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|May 02, 2013 7:00 a.m.|
|Teva Reports First Quarter 2013 Results|
Net Revenues Total
Non-GAAP Diluted EPS of
Cash Flow from Operations of
“During the quarter, we were pleased by the overall performance of our specialty products and results of our OTC joint venture. Our generic operations, which are a core component of our business, performed in line with our expectations and were particularly strong in Western and Eastern Europe,” stated Dr.
Revenues by Geographies for the
Net revenues in the
Net revenues in
Net revenues in the Rest of the World3 in the first quarter totaled
Revenues by Product Lines for the
Generic medicines net revenues in the first quarter were
Specialty medicines net revenues in the first quarter were
Specialty revenues comprised 42% of total revenues in the quarter, compared to 41% in the first quarter of 2012.
Specialty medicines revenues were flat compared to the first quarter of 2012, despite substantially reduced revenues from Provigil® due to generic competition that began in the second quarter of 2012, as a result of strong revenues from some of our other specialty medicines, primarily Copaxone®, Treanda®, Qvar® and Azilect®.
Global revenues recorded by Teva for Copaxone®, the leading multiple sclerosis therapy in the U.S. and globally, increased 17% in U.S. dollar and local currency terms to approximately
OTC net revenues in the quarter were
Other net revenues in the quarter, mostly from the distribution of third-party products in
Key Metrics for the first Quarter 2013
Exchange rate differences, primarily the weaker Japanese yen, between this quarter and the first quarter of 2012 reduced revenues by approximately $35 million. However, we recorded lower expenses due to these currency fluctuations and, as a result, changes in exchange rates had a smaller net negative impact of
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 gross profit margin was 58.6% in the quarter, compared to 60.9% in the first quarter of 2012. This primarily reflects the loss of exclusivity on Provigil® and a decreased contribution from the sales of exclusive generic medicines in the U.S. This was offset by higher sales of Copaxone®. GAAP gross profit margin was 52.8% in the quarter, compared to 51.1% in the first quarter of 2012, which was impacted by higher amortization of purchased intangible assets, inventory step up and costs related to regulatory actions charges.
Selling and Marketing expenses (excluding amortization of purchased intangible assets) totaled
General and Administrative (G&A) expenses totaled
Non-GAAP financial expenses totaled
The provision for non-GAAP tax for the quarter was 16.5% and amounted to
Quarterly non-GAAP net income for the first quarter was
Cash flow from operations during the quarter was approximately
Cash and marketable securities at
During the quarter, share repurchases totaled approximately 5.2 million shares for an aggregate cost of approximately
For the first quarter of 2013, the weighted average share count for the fully diluted earnings per share calculation was 856 million on a GAAP and non-GAAP basis. At
Total debt 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 first quarter 2013 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 recent acquisitions, 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
3 ROW markets include all countries other than
Teva Pharmaceutical Industries Ltd.