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Financial Report: Teva

Revenues down 8% in the quarter

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Teva

4Q Revenues: $5.2 billion (-8%)

4Q Earnings: $280 million (-44%)

FY Revenues: $20.3 billion (+11%)

FY Earnings: $1.9 billion (-31%)

Comments: Generic revenues in the quarter were $2.7 billion (including API sales of $202 million), down 11%. Specialty medicines revenue was $2.1 billion, down 7%. OTC sales of PGT Healthcare, a joint venture with Procter & Gamble, were $377 million, up 11%. Revenues in the U.S. in the quarter were $2.6 billion (50% of total revenues), down 14% mainly due to generic competition for Provigil. Revenues in Europe were $1.5 billion (29% of total revenues), up 2% driven by Copaxone following the take-back of marketing and distribution rights, as well as increased OTC sales. Rest of the World sales totaled $1.1 billion (21% of total revenues), down 3% as a result of the sale of certain businesses of Mepha AG, as well as weaker performance in Canada due to government-imposed price reforms.

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