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|December 10, 2013 7:00 a.m.|
|Teva Provides 2014 Financial Outlook|
In an effort to enhance investor understanding of the business performance of the company, and to provide more clarity and transparency regarding its projections for 2014, given the significant uncertainty concerning possible generic competition to Copaxone® in the U.S., the Company is providing two alternative scenarios for its current non-GAAP financial outlook for the year:
Both scenarios assume the launch of Copaxone® 40mg three-times-a-week in early 2014 and exclusive sales of the generic version of Pulmicort® in the U.S. throughout 2014. The outlook provided is organic, and neither alternative includes the potential impact of any business development activities.
Below is a table summarizing the non-GAAP financial outlook for the two scenarios:
Teva estimates that each month of delay in the launch of generic
competitors to Copaxone® in the U.S. will contribute on
“2014 will be a pivotal year for Teva and a year of major transitions across the company", stated Eyal Desheh, Acting President and CEO of Teva. "We will continue to make significant progress in implementing our strategy. We will focus our efforts on our generics business and core R&D programs, including high-value complex generics, promising specialty medicines and New Therapeutic Entities. In our specialty business, we anticipate six important launches and the potential submission of ten additional medicines for approval. At the same time, we are focused on increasing our organizational effectiveness through our cost reduction program to ensure Teva’s leadership position, growth and sustainable profitability.”
Detailed financial outlook:
*Including OTC, distribution & other
*All members of the
*All members of the
* Mid-range compared to "Exclusive Copaxone" scenario (approximate)
Non-GAAP gross profit margin excludes amortization of intangible assets
Non-GAAP selling & marketing expenses exclude amortization of intangible assets.
Non-GAAP total expenses are exclusive of approximately
Note: items not expressed in this press release in the form of ranges are approximate and may vary +/-5%.
These estimates reflect management`s current expectations for Teva's performance in 2014. Actual results may vary, whether as a result of FX differences, market conditions or other factors. In addition, the non-GAAP figures exclude the amortization of purchased intangible assets, costs related to certain regulatory actions, inventory step-up, legal settlements and reserves, impairments and related tax effects. The non-GAAP data presented by Teva are the results used by Teva's management and board of directors to evaluate the operational performance of the company, to compare against the company's work plans and budgets, and ultimately to evaluate the performance of management. Teva provides such non-GAAP data to investors as supplemental data and not in substitution or replacement for GAAP results, because management believes such data provides useful information to investors.
Teva will host a conference call and live webcast to discuss its 2014 business outlook on Tuesday, December 10, 2013, at 8:00 a.m. Eastern Daylight Time. The call will be webcast and can be accessed through the Company's website at www.tevapharm.com, or by dialing 1-800-510-9691 (U.S. and Canada) or 1-617-614-3453 (International). The conference ID is 15601679. Following the conclusion of the call, a replay will be available within 24 hours at the Company's website at www.tevapharm.com. A replay will also be available until December 17, 2013, at 11:59 p.m. ET, by calling 1-888-286-8010 (U.S. and Canada) or 1-617-801-6888 (International). The Conference ID is 73093491#.
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Teva Pharmaceutical Industries Ltd.