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Financial Reports: Teva

Generic exclusivity boosts 4Q revenues

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

Teva 4Q13

4Q Revenues: $5.4 billion (+3%)

4Q Earnings: $380 million (+19%)

FY Revenues: $20.3 billion (flat)

FY Earnings: $1.3 billion (-34%)

Comments: Generic revenues were up 1% in 4Q to $2.7 billion (including $163 million in third-party API sales), with U.S. revenues growing 14% to $1.2 billion, driven by exclusive launches of generics for Niaspan, Temodar, Cymbalta and Tobi. Sales of specialty medicines grew 5% in 4Q to $2.2 billion, driven by Copaxone and Treanda. Copaxone revenues were up 21% in 4Q to $1.1 billion. OTC revenues grew 10% in 4Q to $529 million. For FY13, generic revenues fell 5% to $9.9 billion and specialty medicines grew 3% to $8.4 billion. The drop in generic revenues is largely attributable to the loss of royalties for generic Lipitor, as well as the loss in exclusivity for generic Lexapro and Actos/Actoplus met. Copaxone revenues for FY were up 8% to $4.3 billion, while Treanda sales rose 3% to $709 million.

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