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YTD
2016
  
2015

2014

2013

2012

2011
NET SALES 9,848 19,652 20,272 20,314 20,317 18,312
COST OF SALES - excluding inventory step-up and amortization 3,682 7,437 8,123 8,419 8,246 7,607
INVENTORY STEP-UP91 - - - 63 352
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS324 808 1,000 1,136 1,136668
COSTS RELATED TO REGULATORY ACTIONS TAKEN IN FACILITIES 773675 43 128170
ACCELERATED DEPRECIATION - 212 9 - -
EQUITY COMPENSATION***6136 - - -
GROSS PROFIT – GAAP5,668 11,356 11,056 10,707 10,652 9,515
GROSS PROFIT – NON GAAP** 6,166 12,215 12,149 11,89512,071 1,283
RESEARCH AND DEVELOPMENT EXPENSES - net   745     1,436    1,395     1,422    1,283  1,080
PURCHASE OF RESEARCH AND DEVELOPMENT IN PROCESS     10      21 -        5           73      15
COSTS ASSOCIATED WITH CANCELLATION OF R&D PROJECTS - 1479 ---
SELLING AND MARKETING EXPENSES - net1,719 3,4183,767 4,0363,835 3,440
BRANDED PRESCRIPTION DRUG FEE - - 40 -- -
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS     58      30      36     44       44      38
GENERAL AND ADMINISTRATIVE EXPENSES    593   1,187   1,177   1,239   1,238   932
EQUITY COMPENSATION****     46     99     72    -     -     -
LOSS CONTINGENCIES, IMPAIRMENTS, SETTLEMENTS, AND OTHER   971     1,799    539      2,312    1,974   901
OPERATING INCOME (LOSS) – GAAP 1,526 3,352 3,9511,6492,205 3,109
OPERATING INCOME – NON GAAP**3,109 6,174 5,810 5,1985,715 5,253
FINANCIAL EXPENSES (INCOME) - net (mainly recurring interest and exchange gains(losses))   58    223      306     289     354   153
FINANCIAL EXPENSES (INCOME) - net (mainly impairment and other special items)      345       777    7       110       32        -
INCOME (LOSS) BEFORE INCOME TAXES – GAAP 1,123 2,352    3,6381,250    1,8192,956
INCOME TAXES   635    1,265   1,099   630   661    592
TAX EFFECT of items excluded from GAAP results  (378)  (631)  (508)    (673)   (798)  (465)
8661,7183,0471,2931,956 2,829
SHARE IN PROFITS (LOSS) OF ASSOCIATED COMPANIES – net    12    3      (5)       (40)     (46)    (61)
IMPAIRMENTS OF EQUITY INVESTMENTS        (3)       (124)                           
NET (GAIN) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS         15      (9)      13       16        17        (9)
MINORITY INTEREST CHANGES 43 16 - - 36 -
accrued dividends on preferred shares(132) (15)
NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS – GAAP758 1,5733,0551,2691,963 2,759
NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS – NON GAAP*2,400 4,681 4,413 4,2554,6714,438
      
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS – GAAP:                                           Diluted ($)  0.82   1.82   3.56   1.49  2.25   3.09
      
WEIGHTED AVERAGE NUMBER OF SHARES (IN MILLIONS) – GAAP:   Diluted    1,840    864    858     850     873    893
      
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS – NON GAAP****:    Diluted ($)  2.45   5.42   5.14    5.01    5.35   4.97
      
WEIGHTED AVERAGE NUMBER OF SHARES (IN MILLIONS) – NON GAAP:   Diluted    979   867    858     850    873    893
* 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 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
*** 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.
**** For the calculation of the Q1/16 and Q4/15 diluted non-GAAP earnings per share attributable to ordinary shareholders, $66 million and $15 million respectably were added back to the Non-GAAP net income attributable to ordinary shareholders since they had a dilutive effect.
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
201620152014201320122011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents6,9846,9462,226 1,038 2,879 1,096
Accounts receivable5,3745,3505,4085,338 5,572 6,213
Inventories3,9213,9664,3715,0335,502 5,012
Deferred taxes and other current assets2,0652,1362,391 2,2912,402 2,132
TOTAL CURRENT ASSETS18,34418,39814,39613,720 16,355 14,453
Other non-current assets2,6392,6161,5691,6961,338 1,133
PROPERTY, PLANT AND EQUIPMENT, net6,6936,5446,5356,6356,315 5,947
IDENTIFIABLE INTANGIBLE ASSETS, net9,544 7,675 5,512 6,476 7,745 10,316
GOODWILL20,70019,02518,40818,981 18,856 18,293
TOTAL ASSETS57,92054,25846,42047,50850,609 50,142
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term debt 2,8821,5851,761 1,8043,006 4,280
Sales reserves and allowances6,1966,6015,8494,9184,934 4,428
Accounts payable and accruals 3,8553,5943,1713,3173,376 3,572
Other current liabilities1,4781,2251,5081,9261,572 1,396
TOTAL CURRENT LIABILITIES14,41113,00512,28911,96512,888 13,676
LONG-TERM LIABILITIES:
Deferred income taxes2,0971,7481,1011,2471,849 2,610
Other taxes and long term payables1,3531,1951,1091,2731,293 1,277
Senior notes and loans8,0368,3838,56610,38711,712 10,236
Convertible senior debentures - long term- - - - - -
TOTAL LONG-TERM LIABILITIES11,48611,32610,77612,90714,854 14,123
EQUITY:
Teva shareholders' equity30,15029,76923,31322,56522,768 22,195
Non-controlling interest1,8731584271 99 148
TOTAL EQUITY32,02329,92723,35522,63622,867 22,343
TOTAL LIABILITIES & EQUITY57,92054,25846,42047,50850,609 50,142
* 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