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|February 07, 2013 7:00 a.m.|
|Teva Reports Fourth Quarter and Full Year 2012 Results|
“Our efforts over the past year clearly demonstrate Teva's ability and commitment to transform the Company. Based on this, we will enter 2013 with a strong and disciplined business focus," stated Dr.
Dr. Levin added, "I am particularly pleased with the Board's decision to increase Teva's dividend. Together with Teva's new strategy backed by our ongoing share repurchase plan, this decision reflects the Board's and management's optimism and confidence. We believe the course we have set for Teva is the right one and will yield real value for patients, customers and shareholders while ensuring the long-term growth of our company."
Revenues by Geography for the
Net revenues in the
Net revenues in
Net revenues in the Rest of the World in the fourth quarter totaled
Revenues by Product Line for the
Generic medicines net revenues in the fourth quarter were
Specialty medicines net revenues in the fourth quarter were
Specialty revenues comprised 40% of total revenues in the quarter, unchanged compared to the fourth quarter of 2011.
The decrease in specialty medicines revenues from the fourth quarter of 2011 was primarily due to the decline in Provigil® as a result of the introduction of generic competition during the year, which was partially offset by strong sales of Copaxone® and certain other specialty medicines.
Global revenues recorded by Teva for Copaxone®, the leading multiple sclerosis therapy in the U.S. and globally, increased 14%, or 15% in local currency terms, to
Azilect® revenues recorded by Teva increased 4% to
OTC Total sales of
Other net revenues in the quarter were
Revenues by Geography for the Full Year 2012
Net revenues in the
Net revenues in
Net revenues in the Rest of the World totaled
Revenues by Product Line for the Full Year 2012
Generic medicines net revenues were
Specialty medicines net revenues were
Specialty revenues comprised 40% of total revenues for the year, compared to 35% in 2011.
The increase in specialty medicines revenues from 2011 was primarily due to the full year inclusion of Cephalon’s medicines (mainly Treanda® with
Global revenues recorded by Teva for Copaxone®, the leading multiple sclerosis therapy in the U.S. and globally, increased 12%, or 14% in local currency terms, to
Azilect® revenues recorded by Teva increased 14% to
In addition, during the year we successfully launched several specialty medicines including QNASL®, Synribo® and ProAir® Dose Counter.
OTC net revenues for the year were
Other net revenues for the year were
Key Metrics for the
Exchange rate differences between this quarter and the fourth quarter of 2011 reduced our revenues by approximately $50 million, while having a minor positive impact on operating income. The impact on revenues resulted primarily from the weakening of certain currencies (primarily the euro, Japanese yen, and Israeli shekel) relative to the U.S. dollar.
Non-GAAP Information This quarter, we had net non-GAAP charges of
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.
Quarterly non-GAAP operating income of
Non-GAAP net income and diluted EPS of
Non-GAAP gross profit margin was 58.7% in the quarter, compared to 60.7% in the fourth quarter of 2011. The decrease is primarily the result of the commencement of generic competition for Provigil®, coupled with lower revenues from new generic launches in
Selling and Marketing expenditures (excluding amortization of purchased intangible assets) totaled
General and Administrative (G&A) expenditures totaled
Non-GAAP financial expenses totaled
The provision for non-GAAP tax for the quarter amounted to
Cash flow from operations during the quarter was approximately
During the quarter, share repurchases totaled approximately 12.7 million shares for an aggregate cost of approximately
For the fourth quarter of 2012, the weighted average share count for the fully diluted earnings per share calculation was 868 million on a GAAP and non-GAAP basis. At
Total equity at
The Board of Directors, at its meeting on
The record date will be
Teva will host a conference call to discuss its fourth quarter and full year 2012 results on
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 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, our ability to achieve expected results through our innovative R&D efforts, 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 the acquisition of Cephalon, 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
Teva is providing herein certain product line revenue and profit information. The Company believes that such information, including comparisons to forecasts, can be useful to investors. The additional information provided is not a replacement for or a subset of the Company’s current segment information. The Company is in the process of evaluating its reporting structure as part of a review of its organization and business, and plans to provide, if appropriate, entity-wide disclosure and segment information reflecting the new structure of the organization and business accordingly. No inference regarding the Company’s segment reporting in 2013 should be drawn from the information included herein.
Teva Pharmaceutical Industries Ltd.