- Revenues of $5.7 billion
- GAAP EPS loss of $5.94
- Non-GAAP EPS of $1.02
- 2017 business outlook revised to
non-GAAP EPS of $4.30 - $4.50
- Teva announces second quarter 2017
dividend of 8.5 cents,down 75% from 34 cents in the first quarter
of 2017
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA)
today reported results for the quarter ended June 30, 2017.
“Second quarter results were lower than we anticipated due to
the performance of our U.S. Generics business and the continued
deterioration in Venezuela. These factors also led to a lowering of
our outlook for the remainder of the year. All of us at Teva
understand the frustration and disappointment of our shareholders
in light of these results,” stated Dr. Yitzhak Peterburg, Interim
President and CEO. “In our U.S. Generics business, we experienced
accelerated price erosion and decreased volume mainly due to
customer consolidation, greater competition as a result of an
increase in generic drug approvals by the U.S. FDA, and some new
product launches that were either delayed or subjected to more
competition.”
Dr. Peterburg continued, “Given the current environment, we have
had to take swift and decisive actions. We are focused on executing
meaningful cost reductions, rationalizing our assets and maximizing
their value, actively pursuing divestiture opportunities and
strengthening our balance sheet. We will continue to take action to
aggressively confront our challenges.”
Dr. Peterburg concluded, “The other parts of our business are
performing well and in line with our expectations. In our Specialty
business, we have achieved several very significant milestones,
including the positive phase III results for our anti-CGRP asset
fremanuzemab in both chronic and episodic migraine, and the
approval and subsequent launch of Austedo™ in Huntington Disease
and its pending approval in Tardive Dyskinesia. The FDA has also
accepted the Biologics License Applications that Teva has submitted
for review with its partner, Celltrion, Inc., for biosimilar
versions of both Rituxan® and Herceptin®. In our Generics business,
our deep R&D capabilities and strong pipeline of new products
in the U.S. where we have more than 300 ANDAs under review at the
FDA, of which more than 100 are first-to-file, and our broad
geographical footprint, will help us weather the current conditions
in the U.S. market.”
Second Quarter 2017
Results
Revenues in the second quarter of 2017 were $5.7 billion,
up 13% compared to the second quarter of 2016, primarily due to the
inclusion of the Actavis Generics business, following the closing
of the acquisition on August 2, 2016. Excluding the impact of
foreign exchange fluctuations, revenues increased 17%.
Exchange rate differences between the second quarter of
2017 and the second quarter of 2016 reduced revenues by $218
million, GAAP operating income by $62 million and non-GAAP
operating income by $56 million.
Adjustments of the exchange rates used for the Venezuelan
bolivar resulted in a decrease of $183 million in revenues, a
decrease of $47 million in GAAP operating income and a decrease of
$38 million in non-GAAP operating income, compared to results in
the second quarter of 2016. In light of the political and economic
conditions in Venezuela, the changes in revenues and operating
profit in Venezuela have been excluded from any discussion of
currency effects.
GAAP gross profit was $2.8 billion in the second quarter
of 2017, down 2% compared to the second quarter of 2016. GAAP
gross profit margin was 49.6% in the second quarter of 2017,
compared to 57.1% in the second quarter of 2016. Non-GAAP gross
profit was $3.2 billion in the second quarter of 2017, up 2%
from the second quarter of 2016. Non-GAAP gross profit
margin was 56.8% in the second quarter of 2017, compared to
62.5% in the second quarter of 2016. The decrease in gross profit
margin, on both a GAAP and a non-GAAP basis, was the result of the
addition of the low-margin Anda distribution business, as well as
lower margins in our generic medicines business, as well as higher
amortization expenses which impacted our GAAP results only.
Research and Development (R&D) expenses for the
second quarter of 2017 amounted to $486 million, up 30% compared to
the second quarter of 2016, mainly due to the inclusion of R&D
expenses for the Actavis Generics business. R&D expenses
excluding equity compensation expenses and purchase of in-process
R&D in the second quarter of 2017 were $450 million, or 7.9% of
quarterly revenues, compared to $370 million, or 7.3%, in the
second quarter of 2016. R&D expenses related to our generic
medicines segment were $200 million, an increase of 49% compared to
$134 million in the second quarter of 2016, mainly due to the
inclusion of R&D expenses for the Actavis Generics business.
R&D expenses related to our specialty medicines segment were
$250 million, an increase of 6% compared to $235 million in the
second quarter of 2016, mainly due to increased expenses for the
development of late-stage migraine (fremanezumab) and pain
(fasinumab) products.
Selling and Marketing (S&M) expenses in the second
quarter of 2017 amounted to $960 million, an increase of 1%
compared to the second quarter of 2016. S&M expenses excluding
amortization of purchased intangible assets and equity compensation
expenses were $906 million, or 15.9% of revenues, in the second
quarter of 2017, compared to $898 million, or 17.8% of revenues, in
the second quarter of 2016. S&M expenses related to our generic
medicines segment were $425 million, an increase of 4% compared to
$410 million in the second quarter of 2016, mainly due to the
inclusion of the S&M expenses of the Actavis Generics business,
partially offset by cost reduction and efficiency measures, as well
as a decrease of expenses in Venezuela due to exchange rate
adjustments. S&M expenses related to our specialty medicines
segment were $439 million, down 8% compared to $478 million in the
second quarter of 2016, mainly due to cost reduction and efficiency
measures in our commercial operations, aligning with the life cycle
of our product portfolio.
General and Administrative (G&A) expenses in the
second quarter of 2017 amounted to $272 million, compared to $311
million in the second quarter of 2016. The lower G&A expenses
in the second quarter of 2017 were mainly due to income from an
upfront payment from Otsuka related to the out-license of
fremanezumab in Japan, income related to divestiture of products
and income from legal settlements, partially offset by the
increased expenses related to the Actavis Generics acquisition.
G&A expenses excluding equity compensation expenses and income
from certain divestments were $274 million in the second quarter of
2017, or 4.8% of quarterly revenues, compared to $299 million, or
5.9% in the second quarter of 2016.
During the second quarter of 2017, Teva identified certain
developments in the U.S. market that caused it to revisit
management’s assumptions regarding the market dynamics of the U.S.
generics unit. Based on the revised discounted cash flows analysis,
the Company recorded a goodwill impairment charge of $6.1
billion related to the U.S. generics reporting unit in the second
quarter of 2017.
GAAP operating loss in the second quarter of 2017 was
$5.7 billion, compared to operating income of $0.4 billion in the
second quarter of 2016. Non-GAAP operating income in the
second quarter of 2017 was $1.6 billion, up 1% compared to the
second quarter of 2016. Non-GAAP operating margin was 28.1%
in the second quarter of 2017 compared to 31.4% in the second
quarter of 2016.
EBITDA (non-GAAP operating income - which excludes
amortization and certain other items - as well as excluding
depreciation expenses) was $1.75 billion in the second quarter of
2017, up 3% compared to $1.7 billion in the second quarter of
2016.
GAAP financial expenses for the second quarter of 2017
were $238 million, compared to $105 million in the second quarter
of 2016. Non-GAAP financial expenses were $235 million in
the second quarter of 2017, compared to $6 million in the second
quarter of 2016. The increase in our financial expenses is due
mainly to interest expenses related to the debt raised to finance
the acquisition of Actavis Generics, which increased by $151
million in the second quarter of 2017, compared to the second
quarter of 2016.
GAAP income taxes for the second quarter of 2017 amounted
to a benefit of $22 million. In the second quarter of 2016, income
taxes amounted to $29 million, or 11% on pre-tax income of $256
million. Non-GAAP income taxes for the second quarter of
2017 amounted to $230 million on pre-tax non-GAAP income of $1.4
billion, for a quarterly tax rate of 17%. Non-GAAP income taxes in
the second quarter of 2016 amounted to $333 million on pre-tax
non-GAAP income of $1.6 billion, for a quarterly tax rate of
21%.
GAAP net loss attributable to ordinary shareholders and
GAAP diluted EPS loss were $6.0 billion and $5.94,
respectively, in the second quarter of 2017, compared to net income
attributable to ordinary shareholders of $188 million and diluted
EPS of $0.20, in the second quarter of 2016. Non-GAAP net
income attributable to ordinary shareholders for calculating
diluted EPS and non-GAAP diluted EPS were $1.0 billion and
$1.02, respectively, in the second quarter of 2017, compared to
$1.2 billion and $1.25 in the second quarter of 2016.
For the second quarter of 2017, the weighted average
outstanding shares for the fully diluted earnings per share
calculation on both a GAAP and a non-GAAP basis was 1,017 million.
For the second quarter of 2016, this was 920 million shares on a
GAAP basis, and 979 million shares on a non-GAAP basis. For the
three months ended June 30, 2017, no account was taken of the
potential dilution resulting from the conversion of the mandatory
convertible preferred shares amounting to 59.4 million weighted
average shares, since they had an anti-dilutive effect on earnings
per share.
As of June 30, 2017, the fully diluted share count for
calculating Teva's market capitalization was approximately 1,082
million shares.
Non-GAAP information: Net non-GAAP adjustments in the
second quarter of 2017 were $7.1 billion. Non-GAAP net income and
non-GAAP EPS for the quarter were adjusted to exclude the following
items:
- A goodwill impairment charge of $6.1
billion related to the U.S. generics reporting unit;
- Amortization of purchased intangible
assets totaling $411 million, of which $367 million is included in
cost of goods sold and the remaining $44 million in selling and
marketing expenses;
- Legal settlements and loss
contingencies of $324 million;
- Contingent consideration of $140
million mainly related to Bendeka® royalties;
- Impairment of long-lived assets of $145
million;
- Restructuring expenses of $98 million,
mainly related to the integration of Actavis Generics and other
efficiency measures;
- Equity compensation expenses of $35
million;
- Acquisition, integration and related
expenses of $33 million;
- Purchase of in-process R&D of $26
million;
- Costs related to regulatory actions
taken in facilities of $15 million;
- Other non-GAAP items of $15
million;
- Minority interest adjustment of
negative $20 million; and
- Corresponding tax benefit of $252
million.
Teva believes that excluding such items facilitates investors'
understanding of its business. See the attached tables for a
reconciliation of the GAAP results to the adjusted non-GAAP
figures. Investors should consider non-GAAP financial measures in
addition to, and not as replacement for, or superior to, measures
of financial performance prepared in accordance with GAAP.
Cash flow from operations generated during the second
quarter of 2017 was $741 million, compared to $963 million in the
second quarter of 2016. The decrease was mainly due to a payment of
$113 million, made during the quarter, related to the ciprofloxacin
settlement, as well as the effect of an $88 million positive impact
of inventory balances in the second quarter of 2016, which did not
recur in the second quarter of 2017.
Free cash flow, excluding net capital expenditures, was $567
million, compared to $796 million in the second quarter of
2016.
Total balance sheet assets amounted to $86.4 billion as
of June 30, 2017, compared to $91.3 billion as of March 31, 2017.
The decrease was mainly due to the goodwill impairment charge
booked during the quarter.
As of June 30, 2017, our debt was $35.1 billion, compared
to $34.6 billion at March 31, 2017. The increase was mainly due to
foreign exchange fluctuations of $0.6 billion, partially offset by
a repayment in the amount of $0.3 billion of our revolving credit
facility and other short term loans. The portion of total debt
classified as short-term at June 30, 2017 was 4%.
Total shareholders’ equity was $29.6 billion as of June
30, 2017, compared to $35.7 billion as of March 31, 2017. The
decrease was mainly due to $6.0 billion of net loss during the
quarter.
Segment Results for the Second Quarter
2017
Beginning in the fourth quarter of 2016, our OTC business,
conducted primarily through PGT, is included in our generic
medicines segment. This segment also includes chemical and
therapeutic equivalents of originator medicines in a variety of
dosage forms and our API manufacturing business.
All data presented has been conformed to the new segment
structure.
Generic Medicines Segment
Three Months Ended June 30, 2017
2016 U.S. $ in millions / % of Segment Revenues
Revenues $ 3,078 100.0% $ 2,557 100.0%
Gross profit 1,316 42.8% 1,148 44.9% R&D expenses 200 6.5% 134
5.3% S&M expenses 425 13.9% 410 16.0% Segment profit* $ 691
22.4% $ 604 23.6% * Segment profit consists of gross
profit for the segment, less R&D and S&M expenses related
to the segment. Segment profit does not include G&A expenses,
amortization and certain other items.
Generic Medicines Revenues
Generic medicines revenues in the second quarter of 2017 were
$3.1 billion, an increase of 20% compared to the second quarter of
2016, reflecting the inclusion of the Actavis Generics
business.
Generic revenues consisted of:
- U.S. revenues of $1.3 billion, an
increase of 45% compared to the second quarter of 2016, mainly due
to the inclusion of Actavis Generics.
- European revenues of $957 million, an
increase of 24%, or 28% in local currency terms, compared to the
second quarter of 2016, mainly due to the inclusion of Actavis
Generics.
- ROW revenues of $831 million, a
decrease of 7% compared to the second quarter of 2016. In local
currency terms, revenues increased 13%, mainly due to the inclusion
of Actavis Generics.
- OTC revenues (which are included in the
market revenues above) were $283 million, up 6% compared to $266
million in the second quarter of 2016, mainly due to the inclusion
of Actavis Generics, partially offset by lower revenues in
Venezuela. In local currency terms, revenues increased 40%. PGT’s
in-market sales were $301 million in the second quarter of 2017,
down 20% compared to results in the second quarter of 2016.
- API sales to third parties (which are
included in the market revenues above) were $204 million, down 1%
compared to the second quarter of 2016.
Generic medicines revenues comprised 54% of our total revenues
in the quarter, compared to 51% in the second quarter of 2016.
Generic Medicines Gross Profit
Gross profit of our generic medicines segment in the second
quarter of 2017 was $1.3 billion, an increase of 15% compared to
the second quarter of 2016. The higher gross profit was mainly a
result of the inclusion of Actavis Generics.
Gross profit margin for our generic medicines segment in the
second quarter of 2017 decreased to 42.8% from 44.9% in the second
quarter of 2016. The decrease in gross profit margin was due to
lower profitability in our U.S. and ROW markets, partially offset
by improved profitability of our European markets.
Generic Medicines Profit
Our generic medicines segment generated profit of $691 million
in the second quarter of 2017, an increase of 14% compared to the
second quarter of 2016. Generic medicines profitability as a
percentage of generic medicines revenues was 22.4% in the second
quarter of 2017, down from 23.6% in the second quarter of 2016.
Specialty Medicines Segment
Three Months Ended June 30, 2017
2016 U.S. $ in millions / % of Segment Revenues
Revenues $ 2,065 100.0% $ 2,271 100.0%
Gross profit 1,851 89.6% 1,978 87.1% R&D expenses 250 12.1% 235
10.4% S&M expenses 439 21.2% 478 21.0% Segment profit* $ 1,162
56.3% $ 1,265 55.7%
* Segment profit consists of gross profit for the segment, less
R&D and S&M expenses related to the segment. Segment profit
does not include G&A expenses, amortization and certain other
items.
Specialty Medicines Revenues
Specialty medicines revenues in the second quarter of 2017 were
$2.1 billion, down 9% compared to the second quarter of 2016. U.S.
specialty medicines revenues were $1.5 billion, down 13% compared
to the second quarter of 2016. European specialty medicines
revenues were $419 million, an increase of 1%, or 5% in local
currency terms, compared to the second quarter of 2016. ROW
specialty revenues were $110 million, up 29%, or 33% in local
currency terms, compared to the second quarter of 2016.
Specialty medicines revenues comprised 36% of our total revenues
in the quarter, compared to 45% in the second quarter of 2016.
The decrease in specialty medicines revenues compared to the
second quarter of 2016 was primarily due to lower sales of our CNS
and oncology products, partially offset by a payment of $75 million
which we received in connection with our agreement to sell our
royalties and other rights in Ninlaro® (ixazomib) to a subsidiary
of Takeda.
The following table presents revenues by therapeutic area and
key products for our specialty medicines segment for the three
months ended June 30, 2017 and 2016:
Three Months Ended
June 30,
Change
2017 2016 2017 - 2016 U.S. $
in millions CNS $ 1,158 $ 1,415 (18%) Copaxone® 1,023 1,141
(10%) Azilect® 34 108 (69%) Nuvigil® 14 51 (73%) Respiratory 322
313 3% ProAir® 123 135 (9%) QVAR® 107 116 (8%) Oncology 280 334
(16%) Treanda® and Bendeka® 163 207 (21%) Women's Health 115 117
(2%) Other Specialty* 190 92 107%
Total Specialty
Medicines $ 2,065 $ 2,271
(9%) * Includes a $75 million payment related to the
Ninlaro® transaction in the second quarter of 2017.
Global revenues of Copaxone® (20 mg/mL and 40
mg/mL), the leading multiple sclerosis therapy in the U.S. and
globally, were $1.0 billion, a decrease of 10% compared to the
second quarter of 2016.
Copaxone® revenues in the United States, were $843 million, a
decrease of 12% compared to the second quarter of 2016, mainly due
to lower volumes of Copaxone® 20 mg/mL as well as negative net
pricing effects despite a price increase of 7.9% for both Copaxone®
products in January 2017. At the end of the second quarter of 2017,
according to June 2017 IMS data, our U.S. market shares for the
Copaxone® products in terms of new and total prescriptions were
26.5% and 28.8%, respectively. Copaxone® 40 mg/mL accounted for
over 85% of total Copaxone® prescriptions in the U.S.
Copaxone® revenues outside the United States were $180 million,
down 3%, compared to the second quarter of 2016. Over 75% of
European Copaxone® prescriptions are now filled with the 40 mg/mL
version.
Our global Azilect® revenues were $34 million, a decrease
of 69% compared to the second quarter of 2016 following the
introduction of generic competition to Azilect® in the United
States in 2017.
Revenues of our respiratory products were $322 million,
up 3% compared to the second quarter of 2016, mainly due to the
launches of Braltus® and Cinqair®/Cinqaero®. ProAir®
revenues in the second quarter of 2017 were $123 million, down 9%
compared to the second quarter of 2016, mainly due to higher
positive net pricing effects in the second quarter of 2016,
partially offset by higher volumes. QVAR® global
revenues were $107 million in the second quarter of 2017, down 8%
compared to the second quarter of 2016, primarily due to negative
net pricing effects, partially offset by higher volumes.
Revenues of our oncology products were $280 million in
the second quarter of 2017, down 16% compared to the second quarter
of 2016. Combined revenues of Treanda® and Bendeka®
were $163 million, down 21% compared to the second quarter of 2016,
mainly due to higher volumes sold in the second quarter of 2016 as
part of the launch promotion activities for Bendeka®.
Specialty Medicines Gross Profit
Gross profit of our specialty medicines segment was $1.9
billion, a decrease of $127 million compared to the second quarter
of 2016, mainly due to the decrease in revenues of our specialty
medicines. Gross profit margin for our specialty medicines segment
in the second quarter of 2017 was 89.6%, compared to 87.1% in the
second quarter of 2016. The improvement in profitability is mainly
due to the finalization of an ongoing vendor dispute which reduced
cost of goods sold in the quarter.
Specialty Medicines Profit
Our specialty medicines segment profit was $1.2 billion in the
second quarter of 2017, down 8% compared to the second quarter of
2016.
Specialty medicines profit as a percentage of segment revenues
was 56.3% in the second quarter of 2017, compared to 55.7% in the
second quarter of 2016.
The following tables present details of our multiple sclerosis
franchise and of our other specialty medicines for the three months
ended June 30, 2017 and 2016:
Multiple Sclerosis Three months ended June
30, 2017 2016 U.S.$ in millions
/ % of MS Revenues Revenues $ 1,023
100.0% $ 1,141 100.0% Gross profit 937 91.6% 1,029 90.2% R&D
expenses 20 2.0% 20 1.8% S&M expenses 92
9.0% 81 7.1% MS profit $ 825
80.6% $ 928 81.3%
Other
Specialty Three months ended June 30, 2017
2016 U.S.$ in millions / % of Other Specialty
Revenues Revenues $ 1,042 100.0% $ 1,130 100.0% Gross
profit 914 87.7% 949 84.0% R&D expenses 230 22.1% 215 19.0%
S&M expenses 347 33.3% 397
35.2% Other Specialty profit $ 337 32.3% $ 337
29.8%
Other Activities
Other revenues (primarily sales of third-party products
for which we act as distributor, mostly in the United States via
Anda, contract manufacturing services related to products divested
in connection with the Actavis Generics acquisition and other
miscellaneous items) were $543 million in the second quarter of
2017, compared to $210 million, in the second quarter of 2016. The
increase was mainly related to the inclusion of Anda's revenues
beginning in the fourth quarter of 2016.
Revenues from these other activities comprised 10% of our total
revenues in the quarter, compared to 4% in the second quarter of
2016.
Outlook for 2017 Non-GAAP
Results
We have lowered our outlook for 2017 Non-GAAP results to
revenues of $22.8 – $23.2 billion, from a previously expected range
of $23.8 – $24.5 billion. Non-GAAP EPS for 2017 is now expected to
be $4.30 – $4.50, based on a weighted average number of shares of
1,076 million, down from a previously expected range of $4.90 –
$5.30.
This adjusted outlook takes into consideration the impact of
increased price erosion in our U.S. Generics business, which is
expected to be in a high single digits rate through the remainder
of the year, and delays in generic launches in the U.S. Lastly,
this outlook reflects the continued deterioration of political and
economic conditions in Venezuela.
The revised guidance ranges assume no generic competition to
Copaxone® 40mg in the United Stated in 2017.
billions, except EPS
2017 Business OutlookJanuary 2017
Updated 2017 Business OutlookAugust
2017
Net revenues 23.8 - 24.5 22.8 - 23.2 Gross
profit (%) 57% - 58% 56% - 57% R&D 1.75 - 1.85 1.6 - 1.7
S&M 3.4 - 3.55 3.45 - 3.55 G&A 1.0 - 1.1 1.1 - 1.2
Operating income ($B) 7.4 - 7.8 6.6 - 6.8
EBITDA 8.0 - 8.4 7.2 - 7.4 Finance expenses
0.8 - 0.85 0.8 - 0.9 Tax (%) 17% - 18% 16.5 - 17.5% Number of
shares (M) 1,076 1,076*
EPS 4.90 - 5.30 4.30 -
4.50 Cash flow from operations 5.7 - 6.1 4.4 - 4.6
* If annual EPS is below $4.37, the mandatory convertible
preferred shares will be anti-dilutive and the number of shares
will be 1,017 with no impact on guided EPS of $4.30-$4.50.
These estimates reflect management's current expectations for
Teva's performance in 2017. Actual results may vary, whether as a
result of exchange rate differences, market conditions or other
factors. In addition, the non-GAAP measures exclude the
amortization of purchased intangible assets, costs related to
certain regulatory actions, inventory step-up, legal settlements
and reserves, impairments and related tax effects.
Dividends
On July 31, 2017, the Board of Directors declared a cash
dividend of $0.085 per ordinary share for the second quarter of
2017. For holders of our ordinary shares that are traded on the Tel
Aviv Stock Exchange, the dividend will be converted into new
Israeli shekels based on the official exchange rate as of August 3,
2017. The record date will be August 29, 2017, and the payment date
will be September 14, 2017. Tax will be withheld at a rate of
15%.
On July 31, 2017, the Board of Directors also declared a cash
dividend of $17.50 per Mandatory Convertible Preferred Share for
the second quarter of 2017. The record date will be September 1,
2017 and the payment date will be September 15, 2017. Tax will be
withheld at a rate of 15%.
Conference Call
Teva will host a conference call and live webcast along with a
slide presentation on Thursday, August 3, 2017 at 7:30 a.m. ET to
discuss its second quarter 2017 results and overall business
environment. A question & answer session will follow.
In order to participate, please dial the following numbers (at
least 10 minutes before the scheduled start time): United States
1-866-869-2321; Canada 1-866-766-8269 or International +44(0) 203
0095710; passcode: 52029560. For a list of other international
toll-free numbers, click here.
A live webcast of the call will also be available on Teva's
website at: www.ir.tevapharm.com. Please log in at least 10 minutes
prior to the conference call in order to download the applicable
audio software.
Following the conclusion of the call, a replay of the webcast
will be available within 24 hours on the Company's website. The
replay can be accessed until September 3, 2017, 9:00 a.m. ET by
calling United States 1-866-247-4222; Canada 1-866-878-9237 or
International +44(0) 1452550000; passcode: 52029560.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a
leading global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by approximately 200
million patients in 100 markets every day. Headquartered in Israel,
Teva is the world’s largest generic medicines producer, leveraging
its portfolio of more than 1,800 molecules to produce a wide range
of generic products in nearly every therapeutic area. In specialty
medicines, Teva has the world-leading innovative treatment for
multiple sclerosis as well as late-stage development programs for
other disorders of the central nervous system, including movement
disorders, migraine, pain and neurodegenerative conditions, as well
as a broad portfolio of respiratory products. Teva is leveraging
its generics and specialty capabilities in order to seek new ways
of addressing unmet patient needs by combining drug development
with devices, services and technologies. Teva's net revenues in
2016 were $21.9 billion. For more information, visit
www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to:
- our generics medicines business,
including: that we are substantially more dependent on this
business, with its significant attendant risks, following our
acquisition of Allergan plc’s worldwide generic pharmaceuticals
business (“Actavis Generics”); our ability to realize the
anticipated benefits of the acquisition (and any delay in realizing
those benefits) or difficulties in integrating Actavis Generics;
the increase in the number of competitors targeting generic
opportunities and seeking U.S. market exclusivity for generic
versions of significant products; price erosion relating to our
generic products, both from competing products and as a result of
increased governmental pricing pressures; and our ability to take
advantage of high-value biosimilar opportunities;
- our specialty medicines business,
including: competition for our specialty products, especially
Copaxone®, our leading medicine, which faces competition from
existing and potential additional generic versions and
orally-administered alternatives; our ability to achieve expected
results from investments in our product pipeline; competition from
companies with greater resources and capabilities; and the
effectiveness of our patents and other measures to protect our
intellectual property rights;
- our substantially increased
indebtedness and significantly decreased cash on hand, which may
limit our ability to incur additional indebtedness, engage in
additional transactions or make new investments, and may result in
a downgrade of our credit ratings;
- our business and operations in general,
including: uncertainties relating to our recent senior management
changes; our ability to develop and commercialize additional
pharmaceutical products; manufacturing or quality control problems,
which may damage our reputation for quality production and require
costly remediation; interruptions in our supply chain, including
due to labor unrest; disruptions of our or third party information
technology systems or breaches of our data security; the failure to
recruit or retain key personnel, including those who joined us as
part of the Actavis Generics acquisition; the restructuring of our
manufacturing network, including potential related labor unrest,
including a potential workers’ strike; the impact of continuing
consolidation of our distributors and customers; variations in
patent laws that may adversely affect our ability to manufacture
our products; our ability to consummate dispositions on terms
acceptable to us; adverse effects of political or economic
instability, major hostilities or terrorism on our significant
worldwide operations; and our ability to successfully bid for
suitable acquisition targets or licensing opportunities, or to
consummate and integrate acquisitions;
- compliance, regulatory and litigation
matters, including: costs and delays resulting from the extensive
governmental regulation to which we are subject; the effects of
reforms in healthcare regulation and reductions in pharmaceutical
pricing, reimbursement and coverage; potential additional adverse
consequences following our resolution with the U.S. government of
our FCPA investigation; governmental investigations into sales and
marketing practices; potential liability for sales of generic
products prior to a final resolution of outstanding patent
litigation; product liability claims; increased government scrutiny
of our patent settlement agreements; failure to comply with complex
Medicare and Medicaid reporting and payment obligations; and
environmental risks;
- other financial and economic risks,
including: our exposure to currency fluctuations and restrictions
as well as credit risks; the significant increase in our intangible
assets, which may result in additional substantial impairment
charges; potentially significant increases in tax liabilities; and
the effect on our overall effective tax rate of the termination or
expiration of governmental programs or tax benefits, or of a change
in our business;
and other factors discussed in our Annual Report on Form 20-F
for the year ended December 31, 2016 (“Annual Report”), including
in the section captioned “Risk Factors,” and in our other filings
with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov and www.tevapharm.com. Forward-looking
statements speak only as of the date on which they are made, and we
assume no obligation to update or revise any forward-looking
statements or other information contained herein, whether as a
result of new information, future events or otherwise. You are
cautioned not to put undue reliance on these forward-looking
statements.
Consolidated
Statements of Income
(Unaudited, U.S.
dollars in millions, except share and per share data)
Three months ended Six months ended
June 30, June 30, 2017 2016 2017
2016 Net revenues 5,686 5,038 11,316 9,848
Cost of
sales 2,865 2,161 5,676 4,180
Gross profit 2,821 2,877 5,640 5,668
Research and
development expenses 486 375 943 764
Selling and marketing
expenses 960 952 1,931 1,791
General and administrative
expenses 272 311 508 615
Impairments, restructuring and
others 419 712 659 831
Selling and marketing expenses
324 166 344 141
Goodwill impairment charge 6,100 -
6,100 -
Operating Income (Loss) (5,740
) 361 (4,845 ) 1,526
Financial expenses – net 238 105
445 403
Income (loss) before income
taxes (5,978 ) 256 (5,290 ) 1,123
Provision for income
taxes (22 ) 29 32 257
Share in losses of associated
companies- net 14 (15 ) 7 (9 )
Net income
(loss) (5,970 ) 242 (5,329 ) 875
Net income attributable to
non-controlling interests - (12 ) (4 ) (15 )
Net
income (loss) attributable to Teva (5,970 ) 254 (5,325 )
890
Dividends on preferred shares 65 66
130 132
Net income (loss) attributable to Teva's
ordinary shareholders (6,035 ) 188 (5,455 ) 758
Earnings (loss) per share attributable to ordinary
shareholders: Basic ($) (5.94 ) 0.21 (5.37 ) 0.83
Diluted ($) (5.94 ) 0.20 (5.37 ) 0.82
Weighted average number of shares (in millions):
Basic 1,017 914 1,016 914
Diluted 1,017 920 1,016 922
Non-GAAP net income attributable to
ordinary shareholders:* 1,035 1,162 2,114
2,268
Non-GAAP net income attributable to ordinary
shareholders for diluted earnings per share:** 1,035
1,228 2,114 2,400
Non-GAAP earnings
per share attributable to ordinary shareholders:* Basic
($) 1.02 1.27 2.08 2.48
Diluted
($)** 1.02 1.25 2.08 2.45
Non-GAAP average number of shares (in millions):
Basic 1,017 914 1,016 914
Diluted 1,017 979 1,017 981
* See reconciliation attached. **Dividends on the
mandatory convertible preferred shares of $132 and $66 million for
the six months and the three months ended June 30, 2016,
respectively, are added back to non-GAAP net income attributable to
ordinary shareholders, since such preferred shares had a dilutive
effect on non-GAAP earnings per share.
Condensed
Consolidated Balance Sheets
(U.S. dollars in
millions)
(Unaudited)
June 30, December 31,
2017 2016
ASSETS
Current assets: Cash and cash equivalents 599 988 Trade
receivables 7,320 7,523 Inventories 5,132 4,954 Prepaid expenses
871 1,362 Other current assets 652 1,293 Assets held for sale 21
841
Total current assets 14,595 16,961
Deferred income
taxes 773 725
Other non-current assets 1,245 1,235
Property, plant and equipment, net 8,043 8,073
Identifiable intangible assets, net 21,664 21,487
Goodwill 40,035 44,409
Total assets 86,355 92,890
LIABILITIES AND EQUITY Current liabilities:
Short-term debt 1,246 3,276 Sales reserves and allowances 7,565
7,839 Trade payables 2,278 2,157 Employee-related obligations 712
859 Accrued expenses 2,758 3,405 Other current liabilities 898 867
Liabilities held for sale - 116
Total current liabilities
15,457 18,519
Long-term liabilities: Deferred income
taxes 5,446 5,215 Other taxes and long-term liabilities 2,038 1,639
Senior notes and loans 33,806 32,524
Total long-term
liabilities 41,290 39,378
Equity: Teva shareholders’
equity 27,994 33,337 Non-controlling interests 1,614 1,656
Total
equity 29,608 34,993
Total liabilities and equity 86,355
92,890
Condensed
Consolidated Cash Flow
(Unaudited, U.S.
Dollars in millions)
Three months ended Six months ended June 30,
June 30, 2017 2016 2017 2016
Operating activities: Net income (5,970 ) 242 (5,329
) 875
Net change in operating assets and liabilities (248 )
(144 ) (711 ) 45
Items not involving cash flow 6,959 865
7,251 1,419
Net cash provided by operating activities 741 963 1,211
2,339
Net cash provided by (used in) investing
activities (392 ) (225 ) 790 (2,642 )
Net cash
provided by (used in) financing activities (651 ) 279 (2,419 )
546
Translation adjustment on cash and cash
equivalents 1 3 29 (205 )
Net change in cash and cash equivalents
(301 ) 1,020 (389 ) 38
Balance of cash and cash
equivalents at beginning of period 900 5,964 988 6,946
Balance of cash
and cash equivalents at end of period 599 6,984
599 6,984
Non GAAP reconciliation items
(Unaudited, U.S.
Dollars in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2017 2016 2017 2016 U.S. $ in
millions U.S. $ in millions Amortization of
purchased intangible assets 411 193 731 382 Restructuring expenses
98 20 228 39 Inventory step-up 3 85 67 91 Equity compensation
expenses 35 28 71 52 Costs related to regulatory actions taken in
facilities 15 39 49 77 Acquisition, integration and related
expenses 33 62 56 99 In Process Research and Development 26 - 26 10
Contingent consideration 140 - 161 51 Legal settlements and loss
contingencies 324 166 344 141 Goodwill impairment charge 6,100
-
6,100
-
Impairment of long-lived assets 145 572 156 585 Other non-GAAP
items 9 57 76 59 Financial expense (income) 3 99 (25 ) 345 Minority
interest (20 ) (43 ) (33 ) (43 ) Corresponding tax benefit (252 )
(304 ) (438 ) (378 )
Three Months
Ended June 30, 2017 Three Months Ended June 30, 2016
U.S. dollars and shares in millions (except per share
amounts) GAAP
Non-GAAP
Adjustments
Dividends
on Preferred
Shares
Non-GAAP
% of Net
Revenues
GAAP
Non-GAAP
Adjustments
Dividends
on Preferred
Shares
Non-GAAP
% of Net
Revenues
Gross profit (1) 2,821 406 3,227 57 % 2,877 273 3,150 63 %
Operating income (loss) (1)(2) (5,740 ) 7,337 1,597 28 % 361 1,222
1,583 31 % Net income (loss) attributable to ordinary shareholders
(1)(2)(3)(4) (6,035 ) 7,070 1,035 18 % 188 974 66 1,228 24 %
Earnings (loss) per share attributable to ordinary shareholders -
diluted (5) (5.94 ) 6.96 1.02 0.20 1.05 1.25 (1)
Amortization of purchased intangible assets 367 146 Inventory step
up 3 85 Costs related to regulatory actions taken in facilities 15
39 Equity compensation expenses 7 3 Other COGS related adjustments
14 - Gross profit adjustments 406 273 (2)
Restructuring expenses 98 20 Amortization of purchased intangible
assets 44 47 Equity compensation expenses 28 25 Acquisition,
Integration and related expenses 33 62 In process research and
development 26 - Contingent consideration 140 - Legal settlements
and loss contingencies 324 166 Goodwill impairment charge 6,100 -
Impairment of long-lived assets 145 572 Other operating related
adjustments (7 ) 57 6,931 949
Operating income adjustments 7,337 1,222 (3)
Financial expense (income) 3 99 Tax effect (252 ) (304 ) Impairment
of equity investment—net
2
- Minority interest (20 ) (43 ) Net
income adjustments 7,070 974 (4) For
the three months ended June 30, 2017, no account was taken of the
potential dilution of the accrued dividend to preferred shares
amounting to $65 million, since it had an anti-dilutive effect on
loss per share. Dividends on the mandatory convertible preferred
shares of $66 million for the three months ended June 30, 2016, are
added back to non-GAAP net income attributable to ordinary
shareholders, since such preferred shares had a dilutive effect on
non-GAAP earnings per share. (5) The non-GAAP weighted
average number of shares was 1,017 and 979 million for the three
months ended June 30, 2017 and 2016, respectively. The non-GAAP
weighted average number of shares for the three months ended June
30, 2017 does not take into account the potential dilution of the
mandatory convertible preferred shares (amounting to 59.4 million
weighted average shares), which have an anti dilutive effect on
non-GAAP earnings per share. Non-GAAP earnings per share can be
reconciled with GAAP earnings per share by dividing each of the
amounts included in footnotes 1-4 above by the applicable weighted
average share number.
Six Months
Ended June 30, 2017 Six Months Ended June 30, 2016
U.S. dollars and shares in millions (except per share
amounts) GAAP
Non-GAAP
Adjustments
Dividends on
Preferred
Shares
Non-GAAP
% of Net
Revenues
GAAP
Non-GAAP
Adjustments
Dividends on
Preferred
Shares
Non-GAAP
% of Net
Revenues
Gross profit (1) 5,640 783 6,423 57 % 5,668 498 6,166 63 %
Operating income (loss) (1)(2) (4,845 ) 8,063 3,218 28 % 1,526
1,583 3,109 32 % Net income (loss) attributable to ordinary
shareholders (1)(2)(3)(4) (5,455 ) 7,569 2,114 19 % 758 1,510 132
2,400 24 % Earnings (loss) per share attributable to ordinary
shareholders - diluted (5) (5.37 ) 7.45 2.08 0.82 1.63 2.45
(1) Amortization of purchased intangible assets 634
324 Inventory step up 67 91 Costs related to regulatory actions
taken in facilities 49 77 Equity compensation expenses 12 6 Other
COGS related adjustments 21 - Gross profit
adjustments 783 498 (2) Legal settlements and loss
contingencies 344 141 Contingent consideration 161 51 Acquisition
and related expenses 56 99
In process research and development
26 10 Equity compensation expenses 59 46 Restructuring expenses 228
39 Goodwill impairment charge 6,100 - Impairment of long-lived
assets 156 585 Amortization of purchased intangible assets 97 58
Other operating related expenses (income) 53 56 7,280
1,085 Operating income adjustments
8,063 1,583 (3) Financial expense (25 ) 345
Tax effect (438 ) (378 ) Impairment of equity investment—net 2 3
Minority interest (33 ) (43 ) Net
income adjustments 7,569 1,510 (4) For
the six months ended June 30, 2017, no account was taken of the
potential dilution of the accrued dividend to preferred shares
amounting to $130 million, since it had an anti-dilutive effect on
loss per share. Dividends on the mandatory convertible preferred
shares of $132 million for the six months ended June 30, 2016 are
added back to non-GAAP net income attributable to ordinary
shareholders, since such preferred shares had a dilutive effect on
non-GAAP earnings per share. (5) The non-GAAP weighted
average number of shares was 1,017 and 981 million for the six
months ended June 30, 2017 and 2016, respectively. The non-GAAP
weighted average number of shares for the six months ended June 30,
2017 does not take into account the potential dilution of the
mandatory convertible preferred shares (amounting to 59.4 million
weighted average shares), which have an anti dilutive effect on
non-GAAP earnings per share. Non-GAAP earnings per share can be
reconciled with GAAP earnings per share by dividing each of the
amounts included in footnotes 1-4 above by the applicable weighted
average share number.
Segment Information
Generics Three months ended June 30,
Percentage Change 2017 2016 2017 - 2016
U.S.$ in millions / % of Segment Revenues Revenues $
3,078 100.0 % $ 2,557 100.0 % 20 % Gross Profit 1,316 42.8 % 1,148
44.9 % 15 % R&D Expenses 200 6.5 % 134 5.3 % 49 % S&M
Expenses 425 13.9 % 410
16.0 % 4 % Segment Profit* $ 691 22.4 % $ 604
23.6 % 14 %
Specialty Three months ended
June 30, Percentage Change 2017 2016
2017 - 2016 U.S.$ in millions / % of Segment Revenues
Revenues $ 2,065 100.0 % $ 2,271 100.0 % (9 %) Gross Profit
1,851 89.6 % 1,978 87.1 % (6 %) R&D Expenses 250 12.1 % 235
10.4 % 6 % S&M Expenses 439 21.2 %
478 21.0 % (8 %) Segment Profit* $ 1,162
56.3 % $ 1,265 55.7 % (8 %) * Segment
profit consists of gross profit for the segment, less R&D and
S&M expenses related to the segment. Segment profit does not
include G&A expenses, amortization and certain other items.
Beginning in the fourth quarter of 2016, our OTC business is
included in our generics medicines segment. The data presented have
been conformed to reflect these changes for all relevant periods.
Segment Information
Generics Six months ended June 30,
Percentage Change 2017 2016
2017 - 2016 U.S.$ in millions / % of Segment Revenues
Revenues $ 6,136 100.0 % $ 5,015 100.0
% 22 % Gross Profit 2,686 43.8 % 2,271 45.3 % 18 % R&D Expenses
391 6.4 % 263 5.2 % 49 % S&M Expenses 825
13.4 % 755 15.1 % 9 % Segment Profit* $ 1,470
24.0 % $ 1,253 25.0 % 17 %
Specialty Six months ended June 30, Percentage
Change 2017 2016 2017 - 2016 U.S.$ in
millions / % of Segment Revenues Revenues $ 4,085 100.0
% $ 4,423 100.0 % (8 %) Gross Profit 3,605 88.2 % 3,849 87.0 % (6
%) R&D Expenses 505 12.3 % 474 10.7 % 7 % S&M Expenses
900 22.0 % 935 21.1 % (4
%) Segment Profit* $ 2,200 53.9 % $ 2,440
55.2 % (10 %) * Segment profit consists of gross
profit for the segment, less R&D and S&M expenses related
to the segment. Segment profit does not include G&A expenses,
amortization and certain other items. Beginning in the fourth
quarter of 2016, our OTC business is included in our generics
medicines segment. The data presented have been conformed to
reflect these changes for all relevant periods.
Additional information
Multiple Sclerosis Three months ended June 30,
Percentage Change 2017 2016 2017 - 2016
U.S. $ in millions / % of Segment Revenues Revenues $
1,023 100.0 % $ 1,141 100.0 % (10 %) Gross profit 937 91.6 % 1,029
90.2 % (9 %) R&D expenses 20 2.0 % 20 1.8 % 0 % S&M
expenses 92 9.0 % 81 7.1 % 14 % Segment
profitability $ 825 80.6 % $ 928 81.3 % (11 %)
Other Specialty Three months ended June 30,
Percentage Change 2017 2016 2017 - 2016
U.S. $ in millions / % of Segment Revenues Revenues $
1,042 100.0 % $ 1,130 100.0 % (8 %) Gross profit 914 87.7 % 949
84.0 % (4 %) R&D expenses 230 22.1 % 215 19.0 % 7 % S&M
expenses 347 33.3 % 397 35.2 % (13 %)
Segment profitability $ 337 32.3 % $ 337 29.8 %
§
§ Less than 0.5%.
Additional
information Multiple
Sclerosis Six months ended June 30, Percentage
Change 2017 2016 2017 - 2016 U.S. $ in
millions / % of MS Revenues Revenues $ 1,993 100.0 % $
2,147 100.0 % (7 %) Gross profit 1,825 91.6 % 1,948 90.7 % (6 %)
R&D expenses 42 2.1 % 45 2.1 % (7 %) S&M expenses
216 10.9 % 170 7.9 % 27 % MS profit $ 1,567
78.6 % $ 1,733 80.7 % (10 %)
Other
Specialty Six months ended June 30, Percentage
Change 2017 2016 2017 - 2016 U.S. $ in
millions / % of Other Specialty Revenues Revenues $
2,092 100.0 % $ 2,276 100.0 % (8 %) Gross profit 1,780 85.1 % 1,901
83.5 % (6 %) R&D expenses 463 22.1 % 429 18.8 % 8 % S&M
expenses 684 32.7 % 765 33.6 % (11 %)
Other Specialty profit $ 633 30.3 % $ 707 31.1 % (10
%)
Reconciliation of our segment profit to
consolidated income before income taxes Three months
ended June 30, 2017 2016
U.S. $ in millions Generic medicines profit $ 691 $
604 Specialty medicines profit 1,162 1,265
Total segment profit 1,853 1,869 Profit of other activities
18 13 1,871 1,882 Amounts not allocated to segments:
Amortization 411 193 General and administrative expenses 272 311
Goodwill impairment charge 6,100 - Impairments, restructuring and
others 419 712 Inventory step-up 3 85 Purchase of research and
development in process 26 -
Costs related to regulatory actions taken
in facilities
15 39 Legal settlements and loss contingencies 324 166 Other
unallocated amounts 41 15 Consolidated
operating income (loss) (5,740 ) 361 Financial
expenses - net 238 105 Consolidated income
(loss) before income taxes $ (5,978 ) $ 256
Reconciliation of our segment profit to Teva's
consolidated income before income taxes Six months
ended June 30, 2017 2016
U.S. $ in millions Generic medicines profit $ 1,470 $
1,253 Specialty medicines profit 2,200 2,440
Total segment profit 3,670 3,693 Profit of other activities
44 9 3,714 3,702 Amounts not allocated to segments:
Amortization 731 382 General and administrative expenses 508 615
Goodwill impairment charge 6,100 - Impairments, restructuring and
others 659 831 Inventory step-up 67 91 Purchase of research and
development in process 26 10 Costs related to regulatory actions
taken in facilities. 49 77 Legal settlements and loss contingencies
344 141 Other unallocated amounts 75 29
Consolidated operating income (loss) (4,845 ) 1,526
Financial expenses - net 445 403 Consolidated
income (loss) before income taxes $ (5,290 ) $ 1,123
Revenues by Activity and Geographical Area (Unaudited)
Three Months EndedJune
30,
PercentageChange
PercentageChange
2017 2016 2017 - 2016 2017 -
2016 U.S. $ in millions
in localcurrencies
Generic Medicines United States $ 1,290 $ 892 45 % 45 % Europe 957
771 24 % 28 % Rest of the World 831 894 (7 %) 13 %
Total Generic Medicines 3,078 2,557 20 % 28 % Specialty Medicines
United States 1,536 1,772 (13 %) (13 %) Europe 419 414 1 % 5 % Rest
of the World 110 85 29 % 33 % Total Specialty
Medicines 2,065 2,271 (9 %) (8 %) Other Revenues United States 304
3 n/a n/a Europe 79 54 46 % 50 % Rest of the World 160
153 5 % 0 % Total Other Revenues 543 210 159 %
156 % Total Revenues $ 5,686 $ 5,038 13 % 17 %
Revenues by Activity and Geographical Area (Unaudited)
Six Months Ended June 30,
PercentageChange
PercentageChange
2017 2016 2017 - 2016 2017 -
2016 U.S. $ in millions
in localcurrencies
Generic Medicines United States $ 2,671 $ 1,868 43 % 43 % Europe
1,945 1,561 25 % 29 % Rest of the World 1,520 1,586
(4 %) 19 % Total Generic Medicines 6,136 5,015 22 % 31 % Specialty
Medicines United States 3,028 3,449 (12 %) (12 %) Europe 857 808 6
% 11 % Rest of the World 200 166 20 % 21 % Total
Specialty 4,085 4,423 (8 %) -7 % Other Revenues United States 624 7
n/a n/a Europe 157 105 50 % 54 % Rest of the World 314
298 5 % 1 % Total Other Revenues 1,095 410 167
% 165 % Total Revenues $ 11,316 $ 9,848 15 % 20 %
Revenues by Product line (Unaudited)
Three Months EndedJune
30,
PercentageChange
2017 2016 2017 - 2016 U.S. $ in
millions Generic Medicines $ 3,078
$ 2,557 20 % OTC 283 266 6 % API 204
207 (1 %)
Specialty Medicines 2,065 2,271
(9 %) CNS 1,158 1,415 (18 %) Copaxone® 1,023 1,141
(10 %) Azilect® 34 108 (69 %) Nuvigil® 14 51 (73 %) Respiratory 322
313 3 % ProAir® 123 135 (9 %) QVAR® 107 116 (8 %) Oncology 280 334
(16 %) Treanda® and Bendeka® 163 207 (21 %) Women's Health 115 117
(2 %) Other Specialty* 190 92 107 %
All Others
543 210 159 % Total
$ 5,686 $ 5,038 13 %
* Includes a $75 million payment related to the Ninlaro®
transaction in the second quarter of 2017.
Revenues by Product line (Unaudited)
Six Months Ended June 30,
PercentageChange
2017 2016 2017 - 2016 U.S. $ in
millions Generic Medicines $ 6,136
$ 5,015 22 % OTC 547 558 (2 %) API 401
404 (1 %)
Specialty Medicines 4,085 4,423
(8 %) CNS 2,296 2,738 (16 %) Copaxone® 1,993 2,147 (7
%) Azilect® 94 221 (57 %) Nuvigil® 31 154 (80 %) Respiratory 626
679 (8 %) ProAir® 244 308 (21 %) QVAR® 205 250 (18 %) Oncology 550
602 (9 %) Treanda® and Bendeka® 320 362 (12 %) Women's Health 239
227 5 % Other Specialty* 374 177 111 %
All Others
1,095 410 167 % Total
$ 11,316 $ 9,848 15 %
* Includes a $150 million payment related to the Ninlaro®
transaction in the first six months of 2017.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803005523/en/
Teva Pharmaceutical Industries Ltd.IR:United StatesKevin C.
Mannix, 215-591-8912orRan Meir, 215-591-3033orIsraelTomer Amitai,
972 (3) 926-7656orPR:IsraelIris Beck Codner, 972 (3)
926-7246orUnited StatesDenise Bradley, 215-591-8974
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