarter of 2012.
Three Months Ended
December 31,
PercentageChange
2013 2012 % of 2013 %
of 2012
2013 from2012
U.S. $ in millions Generic Medicines $
2,697 $ 2,662 50% 51% 1%
API 163 202 3% 4% (19%)
Specialty medicines net revenues in the fourth quarter
were $2.2 billion, an increase of 5% compared to $2.1 billion in
the fourth quarter of 2012. Specialty revenues consisted of:
- U.S. revenues of $1.5 billion, an
increase of 1% compared to the fourth quarter of 2012.
- European revenues of $463 million, an
increase of 10%, or 5% in local currency terms, compared to the
fourth quarter of 2012.
- ROW revenues of $201 million, an
increase of 28%, or 36% in local currency terms, compared to the
fourth quarter of 2012.
Specialty medicines comprised 40% of total revenues in the
quarter, the same as in the fourth quarter of 2012.
The increase in specialty medicines revenues over the fourth
quarter of 2012 was primarily due to increased sales of COPAXONE®
and TREANDA®, partially offset by lower sales of respiratory and
women’s health medicines.
Global revenues recorded by Teva for COPAXONE®, the leading
multiple sclerosis therapy in the U.S. and globally, increased 8%
during the quarter both in U.S. dollar terms and in local currency
terms to $1,142 million, compared to $1,059 million in the fourth
quarter of 2012. The increase primarily resulted from higher sales
in Russia and Germany. In the U.S., sales decreased 2% to $805
million, as a result of increased competition from oral MS
therapies, partially offset by a price increase. Sales outside the
U.S. were $337 million, an increase of 42%, or 43% in local
currency terms, compared to the fourth quarter of 2012, primarily
due to the timing of tenders in Russia and higher sales in
Germany.
AZILECT® revenues recorded by Teva this quarter increased 14% to
$98 million, while global in-market revenues increased 18% to $133
million, primarily due to increased demand in the U.S. and
Europe.
TREANDA® revenues amounted to $177 million in the quarter, an
increase of 10% over the comparable quarter, due to increases in
both volume and price.
Respiratory medicines revenues were $238 million this quarter, a
decrease of 7% from the comparable quarter of 2012. The decrease
was primarily due to lower revenues in Europe, mainly as a result
of pricing pressure.
Women’s Health products revenues were $127 million this quarter,
a decrease of 4% from $132 million in the comparable quarter of
2012. The decrease was primarily due to decreased sales of
PARAGARD® in the U.S., partially offset by higher sales of other
Women’s Health products.
Three Months Ended
December 31,
PercentageChange
2013 2012 % of 2013 %
of 2012
2013 from2012
U.S. $ in millions Specialty Medicines
2,204 2,106 40% 40% 5% CNS 1,456
1,340 27% 26% 9% Copaxone® 1,142 1,059 21% 20% 8% Azilect® 98 86 2%
2% 14% Nuvigil® 76 78 1% 1% (3%) Provigil® 26 25 § § 4% Oncology
261 233 5% 4% 12% Treanda® 177 161 3% 3% 10% Respiratory 238 256 4%
5% (7%) ProAir® 114 120 2% 2% (5%) Qvar® 89 92 2% 2% (3%) Women's
Health 127 132 2% 2% (4%) Other Specialty 122 145 2% 3% (16%)
§ Less than 0.5%.
Other net revenues include:
- OTC net revenues in the quarter
were $316 million, an increase of 17%, or 21% in local currency
terms, compared to $269 million in the fourth quarter of 2012,
primarily due to higher sales from our PGT Healthcare joint
venture.
- Other net revenues in the
quarter were $213 million, mostly from the distribution of
third-party products in Israel and Hungary, compared to $212
million in the fourth quarter of 2012. In local currency terms,
revenues decreased by 2%.
Three Months Ended
December 31,
PercentageChange
2013 2012 % of 2013 %
of 2012
2013 from2012
U.S. $ in millions All Others 529
481 10% 9% 10% OTC 316 269 6% 5% 17%
Other Revenues 213 212 4% 4% § § Less than 0.5%.
Revenues by Geography for the Fourth Quarter 2013
Net revenues in the U.S. in the fourth quarter were $2.8
billion (51% of total revenues), an increase of 6% compared to the
fourth quarter of 2012, driven primarily by higher sales of both
generic and specialty medicines.
Net revenues in Europe in the fourth quarter were $1.6
billion (29% of total revenues), an increase of 3% compared to the
fourth quarter of 2012, or 1% decrease in local currency terms.
Revenues in Europe this quarter benefited from stronger revenues
from specialty medicines, primarily COPAXONE®, as well as increased
sales from our OTC business, partially offset by lower generic
revenues.
Net revenues in the ROW in the fourth quarter totaled
$1.0 billion (20% of total revenues), a decrease of 2% compared to
the fourth quarter of 2012, mainly due to negative foreign currency
effects. In local currency terms, ROW revenues increased 7%, mainly
as a result of higher revenues in Russia, Latin America and Israel,
partially offset by lower revenues in Japan.
Year Ended December 31,
PercentageChange
PercentageChange
2013 2012 % of 2013 % of 2012
2013-2012
2013 from2012
U.S. $ in millions
in localcurrencies
Generic Medicines United States 4,181 $ 4,381 21% 22% (5%) (5%)
Europe* 3,485 3,482 17% 17% § (2%) Rest of the World 2,240
2,522
11%
12% (11%) (1%) Total Generic Medicines 9,906 10,385 49% 51% (5%)
(3%) Specialty Medicines United States 6,026 5,857 30% 29% 3% 3%
Europe* 1,706 1,575 8% 8% 8% 6% Rest of the World 670 718 3%
3% (7%) (3%) Total Specialty 8,402 8,150 41% 40% 3% 3% Other
Revenues United States 254 200 1% 1% 27% 27% Europe* 797 741 4% 4%
8% 6% Rest of the World 955 841 5% 4% 14% 16% Total Other
Revenues 2,006 1,782 10% 9% 13% 12% Total Revenues 20,314
20,317 100% 100% § 1% * All members of the European
Union, Switzerland, Norway, Albania and the countries of former
Yugoslavia. § Less than 0.5%.
Revenues by Segment for Full Year 2013
Generic medicines net revenues in 2013 were $9.9 billion
(including API sales to third parties of $692 million), a decrease
of 5% compared to $10.4 billion in 2012. Generic revenues consisted
of:
- U.S. revenues of $4.2 billion, a
decrease of 5% compared to 2012. The decrease mainly reflected the
absence of royalties related to sales of atorvastatin, the generic
equivalent of Lipitor® under our agreement with Ranbaxy, which we
received in the first half of 2012, a decline in sales of
escitalopram oxalate, the generic version of Lexapro®, to which we
had exclusive rights in the first half of 2012, and a decline in
sales of generic versions of Actos® (pioglitazone) and Actoplus
met® (pioglitazone/ metformin), which were launched in the third
quarter of 2012.
- European revenues of $3.5 billion, flat
compared to 2012, or a 2% decrease in local currency terms. The
decrease in local currency terms mainly resulted from lower sales
in Germany and Spain, as well as lower sales of APIs.
- ROW revenues of $2.2 billion, a
decrease of 11%, or 1% in local currency terms, compared to 2012.
The decrease was mainly due to lower revenues in Japan, partially
offset by higher revenues in Russia and Latin America markets.
Generics medicines revenues comprised 49% of total revenues for
the year, compared to 51% in 2012.
Year Ended December 31,
PercentageChange
2013 2012 % of 2013 %
of 2012
2013 from2012
U.S. $ in millions Generic Medicines $
9,906 $ 10,385 49% 51% (5%) API 692
796 3% 4% (13%)
Specialty medicines net revenues in 2013 were $8.4
billion, an increase of 3% compared to $8.2 billion in 2012.
Specialty revenues consisted of:
- U.S. revenues of $6.0 billion, an
increase of 3% compared to 2012.
- European revenues of $1.7 billion, an
increase of 8%, or 6% in local currency terms compared to
2012.
- ROW revenues of $670 million, a
decrease of 7%, or 3% in local currency terms compared to
2012.
Specialty medicines revenues comprised 41% of total revenues for
the year, compared to 40% in 2012.
The increase in specialty medicines revenues from 2012 was due
to higher sales of several specialty medicines, primarily
COPAXONE®, TREANDA®, AZILECT®, QVAR® and ProAir®, partially offset
by a decrease in Provigil® sales due to its loss of
exclusivity.
Global revenues recorded by Teva for COPAXONE®, the leading
multiple sclerosis therapy in the U.S. and globally, increased 8%
to $4.3 billion, compared to $4.0 billion in 2012. In the U.S.,
sales increased 11% to $3.2 billion, as a result of increases in
both price and volume. Sales outside the U.S. were $1.1 billion, an
increase of 2%, compared to 2012, mainly as a result of higher
revenues in certain countries in Europe.
AZILECT® revenues recorded by Teva increased 12% to $371
million, while global in-market revenues increased 17% to $493
million, primarily due to increased demand in the U.S. and Europe
as well as a price increase in the U.S.
TREANDA® revenues reached $709 million in 2013, an increase of
17% from 2012, primarily due to volume growth.
Respiratory medicines revenues were $905 million in 2013, an
increase of 6% from $856 million in 2012. The increase was
primarily due to higher revenues from QVAR®, ProAir® and Qnasl® in
the U.S., partially offset by lower revenues in Europe.
Women’s Health medicines revenues amounted to $463 million in
2013, an increase of 3% from $448 million in 2012. The increase was
primarily due to higher revenues in Europe and Latin America, as
well as the launch of Quartette™ and Plan B One-Step® OTC in the
U.S.
In addition, during the year we successfully launched several
specialty medicines, including Quartette™ , Plan B One-Step® OTC,
Lonquex® (lipegfilgrastim) and Granix® tbo-filgrastim.
Year Ended December 31,
PercentageChange
2013 2012 % of 2013 % of 2012
2013 from2012
U.S. $ in millions Specialty Medicines
8,402 8,150 41% 40% 3% CNS 5,505
5,464 27% 27% 1% Copaxone® 4,328 3,996 21% 20% 8% Azilect® 371 330
2% 2% 12% Nuvigil® 320 347 2% 2% (8%) Provigil® 91 417 § 2% (78%)
Oncology 982 860 5% 4% 14% Treanda® 709 608 3% 3% 17% Respiratory
905 856 4% 4% 6% ProAir® 429 406 2% 2% 6% Qvar® 328 297 2% 1% 10%
Women's Health 463 448 2% 2% 3% Other Specialty 547 522 3% 3% 5%
§ Less than 0.5%.
Other net revenues include:
- OTC net revenues for the year
were $1.2 billion, an increase of 24%, or 28% in local currency
terms, compared to $936 million in 2012, primarily due to growth in
sales in Latin America and Europe, as well as sales of OTC products
in the U.S. to The Procter & Gamble Company.
- Other net revenues for the year
were $841 million, mostly from the distribution of third-party
products in Israel and Hungary, compared to $846 million in 2012.
In local currency terms, revenues decreased 4%.
Year Ended December 31,
PercentageChange
2013 2012 % of 2013 %
of 2012
2013 from2012
U.S. $ in millions All Others 2,006
1,782 10% 9% 13% OTC 1,165 936 6% 5%
24% Other Revenues 841 846 4% 4% (1%)
Revenues by Geography for the Full Year 2013
Net revenues in the U.S. were $10.5 billion (52% of total
revenues), flat compared to 2012, driven by strong revenues of
specialty medicines offset by lower sales of generic medicines.
Net revenues in Europe were $6.0 billion (29% of total
revenues), an increase of 3% compared to 2012, or 1% in local
currency terms. Revenues in Europe this year benefited from
increased sales of specialty medicines, primarily COPAXONE®, as
well as continued growth in our OTC business. This growth was
partially offset by lower API sales.
Net revenues in the ROW totaled $3.9 billion (19% of
total revenues), a decrease of 5% compared to 2012. In local
currency terms, ROW revenues grew by 2%. The increase in local
currency terms was primarily due to higher revenue in Latin America
and Russia, partially offset by lower revenues in Japan.
Key Metrics
Exchange rate differences between this quarter and the
fourth quarter of 2012 reduced our revenues and non-GAAP operating
income by approximately $49 million and $45 million,
respectively. The impact on revenues resulted primarily from the
weakening of certain currencies (primarily the Japanese yen, Latin
American currencies, the Russian ruble and the Canadian dollar)
relative to the U.S. dollar, while the euro and the Israeli shekel
appreciated against the U.S. dollar. Exchange rate differences
during 2013 in comparison with 2012 negatively impacted our overall
revenues by approximately $166 million and operating income by $129
million.
Non-GAAP Information This quarter, we had net non-GAAP
charges of $825 million, consisting primarily of impairments of
$329 million and amortization of $313 million. Accordingly,
non-GAAP net income and non-GAAP EPS for the quarter are adjusted
to exclude these and certain other items, as follows:
- Impairment of $329 million relating
mainly to write-off of product rights due to market changes, plant
closures, write-offs of R&D projects that were terminated and
of certain equity investments;
- Amortization of purchased intangible
assets totaling $313 million, of which $298 million is included in
cost of goods sold and the remaining $15 million in selling and
marketing expenses;
- Net tax expense of $248 million related
to settlements with the Israeli tax authorities;
- Restructuring and acquisition expenses
of $107 million mainly related to Teva’s previously announced cost
reduction program;
- Legal settlements of $15 million;
- Regulatory actions taken in facilities
of $5 million;
- Contingent consideration and other
expenses of $29 million;
- Financial expenses of $4 million;
and
- Related tax benefits of $225
million.
Teva believes that excluding such items facilitates investors'
understanding of the Company's business. See the attached tables
for a reconciliation of U.S. GAAP results to the adjusted non-GAAP
figures.
Non-GAAP gross profit margin was 58.9% in the quarter,
compared to 58.7% in the fourth quarter of 2012. This reflects a
decreased contribution from the sales of generic medicines, offset
by higher sales of COPAXONE® and oncology product line medicines.
GAAP gross profit margin was 53.3% in the quarter, compared to
53.1% in the fourth quarter of 2012.
Net Research & Development (R&D) expenditures in
the quarter (excluding purchase of in-process R&D) totaled $409
million, or 7.5% of revenues, compared to $374 million, or 7.1% of
revenues in the fourth quarter of 2012. The increase in R&D
spending primarily reflects the progress in development
activities.
Selling and Marketing expenditures (excluding
amortization of purchased intangible assets) totaled $1.1 billion,
or 20.6% of revenues, in the quarter, compared to $1.0 billion, or
19.9% of revenues, in the fourth quarter of 2012. The increase
primarily reflects higher expenses related to royalty payments for
generic medicines in the U.S. as well as higher expenses related to
our specialty medicines prelaunch activities, partially offset by
lower non-royalty expenses related to generic medicines.
General and Administrative (G&A) expenditures totaled
$316 million in the quarter, or 5.8% of revenues, compared with
$318 million, or 6.1% of revenues, for the fourth quarter of
2012.
Quarterly non-GAAP operating income was $1.4 billion, up
1% compared to the fourth quarter of 2012. Quarterly GAAP operating
income was $0.6 billion compared to $0.3 billion in the fourth
quarter of 2012.
For the full year 2013, non-GAAP operating income was
$5.2 billion, down 9% compared to the full year 2012. GAAP
operating income was $1.6 billion compared to $2.2 billion in
2012.
Below is a quarterly analysis of profitability by segments or
business lines. The annual analysis can be found in the appendix to
this release:
Generics Three months ended December 31,
Percentage Change 2013 2012
2013 - 2012
U.S.$ in millions / % of Segment Revenues Revenues $
2,697 100% $ 2,662 100% 1% Gross Profit 1,149 43% 1,153 43% §
R&D Expenses 140 5% 141 5% (1%) S&M Expenses 527 20% 507
19% 4% Segment Profitability* 482 18% 505 19% (5%)
Total
Specialty Three months ended December 31, Percentage
Change 2013 2012
2013 - 2012
U.S.$ in millions / % of Segment Revenues Revenues $ 2,204
100% $ 2,106 100% 5% Gross Profit 1,934 88% 1,813 86% 7% R&D
Expenses 265 12% 232 11% 14% S&M Expenses 504 23% 498 24% 1%
Segment Profitability* 1,165 53% 1,083 51% 8%
MS
Three months ended December 31, Percentage Change
2013 2012 2013 - 2012 U.S.$ in millions / % of
Segment Revenues Revenues $ 1,142 100% $ 1,059 100% 8% Gross
Profit 1,018 89% 925 87% 10% R&D Expenses 22 2% 24 2% (8%)
S&M Expenses 151 13% 166 16% (9%) MS Profitability* 845 74% 735
69% 15%
Other Specialty Three months ended
December 31, Percentage Change 2013 2012
2013 - 2012 U.S.$ in millions / % of Segment Revenues
Revenues $ 1,062 100% $ 1,047 100% 1% Gross Profit 916 86% 888 85%
3% R&D Expenses 243 23% 208 20% 17% S&M Expenses 353 33%
332 32% 6% Other Specialty Profitability* 320 30% 348 33% (8%)
* Profitability is comprised of gross profit for the segmentBL,
S&M and R&D expenses related to the segmentBL. SegmentBL
profitability does not include G&A expenses, amortization and
non-recurring items. Additional information can be found in note 21
of our consolidated financial statements and in “Item 5—Operating
Income”.
§ Less than 0.5%.
Financial expenses totaled $55 million in the quarter,
compared with $114 million in the fourth quarter of 2012. The
expenses in the quarter were below our run-rate mainly due to net
positive affect from hedging activities, income from sales of
securities in this quarter and lower interest expenses.
The provision for non-GAAP tax for the quarter amounted
to $91 million on pre-tax non-GAAP income of $1.3 billion. The
provision for tax in the fourth quarter of 2012 was $80 million on
pre-tax income of $1.2 billion. The annual non-GAAP effective tax
rate for 2013 was 12.8%, compared to 12.3% in 2012. The tax rate
for 2013 was primarily the result of the mix of products (both type
and location of production) sold during the year. In addition, tax
benefits resulting from mergers between subsidiaries and tax
incentives to which our subsidiaries are entitled further reduced
the tax expenses for 2013.
Non-GAAP net income and non-GAAP EPS were $1.2 billion
and $1.42 in the quarter, an increase of 6% and 8%, respectively,
compared to $1.1 billion and $1.32 in the fourth quarter of 2012.
GAAP net income and GAAP EPS were $380 million and $0.45 in the
quarter compared to $320 million and $0.37 in the fourth quarter of
2012.
For the full year 2013, Non-GAAP net income and non-GAAP EPS
were $4.3 billion and $5.01, a decrease of 9% and 6%, respectively,
compared to $4.7 billion and $5.35 in 2012. GAAP net income and
GAAP EPS were $1.3 billion and $1.49 compared to $2 billion and
$2.25 in 2012.
Cash flow from operations during the quarter was $816
million, compared to $1,577 million in the fourth quarter of 2012,
a decrease of 48%. Free cash flow, excluding net capital
expenditures and dividends, was $236 million, a decrease of $802
million compared to $1.0 billion in the fourth quarter of 2012. The
decrease in cash flow was mainly due to payments made in connection
with litigation and tax settlements. Excluding the effect of these
settlements, cash flow from operations and free cash flow were $1.7
billion and $1.1 billion, respectively, in the quarter.
Cash and marketable securities at December 31, 2013
amounted to $1.2 billion.
During the quarter there were no share repurchases. In
2013, Teva repurchased 12.8 million shares for approximately $497
million. Since the beginning of 2012, Teva has repurchased 40.9
million shares for approximately $1.7 billion as part of the $3.0
billion share repurchase plan authorized in December 2011.
For the fourth quarter of 2013, the weighted average share
count for the fully diluted earnings per share calculation was
848 million on a GAAP and non-GAAP basis. At December 31, 2013, the
share count for calculating Teva's market capitalization was
approximately 848 million.
Total equity at December 31, 2013, was $22.6 billion, an
increase of $0.2 billion, compared to $22.4 billion at September
30, 2013. The increase in total equity was primarily a result of
GAAP net income of $380 million and currency translation
adjustments, partially offset by dividend payments.
Dividend
The Board of Directors, at its meeting on February 4, 2014,
declared a cash dividend for the fourth quarter of 2013 of NIS 1.21
(approximately 34 cents according to the rate of exchange on
February 4, 2014) per share , a 5% increase from the third quarter
2013 dividend of NIS 1.15.
The record date will be February 24, 2014, and the payment date
will be March 10, 2014. Tax will be withheld at a rate of 15%.
Annual Report on Form
20-F
Teva will file its Annual Report on Form 20-F with the SEC next
week. The report will include a complete analysis of the financial
results for 2013 and will be available on the company’s website,
http://www.tevapharm.com, as well as through the SEC’s website:
http://www.sec.gov.
Conference Call
Teva will host a conference call to discuss its fourth quarter
and full year 2013 results on Thursday, February 6, 2014, at 8:00
a.m. ET. The call will be webcast and can be accessed through the
Company's website at www.tevapharm.com, or by dialing in to
1-888-895-5271 (U.S. and Canada) or 1-847-619-6547 (International).
The conference ID is 36341322. Following the conclusion of the
call, a replay of the webcast will be available within 24 hours at
the Company's website at www.tevapharm.com. A replay of the call
will also be available until February 13, 2014, at 11:59 p.m. ET,
by calling 1.888.843.7419 (U.S. and Canada) or 1.630.652.3042
(International). The Conference ID is 36341322#
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading
global pharmaceutical company, committed to increasing access to
high-quality healthcare by developing, producing and marketing
affordable generic drugs as well as innovative and specialty
pharmaceuticals and active pharmaceutical ingredients.
Headquartered in Israel, Teva is the world's leading generic drug
maker, with a global product portfolio of more than 1,000 molecules
and a direct presence in about 60 countries. Teva's Specialty
Medicines businesses focus on CNS, respiratory oncology, pain, and
women's health therapeutic areas as well as biologics. Teva
currently employs approximately 45,000 people around the world and
reached $20.3 billion in net revenues in 2013.
Teva's Safe Harbor Statement under the U. S. Private
Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, which express
the current beliefs and expectations of management. Such statements
are based on management’s current beliefs and expectations and
involve a number of known and unknown risks and uncertainties that
could cause our future results, performance or achievements to
differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Important
factors that could cause or contribute to such differences include
our ability to achieve expected results through our innovative
R&D efforts; risks relating to: our ability to develop and
commercialize additional pharmaceutical products, competition for
our innovative products, especially COPAXONE® (including
competition from innovative orally-administered alternatives, as
well as from potential purported generic equivalents), competition
for our generic products (including from other pharmaceutical
companies and as a result of increased governmental pricing
pressures), competition for our specialty pharmaceutical
businesses, , the effectiveness of our patents and other
protections for innovative products, decreasing opportunities to
obtain U.S. market exclusivity for significant new generic
products, our ability to identify, consummate and successfully
integrate acquisitions, the effects of increased leverage as a
result of recent acquisitions, the extent to which any
manufacturing or quality control problems damage our reputation for
high quality production and require costly remediation, our
potential exposure to product liability claims to the extent not
covered by insurance, increased government scrutiny in both the
U.S. and Europe of our agreements with brand companies, potential
liability for sales of generic products prior to a final resolution
of outstanding patent litigation, our exposure to currency
fluctuations and restrictions as well as credit risks, the effects
of reforms in healthcare regulation and pharmaceutical pricing and
reimbursement, any failures to comply with complex Medicare and
Medicaid reporting and payment obligations, governmental
investigations into sales and marketing practices (particularly for
our specialty pharmaceutical products), uncertainties surrounding
the legislative and regulatory pathways for the registration and
approval of biotechnology-based products, adverse effects of
political or economical instability, corruption, major hostilities
or acts of terrorism on our significant worldwide operations,
interruptions in our supply chain or problems with our information
technology systems that adversely affect our complex manufacturing
processes, any failure to retain key personnel or to attract
additional executive and managerial talent, the impact of
continuing consolidation of our distributors and customers,
variations in patent laws that may adversely affect our ability to
manufacture our products in the most efficient manner, potentially
significant impairments of intangible assets and goodwill,
potential increases in tax liabilities, the termination or
expiration of governmental programs or tax benefits, environmental
risks and other factors that are discussed in our Annual Report on
Form 20-F for the year ended December 31, 2012 and in our other
filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date on which they
are made and the Company undertakes no obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Generics Year ended
December 31, Percentage Change 2013 2012
2013 - 2012 U.S.$ in millions / % of Segment Revenues
Revenues $ 9,906 100% $ 10,385 100% (5%) Gross Profit 4,095 41%
4,518 44% (9%) R&D Expenses 494 5% 485 5% 2% S&M Expenses
1,945 20% 1,971 19% (1%) Segment Profitability* 1,656 17% 2,062 20%
(20%)
Total Specialty Year ended December 31,
Percentage Change 2013 2012 2013 - 2012
U.S.$ in millions / % of Segment Revenues Revenues $ 8,402
100% $ 8,150 100% 3% Gross Profit 7,326 87% 7,173 88% 2% R&D
Expenses 909 11% 793 10% 15% S&M Expenses 1,850 22% 1,686 21%
10% Segment Profitability* 4,567 54% 4,694 58% (3%)
MS Year ended December 31, Percentage Change
2013 2012 2013 - 2012 U.S.$ in millions / % of
Segment Revenues Revenues $ 4,328 100% $ 3,996 100% 8% Gross
Profit 3,869 89% 3,566 89% 8% R&D Expenses 66 2% 84 2% (21%)
S&M Expenses 533 12% 506 13% 5% MS Profitability* 3,270 76%
2,976 74% 10%
Other Specialty Year ended December
31, Percentage Change 2013 2012 2013 -
2012 U.S.$ in millions / % of Segment Revenues Revenues
$ 4,074 100% $ 4,154 100% (2%) Gross Profit 3,457 85% 3,607 87%
(4%) R&D Expenses 843 21% 709 17% 19% S&M Expenses 1,317
32% 1,180 28% 12% Other Specialty Profitability* 1,297 32% 1,718
41% (25%)
* Profitability is comprised of gross profit for the segmentBL,
S&M and R&D expenses related to the segmentBL. Segment
profitability does not include G&A expenses, amortization and
non-recurring items. Additional information can be found in note 21
of our consolidated financial statements and in “Item 5—Operating
Income”.
§ Less than 0.5%.
###
APPENDIX
Consolidated
Statements of Income
(U.S. dollars in
millions, except share and per share data)
Three months ended Year
ended December 31, December 31, 2013
2012 2013 2012 Unaudited
Unaudited Audited Audited Net revenues
5,430 5,249 20,314 20,317
Cost of sales 2,536 2,464
9,607 9,665
Gross profit 2,894 2,785
10,707 10,652
Research and development expenses 411 442
1,427 1,356
Selling and marketing expenses 1,132 1,056 4,080
3,879
General and administrative expenses 316 318 1,239
1,238
Legal settlements and loss contingencies - - 1,524 715
Impairments, restructuring and others 475 639
788 1,259
Operating income 560 330 1,649 2,205
Financial expenses – net 59 146 399 386
Income before income taxes 501 184 1,250 1,819
Income taxes 114 (110 ) (43 ) (137 )
Share in losses of
associated companies – net 10 14 40 46
Net income 377 280 1,253 1,910
Net loss
attributable to non-controlling interests (3 ) (40 ) (16 ) (53
)
Net income attributable to Teva 380 320
1,269 1,963
Earnings per share attributable
to Teva: Basic ($) 0.45 0.37 1.49
2.25
Diluted ($) 0.45 0.37 1.49
2.25
Weighted average number of shares (in millions):
Basic 847 867 849 872
Diluted 848 868 850 873
Non-GAAP net income attributable to Teva:* 1,205
1,142 4,255 4,671
Non-GAAP earnings
per share attributable to Teva: Basic ($) 1.42
1.32 5.01 5.36
Diluted ($) 1.42
1.32 5.01 5.35
Weighted average
number of shares (in millions): Basic 847 867
849 872
Diluted 848 868
850 873 * See reconciliation attached.
Condensed Balance Sheets
(U.S. dollars in millions) December
31, December 31, 2013 2012 ASSETS
Audited Audited Current assets: Cash and cash
equivalents 1,038 2,879 Accounts receivable 5,338 5,572 Inventories
5,053 5,502 Deferred income taxes 1,084 1,142 Other current assets
1,207 1,260
Total current assets 13,720 16,355
Other
non-current assets 1,696 1,338
Property, plant and
equipment, net 6,635 6,315
Identifiable intangible assets,
net 6,476 7,745
Goodwill 18,981 18,856
Total
assets 47,508 50,609
LIABILITIES AND EQUITY
Current liabilities: Short-term debt 1,804 3,006 Sales
reserves and allowances 4,918 4,934 Accounts payable and accruals
3,317 3,376 Other current liabilities 1,926 1,572
Total current
liabilities 11,965 12,888
Long-term liabilities:
Deferred income taxes 1,247 1,849 Senior notes and loans 10,387
11,712 Other taxes and long-term liabilities 1,273 1,293
Total
long-term liabilities 12,907 14,854
Equity: Teva
shareholders’ equity 22,565 22,768 Non-controlling interests 71 99
Total equity 22,636 22,867
Total liabilities and
equity 47,508 50,609
Condensed Cash
Flow
(U.S. Dollars in
millions)
Three months ended Year ended
December 31, December 31, 2013 2012
2013 2012 Unaudited Unaudited
Audited Audited Operating activities: Net
income 377 280 1,253 1,910
Net change in operating assets
and liabilities 359 448 968 414
Items not involving cash
flow 80 849 1,016 2,248
Net cash
provided by operating activities 816 1,577 3,237 4,572
Net cash used in investing activities (316 ) (409 ) (1,147 )
(1,134 )
Net cash provided by (used in) financing
activities (619 ) 266 (3,883 ) (1,678 )
Translation
adjustment on cash and cash equivalents 9 13 (48 ) 23
Net change in cash and cash equivalents
(110 ) 1,447 (1,841 ) 1,783
Balance of cash and cash
equivalents at the beginning of period 1,148 1,432 2,879 1,096
Balance of cash and cash equivalents
at the end of period 1,038 2,879 1,038
2,879
Non GAAP
reconciliation items
(U.S. Dollars in
millions)
Three months
ended Year ended December 31, December 31,
2013 2012 2013 2012 Unaudited
Unaudited Audited Audited Impairment of
long-lived assets 329 495 524 1,071
Amortization of
purchased intangible assets - under cost of sales 298 271 1,136
1,228
Restructuring, acquisition and other expenses 131 136
264 188
Amortization of purchased intangible assets - under
selling and marketing expenses 15 13 44 44
Expense in connection
with legal settlements and reserves 15 8 1,524 715
Costs
related to regulatory actions taken in facilities - under cost
of sales 5 25 43 128
Financial expenses related to early
repayment of senior notes and other 4 32 110 32
Accelerated
depreciation 3 - 9 -
Purchase of research and development in
process 2 68 5 73
Minority interest changes related to
impairments of co-owned assets - (36 ) - (36 )
Inventory
step-up - under cost of sales - - - 63
Net of corresponding
tax benefit* 23 (190 ) (673 ) (798 ) * Amount is net of
$248 million for Amendment 69 and settlements with the Israeli tax
authorities in 2013.
Reconciliation between reported Net
Income attributable to Teva and Earnings per share as reported
under US GAAP to Non-GAAP Net Income attributable to Teva and
Earnings per share
Year ended December 31, 2013
Year ended December 31, 2012 Audited, U.S. dollars and
shares in millions (except per share amounts)
Non-GAAP Non- % of Net Non-GAAP
Non- % of Net GAAP Adjustments
GAAP Revenues GAAP Adjustments
GAAP Revenues Gross profit (1) 10,707 1,188
11,895 59 % 10,652 1,419 12,071 59 % Operating income (1)(2) 1,649
3,549 5,198 26 % 2,205 3,510 5,715 28 % Net income attributable to
Teva (1)(2)(3) 1,269 2,986 4,255 21 % 1,963 2,708 4,671 23 %
Earnings per share attributable to Teva - diluted (4) 1.49 3.52
5.01 2.25 3.10 5.35 (1 ) Amortization of
purchased intangible assets 1,136 1,228 Costs related to regulatory
actions taken in facilities 43 128 Inventory step-up - 63
Accelerated depreciation 9 - Gross profit adjustments
1,188 1,419 (2 ) Expense in connection with legal
settlements and reserves 1,524 715 Impairment of long-lived assets
524 1,071 Restructuring, acquisition and other expenses 269 261
Amortization of purchased intangible assets 44 44
2,361 2,091 Operating income adjustments 3,549
3,510 (3 ) Tax effect and other items (673 ) (834 )
Financial expense 110 32 Net income adjustments 2,986
2,708 (4) The weighted average number
of shares was 850 and 873 million for the years ended December 31,
2013 and 2012, respectively. Non-GAAP earnings per share can be
reconciled with GAAP earnings per share by dividing each of the
amounts included in footnotes 1-3 above by the applicable weighted
average share number.
Reconciliation between reported Net
Income attributable to Teva and Earnings per share as reported
under US GAAP to Non-GAAP Net Income attributable to Teva and
Earnings per share
Three months ended December 31, 2013
Three months ended December 31, 2012
Unaudited, U.S. dollars and shares in millions (except per share
amounts)
Non-GAAP Non- %
of Net Non-GAAP Non- % of Net GAAP
Adjustments GAAP Revenues GAAP
Adjustments GAAP Revenues Gross profit
(1) 2,894 306 3,200 59 % 2,785 296 3,081 59 % Operating Profit
(1)(2) 560 798 1,358 25 % 330 1,016 1,346 26 % Net income
attributable to Teva (1)(2)(3) 380 825 1,205 22 % 320 822 1,142 22
% Earnings per share attributable to Teva - Diluted (4) 0.45 0.97
1.42 0.37 0.95 1.32 (1 ) Amortization of
purchased intangible assets 298 271 Costs related to regulatory
actions taken in facilities 5 25 Accelerated deprecation 3 -
Gross profit adjustments 306 296
(2 ) Impairment of long-lived assets 329 495 Restructuring,
acquisition and other expenses 133 204 Amortization of purchased
intangible assets 15 13 Expense in connection with legal
settlements and reserves 15 8
492 720 Operating profit adjustments 798 1016 (3 )
Tax effect and other items 23 (226 ) Finance expense 4 32
Net income adjustments 825 822 (4) The
weighted average number of shares was 848 and 868 million for the
three months ended December 31, 2013 and 2012, respectively.
Non-GAAP earnings per share can be reconciled with GAAP earnings
per share by dividing each of the amounts included in footnotes 1-3
above by the applicable weighted average share number.
Segment
Information Generics Specialty
Three months ended December 31, Percentage Change
Three months ended December 31, Percentage Change
2013 2012 2013 - 2012 2013 2012
2013 - 2012 U.S.$ in millions / % of Segment Revenues U.S.$
in millions / % of Segment Revenues Revenues $ 2,697 100% $
2,662 100% 1% $ 2,204 100% $ 2,106 100% 5% Gross Profit 1,149 43%
1,153 43% § 1,934 88% 1,813 86% 7% R&D Expenses 140 5% 141 5%
(1%) 265 12% 232 11% 14% S&M Expenses 527 20% 507 19% 4% 504
23% 498 24% 1% Segment Profitability* 482 18% 505 19% (5%) 1,165
53% 1,083 51% 8%
* Segment profitability is comprised of gross profit for the
segment, S&M and R&D expenses related to the segment.
Segment profitability does not include G&A expenses,
amortization and non-recurring items. Additional information can be
found in note 21 of our consolidated financial statements and in
“Item 5—Operating Income”.
§ Less than 0.5%.
Reconciliation of our segment profitability to Teva's
consolidated operating income Three months ended
December 31, 2013 2012 U.S.$ in
millions Generic medicines profitability $ 482 $ 505
Specialty medicines profitability 1,165 1,083 Total
segment profitability 1,647 1,588 Profitability of other activities
27 76 Total profitability 1,674 1,664 Amounts not
allocated to segments: Amortization 313 284 General and
administrative expenses 316 318 Legal settlements and loss
contingencies 15 8 Impairments, restructuring and others 460 631
Other unallocated amounts 10 93
Consolidated operating income 560 330 Financial expenses - net
59 146 Consolidated income before income taxes $ 501
$ 184
Generics
Specialty Year ended December 31,
Percentage Change Year ended December 31,
Percentage Change 2013 2012
2013 - 2012 2013 2012 2013 -
2012 U.S.$ in millions / % of Segment Revenues U.S.$ in
millions / % of Segment Revenues
Revenues $ 9,906 100% $ 10,385 100% (5%) $
8,402 100% $ 8,150 100% 3% Gross Profit 4,095 41% 4,518 44% (9%)
7,326 87% 7,173 88% 2% R&D Expenses 494 5% 485 5% 2% 909 11%
793 10% 15% S&M Expenses 1,945 20% 1,971 19% (1%) 1,850 22%
1,686 21% 10% Segment Profitability* 1,656 17% 2,062 20% (20%)
4,567 54% 4,694 58% (3%)
* Segment profitability is comprised of gross profit for the
segment, S&M and R&D expenses related to the segment.
Segment profitability does not include G&A expenses,
amortization and non-recurring items. Additional information can be
found in note 21 of our consolidated financial statements and in
“Item 5—Operating Income”.
Reconciliation of our segment profitability to
Teva's consolidated operating income Year ended
December 31, 2013 2012 U.S.$ in millions
Generic medicines profitability $ 1,656 $ 2,062 Specialty
medicines profitability 4,567
4,694
Total segment profitability 6,223 6,756 Profitability of other
activities 214 197 Total profitability 6,437 6,953
Amounts not allocated to segments: Amortization 1,180 1,272 General
and administrative expenses 1,239 1,238 Legal settlements and loss
contingencies 1,524 715 Impairments, restructuring and others 788
1,259 Other unallocated amounts 57 264 Consolidated
operating income 1,649 2,205 Financial expenses - net 399
386 Consolidated income before income taxes $ 1,250 $ 1,819
Revenues by Activity and Geographical Area
(Audited)
Three Months Ended
December 31,
Percentage Change Percentage Change 2013
2012 % of 2013 % of 2012 2013 - 2012
2013 - 2012 U.S. $ in millions in local
currencies Generic Medicines United States 1,178 1,034 22 % 20
% 14 % 14 % Europe* 940 955 17 % 18 % (2 %) (5 %) Rest of the
World. 579 673 11 % 13 % (14 %) (2 %) Total Generic Medicines 2,697
2,662 50 % 51 % 1 % 3 % Specialty Medicines United States 1,540
1,527 28 % 29 % 1 % 1 % Europe* 463 422 8 % 8 % 10 % 5 % Rest of
the World. 201 157 4 % 3 % 28 % 36 % Total Specialty 2,204 2,106 40
% 40 % 5 % 4 % Other Revenues United States 69 60 1 % 1 % 15 % 15 %
Europe* 196 181 4 % 3 % 8 % 6 % Rest of the World. 264 240 5 % 5 %
10 % 14 % Total Other Revenues 529 481 10 % 9 % 10 % 11 % Total
Revenues 5,430 5,249 100 % 100 % 3 % 4 % * All members of
the European Union, Switzerland, Norway, Albania and the countries
of former Yugoslavia.
Revenues by Activity and
Geographical Area (Audited)
Year Ended December 31,
Percentage Change Percentage Change 2013
2012 % of 2013 % of 2012 2013 - 2012
2013 - 2012 U.S. $ in millions in local
currencies Generic Medicines United States $ 4,181 $ 4,381 21%
22% (5%) (5%) Europe* 3,485 3,482 17% 17% § (2%) Rest of the World
2,240 2,522 11% 12% (11%) (1%) Total Generic
Medicines 9,906 10,385 49% 51% (5%) (3%) Specialty Medicines United
States 6,026 5,857 30% 29% 3% 3% Europe* 1,706 1,575 8% 8% 8% 6%
Rest of the World 670 718 3% 3% (7%) (3%) Total
Specialty 8,402 8,150 41% 40% 3% 3% Other Revenues United States
254 200 1% 1% 27% 27% Europe* 797 741 4% 4% 8% 6% Rest of the World
955 841 5% 4% 14% 16% Total Other Revenues
2,006 1,782 10% 9% 13% 12% Total Revenues 20,314
20,317 100% 100% § 1% * All members of the European
Union, Switzerland, Norway, Albania and the countries of former
Yugoslavia.
§ Less than 0.5%.
Revenues by Product line
(Unaudited)
Three Months Ended
December 31,
Percentage Change 2013 2012 %
of 2013 % of 2012 2013 from 2012 U.S. $ in
millions Generic Medicines $ 2,697
$ 2,662 50% 51% 1% API 163 202
3% 4% (19%)
Specialty Medicines 2,204 2,106
40% 40% 5% CNS 1,456 1,340 27% 26% 9%
Copaxone® 1,142 1,059 21% 20% 8% Azilect® 98 86 2% 2% 14% Nuvigil®
76 78 1% 1% (3%) Provigil® 26 25 § § 4% Oncology 261 233 5% 4% 12%
Treanda® 177 161 3% 3% 10% Respiratory 238 256 4% 5% (7%) ProAir®
114 120 2% 2% (5%) Qvar® 89 92 2% 2% (3%) Women's Health 127 132 2%
2% (4%) Other Specialty 122 145 2% 3% (16%)
All Others
529 481 10% 9% 10% OTC 316 269
6% 5% 17% Other Revenues 213 212 4% 4% §
Total
$ 5,430 $ 5,249 100% 100%
3%
§ Less than 0.5%
Revenues by Product line (Audited)
Year Ended
December 31, Percentage Change 2013 2012
% of 2013 % of 2012 2013 from 2012 U.S. $
in millions Generic Medicines $
9,906 $ 10,385 49% 51%
(5%) API 692 796 3% 4% (13%)
Specialty Medicines
8,402 8,150 41% 40% 3% CNS 5,505
5,464 27% 27% 1% Copaxone® 4,328 3,996 21% 20% 8% Azilect® 371 330
2% 2% 12% Nuvigil® 320 347 2% 2% (8%) Provigil® 91 417 § 2% (78%)
Oncology 982 860 5% 4% 14% Treanda® 709 608 3% 3% 17% Respiratory
905 856 4% 4% 6% ProAir® 429 406 2% 2% 6% Qvar® 328 297 2% 1% 10%
Women's Health 463 448 2% 2% 3% Other Specialty 547 522 3% 3% 5%
All Others 2,006 1,782 10% 9%
13% OTC 1,165 936 6% 5% 24% Other Revenues 841
846 4% 4% (1%)
Total $ 20,314 $
20,317 100% 100% §
§ Less than 0.5%.
Revenues by Geographic
Area
(Unaudited)
Three
Months Ended
December 31,
Percentage Change Percentage Change 2013
2012 % of 2013 % of 2012 2013 - 2012
2013 from 2012 U.S. $ in millions in local
currencies United States: Generic 1,178 1,034 22% 20% 14% 14%
Specialty 1,540 1,527 28% 29% 1% 1% Others 69 60 1% 1% 15%
15% Total United States 2,787 2,621 51% 50% 6% 6% Europe*: Generic
940 955 17% 18% (2%) (5%) Specialty 463 422 8% 8% 10% 5% Others 196
181 4% 3% 8% 6% Total Europe 1,599 1,558 29% 29% 3% (1%)
Rest of the World: Generic 579 673 11% 13% (14%) (2%) Specialty 201
157 4% 3% 28% 36% Others 264 240 5% 5% 10% 14% Total Rest of
the World 1,044 1,070 20% 21% (2%) 7% Total Revenues 5,430
5,249 100% 100% 3% 4% * All members of the European
Union, Switzerland, Norway, Albania and the countries of former
Yugoslavia.
Revenues by
Geographic Area
(Unaudited)
Year
Ended December 31, Percentage Change Percentage
Change 2013 2012 % of 2013 % of
2012 2013 - 2012 2012 from 2011 U.S. $ in
millions in local currencies United States: Generic
4,181 4,381 21% 22% (5%) (5%) Specialty 6,026 5,857 30% 29% 3% 3%
Others 254 200 1% 1% 27% 27% Total United States 10,461 10,438 52%
52% § § Europe*: Generic 3,485 3,482 17% 17% § (2%) Specialty 1,706
1,575 8% 8% 8% 6% Others 797 741 4% 4% 8% 6% Total Europe 5,988
5,798 29% 29% 3% 1% Rest of the World: Generic 2,240 2,522 11% 12%
(11%) (1%) Specialty 670 718 3% 3% (7%) (3%) Others 955 841 5% 4%
14% 16% Total Rest of the World 3,865 4,081 19% 19% (5%) 2% Total
Revenues 20,314 20,317 100% 100% § 1% * All members of the
European Union, Switzerland, Norway, Albania and the countries of
former Yugoslavia. § Less than 0.5%.
Teva Pharmaceutical Industries Ltd.IR:Kevin C. Mannix,
215-591-8912United StatesorRan Meir, 215-591-3033United
StatesorTomer Amitai, 972 3 926-7656IsraelorPR:Iris Beck
Codner, 972 3 926-7246IsraelorDenise Bradley,
215-591-8974United States
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