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Financial Report: Teva

Cephalon sales boost revenues but impact earnings

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Teva

4Q Revenues: $5.7 billion (+28%)

4Q Earnings: $505.0 million (-35%)

FY Revenues: $18.3 billion (+14%)

FY Earnings: $2.8 billion (-17%)

Comments: U.S. revenues in the quarter were $3.0 billion (+32%), accounting for 54% of total revenues, bolstered by Cephalon sales and branded product revenues, offset by lower generic sales. Revenues in Europe were $1.5 billion (+13%), accounting for 26% of total revenues, due to stronger generic and branded product revenues primarily in Italy and Spain. Revenues in the Rest of the World (Canada, Israel, certain markets in Eastern Europe, Latin America and Asia) totaled $1.1 billion (+44%), representing 20% of total revenues. Generic revenues in the quarter were $3.0 billion, up 12% (including API sales of $197 million). Branded product revenues were $2.3 billion, up 68%, primarily due to the inclusion of Cephalon sales. Earnings were impacted by charges from the Cephalon acquisition.

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