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Financial Report: Teva

Pfizer, Nycomed settlement wallops results

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Teva
 
2Q Revenues: $4.9 billion (-1%)

2Q Loss: $456 million (earnings were $859 million 2Q12)

YTD Revenues: $9.8 billion (-3%)

YTD Earnings: $170 million (earnings were $1.7 billion YTD12)

Comments: Generic revenues in the quarter (including API sales of $181 million) were down 8% to $2.6 billion. Specialty revenues were $2.1 billion, up 5%. U.S. sales in the quarter were $2.5 billion (51% of revenues), up 2%, driven primarily by Copaxone sales (+9% to $1.1 billion), offset by lower generic sales. Sales in Europe were $1.5 billion (30% of revenues), down 3% mainly due to lower generic sales. ROW revenues totaled $945 million (19% of revenues), down 8% impacted by foreign exchange and lower revenues in Russia, as well as Canada and Japan. Legal expenses totaled $1.4 billion in the quarter for the additional $930 million provision for the settlement of the pantoprazole patent litigation and $485 million for the modafinil antitrust litigation. Restructuring, acquisition and other expenses were $55 million, mostly related to the Cephalon acquisition.

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