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201520142013201220112010
NET SALES 4,982 20,272 20,314 20,317 18,312 16,121
COST OF SALES - excluding inventory step-up and amortization 1,920 8,123 8,419 8,246 7,607 6,452
INVENTORY STEP-UP - - - 63 352 107
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS212 1,000 1,136 1,136668 497
COSTS RELATED TO REGULATORY ACTIONS TAKEN IN FACILITIES 975 43 128170-
ACCELERATED DEPRECIATION212 9 - - -
EQUITY COMPENSATION****36 - - - -
GROSS PROFIT – GAAP 2,836 11,056 10,707 10,652 9,515 9,065
GROSS PROFIT – NON GAAP* 3,062 12,149 11,89512,071 1,2839,669
RESEARCH AND DEVELOPMENT EXPENSES - net    328     1,395     1,422    1,283  1,080    933
PURCHASE OF RESEARCH AND DEVELOPMENT IN PROCESS      - -        5           73      15      18
COSTS ASSOCIATED WITH CANCELLATION OF R&D PROJECTS-79 ----
SELLING AND MARKETING EXPENSES - net908 3,767 4,0363,835 3,4402,938
BRANDED PRESCRIPTION DRUG FEE- 40 -- --
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS     8      36     44       44      38      30
GENERAL AND ADMINISTRATIVE EXPENSES     293     1,177    1,239    1,238    932    865
EQUITY COMPENSATION****     24     72    -     -     -     -
LOSS CONTINGENCIES, IMPAIRMENTS, SETTLEMENTS, AND OTHER    526     539      2,312    1,974   901    410
OPERATING INCOME (LOSS) – GAAP 749 3,9511,6492,205 3,109 3,871
OPERATING INCOME – NON GAAP*1,533 5,810 5,1985,715 5,253 4,933
FINANCIAL EXPENSES (INCOME) - net (mainly recurring interest and exchange gains(losses))   49      306     289     354   153    154
FINANCIAL EXPENSES (INCOME) - net (mainly impairment and other special items)      143    7       110       32       -        71
INCOME (LOSS) BEFORE INCOME TAXES – GAAP 557    3,6381,250    1,8192,956 3,646
INCOME TAXES   312   1,099   630   661    592    613
TAX EFFECT of items excluded from GAAP results  (208)  (508)    (673)   (798)  (465)  (330)
4533,0471,2931,956 2,829 3,363
SHARE IN PROFITS (LOSSES) OF ASSOCIATED COMPANIES – net    (9)      (5)       (40)     (46)    (61)    (24)
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS        2       13       16        17        (9)        (8)
MINORITY INTEREST CHANGES RELATED TO IMPAIRMENTS OF CO-OWNED ASSETS - - - 36 - -
NET INCOME (LOSS) ATTRIBUTABLE TO TEVA – GAAP4463,0551,2691,963 2,759 3,331
NET INCOME (LOSS) ATTRIBUTABLE TO TEVA– NON GAAP*1,165 4,413 4,2554,6714,438 4,134
      
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO TEVA– GAAP:                                           Diluted ($)  0.52   3.56   1.49  2.25   3.09   3.67
      
WEIGHTED AVERAGE NUMBER OF SHARES (IN MILLIONS) – GAAP:   Diluted    859    858     850     873    893    921
      
EARNINGS PER SHARE ATTRIBUTABLE TO TEVA– NON GAAP:    Diluted ($)  1.36   5.14    5.01    5.35   4.97   4.54
      
WEIGHTED AVERAGE NUMBER OF SHARES (IN MILLIONS) – NON GAAP:   Diluted    859    858     850    873    893    921
* Non GAAP results exclude the following items, as applicable - inventory step up, amortization of purchased intangible assets, costs related to regulatory actions taken in facilities, purchase of R&D in process, legal settlements and reserves, acquisition restructuring and other expenses and impairment, impairment of financial assets and other special items and their related tax effect
** Non GAAP results exclude the following items, as applicable - inventory step up, amortization of purchased intangible assets, costs related to regulatory actions taken in facilities, equity compensation, purchase of R&D in process, legal settlements and reserves, acquisition restructuring and other expenses and impairment, impairment of financial assets and other special items and their related tax effect
*** Non-controlling interests reclassification
**** Beginning in 2015, expenses related to our equity compensation are excluded from our non-GAAP results. The data presented have been conformed to reflect the exclusion of equity compensation expenses for all periods.
The table below reconciles Teva's non GAAP results as reported prior to 2009 with the Company's non GAAP presentation adopted in Q1'09. Prior to 2009, Teva's non GAAP results included the impact of amortization of intangible assets. Non GAAP results prior to 2009 excluded, as applicable, inventory step up, acquisition of R&D in process, impairment of intangible assets and legal settlements and impairment of financial assets and their related tax effect. 

Amortization included in cost of sales      152 150129
Amortization included S&M       28 7161
Tax effect on amortization     (36)    (50)    (48)
    
COST OF SALES - as reported   5,112   4,531   4,054
SELLING AND MARKETING - as reported   1,842   1,264   1,024
TAX EFFECT ON NON-GAAP ITEMS - as reported     (66)0   (173)
    
EPS non GAAP as reported (including amortization)Diluted ($) 2.862.362.29
EPS effect of amortization  0.170.210.17
201520142013201220112010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents3,3962,226 1,038 2,879 1,096 1,248
Accounts receivable5,058 5,408 5,338 5,572 6,213 5,476
Inventories4,174 4,371 5,033 5,502 5,012 3,866
Deferred taxes and other current assets2,633 2,391 2,2912,402 2,132 1,452
TOTAL CURRENT ASSETS15,71114,39613,720 16,355 14,453 12,042
Other non-current assets1,7121,5691,6961,338 1,133 770
PROPERTY, PLANT AND EQUIPMENT, net 6,349 6,535 6,635 6,315 5,947 4,357
IDENTIFIABLE INTANGIBLE ASSETS, net 5,243 5,512 6,476 7,745 10,316 5,751
GOODWILL17,93618,40818,981 18,856 18,293 15,232
TOTAL ASSETS46,951 46,42047,50850,609 50,142 38,152
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term debt and current maturities of long term liabilities1,6261,761 1,8043,006 4,280 2,771
Sales reserves and allowances5,7915,8494,9184,934 4,428 3,403
Accounts payable and accruals 3,0363,1713,3173,376 3,572 2,467
Other current liabilities2,0141,5081,926 1,572 1,396 1,053
TOTAL CURRENT LIABILITIES12,46712,28911,96512,888 13,676 9,694
LONG-TERM LIABILITIES:
Deferred income taxes1,0441,1011,2471,849 2,610 1,348
Other taxes and long term payables1,3721,1091,2731,293 1,277 998
Senior notes and loans9,3918,56610,38711,712 10,236 4,097
Convertible senior debentures - long term- - - - - 13
TOTAL LONG-TERM LIABILITIES11,80710,77612,90714,854 14,123 6,456
EQUITY:
Teva shareholders' equity22,63623,31322,56522,768 22,195 21,947
Non-controlling interest41 4271 99 148 **55
TOTAL EQUITY22,67723,35522,63622,867 22,343 22,002
TOTAL LIABILITIES & EQUITY46,95146,42047,50850,609 50,142 38,152
* After giving retroactive effect to the adoption of an accounting pronouncement which requires issuers to account separately for the liability and equity components of convertible debt instruments that may be settled in cash (including partial cash settlement) 
** Non-controlling interests reclassification