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|December 21, 2011 7:30 a.m.|
|Teva Announces $3 billion Share Repurchase Program|
JERUSALEM--(BUSINESS WIRE)--Dec. 21, 2011--
"This share repurchase program reflects our confidence in the future outlook of our business and the company's long-term value," said
Given the Company's strong cash generation and cash position, the repurchase program will be financed out of free cash flow, without the need to increase leverage.
In the twelve months ended
The repurchase program has no time limits and is expected to be completed over a three-year period. The timing of any repurchases and the exact number of shares to be purchased will depend on a variety of factors, including share price and other market conditions, as well as corporate priorities and regulatory requirements. Repurchases may be commenced or suspended at any time or from time to time and made at prices prevailing in the open market or in privately negotiated transactions.
Teva’s Safe Harbor Statement under the
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 risks relating to: our ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competing generic equivalents, the extent to which we may obtain U.S. market exclusivity for certain of our new generic products and regulatory changes that may prevent us from utilizing exclusivity periods, potential liability for sales of generic products prior to a final resolution of outstanding patent litigation, including that relating to the generic version of Protonix®, the extent to which any manufacturing or quality control problems damage our reputation for high quality production, the effects of competition on sales of our innovative products, especially Copaxone® (including potential generic and oral competition for Copaxone®), the impact of continuing consolidation of our distributors and customers, our ability to identify, consummate and successfully integrate acquisitions (including the acquisition of Cephalon), interruptions in our supply chain or problems with our information technology systems that adversely affect our complex manufacturing processes, intense competition in our specialty pharmaceutical businesses, any failures to comply with the complex