- Revenues of $3.9 billion
- GAAP diluted EPS of $0.19
- Non-GAAP diluted EPS of $0.59
- Cash flow generated from operating activities of $218
million
- Free cash flow of $625 million
- 2021 revenue outlook revised lower to reflect ongoing impact of
COVID-19; all other key components reaffirmed:
- Net revenues of $16.0 - $16.4 billion vs. previous range of
$16.4 - $16.8 billion
- Adjusted EBITDA of $4.8 - $5.1 billion
- EPS of $2.50 - $2.70
- Free cash flow of $2.0 - $2.3 billion
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
reported results for the quarter ended June 30, 2021.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210728005477/en/
Mr. Kåre Schultz, Teva's President and CEO, said, “We have
performed well in the second quarter, improving our profitability
and free cash flow generation. This allowed us to reduce our net
debt by an additional $500 million to $22.7 billion, once again
demonstrating our commitment to and confidence in our long-term
goals. Among our growth drivers, AUSTEDO® sales increased compared
to the second quarter of last year, AJOVY® net sales have grown to
$70 million worldwide, and our biosimilar Truxima® continues to
increase its U.S. market share, reaching 25%.”
Mr. Schultz continued, "Throughout the pandemic we remain
committed to serving patients, maintaining our operations and
delivering quality affordable medicines. Due to the effects of the
pandemic, we have lowered our 2021 revenue outlook, while
reaffirming our earnings and cash flow guidance."
Second Quarter 2021 Consolidated Results
Revenues in the second quarter of 2021 were $3,910
million, an increase of 1% or a decrease of 2% in local currency
terms, compared to the second quarter of 2020. This decrease was
mainly due to lower revenues in our North America segment, mainly
related to COPAXONE® and Anda, partially offset by positive foreign
currency impacts as well as higher revenues from generic products,
OTC, AJOVY and COPAXONE in our Europe segment. Revenues were also
affected by changes in demand for certain products resulting from
the impact of the COVID-19 pandemic.
Exchange rate movements during the second quarter of
2021, including hedging effects, positively impacted our revenues
by $135 million and our GAAP and non-GAAP operating income by $26
million and $30 million, respectively.
GAAP gross profit was $1,873 million in the second
quarter of 2021, an increase of 6% compared to the second quarter
of 2020. GAAP gross profit margin was 47.9% in the second
quarter of 2021, compared to 45.5% in the second quarter of 2020.
The increase in gross profit margin was mainly driven by higher
profitability in North America resulting from the change in mix of
products and network optimization activities, partially offset by
lower sales of COPAXONE. Non-GAAP gross profit was $2,084
million in the second quarter of 2021, an increase of 4% compared
to the second quarter of 2020. Non-GAAP gross profit margin
was 53.3% in the second quarter of 2021, compared to 52.0% in the
second quarter of 2020.
GAAP Research and Development (R&D) expenses
in the second quarter of 2021 were $248 million, an increase of 10%
compared to the second quarter of 2020. Non-GAAP R&D
expenses were $243 million, or 6.2% of quarterly revenues, in
the second quarter of 2021, compared to $233 million, or 6%, in the
second quarter of 2020. In the second quarter of 2021, our R&D
expenses related primarily to specialty product candidates in the
respiratory, migraine and headache therapeutic areas, with
additional activities in selected other areas and generic products
including biosimilars. Our higher R&D expenses in the second
quarter of 2021, compared to the second quarter of 2020, were
mainly due to an increase in respiratory and biosimilar projects as
well as various generics projects.
GAAP Selling and Marketing (S&M) expenses in
the second quarter of 2021 were $615 million, an increase of 3%
compared to the second quarter of 2020. Non-GAAP S&M
expenses were $582 million, or 14.9% of quarterly revenues, in
the second quarter of 2021, compared to $559 million, or 14.4%, in
the second quarter of 2020.
GAAP General and Administrative (G&A) expenses in the
second quarter of 2021 were $242 million, a decrease of 8% compared
to the second quarter of 2020. Non-GAAP G&A expenses
were $231 million, or 5.9% of quarterly revenues, in the second
quarter of 2021, compared to $245 million, or 6.3%, in the second
quarter of 2020.
GAAP operating income in the second quarter of 2021 was
$582 million, compared to $173 million in the second quarter of
2020. This increase was mainly due to lower other asset
impairments, restructuring and other items charges and higher
profit in our Europe segment, partially offset by higher intangible
asset impairment charges. Non-GAAP operating income in the
second quarter of 2021 was $1,034 million, an increase of 6%,
compared to $979 million in the second quarter of 2020. The
increase was mainly due to higher profit in our Europe segment.
EBITDA (defined as operating income, excluding
amortization and depreciation expenses) was $887 million in the
second quarter of 2021, an increase of 60% compared to $555 million
in the second quarter of 2020. Adjusted EBITDA (defined as
non-GAAP operating income excluding depreciation expenses) was
$1,162 million in the second quarter of 2021, an increase of 5%
compared to $1,108 million in the second quarter of 2020.
GAAP financial expenses were $274 million in the second
quarter of 2021, compared to $223 million in the second quarter of
2020. Non-GAAP financial expenses were $240 million in the
second quarter of 2021, compared to $229 million in the second
quarter of 2020. Financial expenses in the second quarter of 2021,
were mainly comprised of interest expenses of $240 million and loss
on revaluation of marketable securities of $34 million. Financial
expenses in the second quarter of 2020 were mainly comprised of
interest expenses of $241 million.
In the second quarter of 2021, we recognized a GAAP tax
expense of $98 million, on pre-tax income of $308 million. In
the second quarter of 2020, we recognized a tax benefit of $104
million, on pre-tax loss of $51 million. Our tax rate for the
second quarter of 2021 was mainly affected by impairments,
amortization and interest expense disallowance. Non-GAAP income
taxes for the second quarter of 2021 were $133 million, or 17%,
on pre-tax non-GAAP income of $794 million. Non-GAAP income
taxes in the second quarter of 2020 were $128 million, or
17%, on pre-tax non-GAAP income of $751 million. Our non-GAAP tax
rate for the second quarter of 2021 was mainly affected by the mix
of products we sold and interest expense disallowance.
We expect our annual non-GAAP tax rate for 2021 to be
17%-18%, unchanged from our outlook provided in February 2021.
GAAP net income attributable to Teva and GAAP EPS
were $207 million and $0.19, respectively, in the second quarter of
2021, compared to $140 million and $0.13 in the second quarter of
2020. This increase was mainly due to the increase in operating
income, as discussed above. Non-GAAP net income attributable
to Teva and non-GAAP diluted EPS in the second quarter of
2021 were $651 million and $0.59, respectively, compared to $605
million and $0.55 in the second quarter of 2020.
The weighted average diluted shares outstanding
used for the fully diluted share calculation on a GAAP and non-GAAP
basis for the three months ended June 30, 2021 and 2020 was 1,109
million and 1,100 million shares, respectively.
As of June 30, 2021 and 2020, the fully diluted share count for
purposes of calculating our market capitalization was approximately
1,129 million and 1,119 million, respectively.
Non-GAAP information: Net non-GAAP adjustments in the
second quarter of 2021 were $444 million. Non-GAAP net income and
non-GAAP EPS for the second quarter of 2021 were adjusted to
exclude the following items:
- Amortization of purchased intangible assets of $173 million, of
which $148 million is included in cost of sales and the remaining
$25 million in S&M expenses;
- Impairment of long-lived assets of $226 million, comprised
mainly of impairment of intangible assets of IPR&D and product
rights assets in connection with the Actavis Generics
acquisition;
- Divested gain in amount of $37 million, mainly from sale of
certain OTC assets;
- Contingent consideration income of $19 million, mainly related
to a decrease in future royalties;
- Finance expense of $34 million, mainly related to the American
Well equity holding;
- Equity compensation expenses of $29 million;
- Other items of $74 million; and
- Income tax of $36 million.
Teva believes that excluding such items facilitates investors’
understanding of its business. For further information, see the
tables below for a reconciliation of the U.S. GAAP results to the
adjusted non-GAAP figures and the information under “Non-GAAP
Financial Measures.” Investors should consider non-GAAP financial
measures in addition to, and not as replacement for, or superior
to, measures of financial performance prepared in accordance with
GAAP.
Cash flow generated from operating activities during the
second quarter of 2021 was $218 million, compared to $273 million
generated in the second quarter of 2020. The decrease in the second
quarter of 2021 was mainly due to favorable collection of payments
from customers in the second quarter of 2020, which resulted from
increased sales in the first quarter of 2020.
Free cash flow (cash flow from operating activities, cash
used for capital investments, beneficial interest collected in
exchange for securitized accounts receivables and proceeds from
divestitures of businesses and other assets) was $625 million in
the second quarter of 2021, compared to $582 million in the second
quarter of 2020. The increase in the second quarter of 2021
resulted mainly from higher proceeds from divestitures of
businesses and other assets, partially offset by lower cash flow
from operating activities.
As of June 30, 2021, our debt was $25,132 million,
compared to $24,986 million as of March 31, 2021. This increase was
mainly due to exchange rate fluctuations. In July 2021, we repaid
$1,475 million of our 2.2% senior notes at maturity. The portion of
total debt classified as short-term as of June 30, 2021 was 14%,
compared to 11% as of March 31, 2021. Our average debt maturity was
approximately 5.3 years as of June 30, 2021, compared to 5.6 years
as of March 31, 2021. Our financial leverage was 69% as of June 30,
2021 and as of March 31, 2021.
Segment Results for the Second Quarter of 2021
North America Segment
Our North America segment includes the United States and
Canada.
The following table presents revenues, expenses and profit for
our North America segment for the three months ended June 30, 2021
and 2020:
Three months ended June
30,
2021
2020
(U.S. $ in millions / % of
Segment Revenues)
Revenues........................................................................................................................................................................
$
1,943
100%
$
2,047
100%
Gross
profit....................................................................................................................................................................
1,040
53.5%
1,090
53.3%
R&D
expenses................................................................................................................................................................
162
8.4%
154
7.5%
S&M
expenses................................................................................................................................................................
255
13.1%
254
12.4%
G&A
expenses................................................................................................................................................................
106
5.5%
110
5.4%
Other
income.................................................................................................................................................................
(5)
§
(2)
§
Segment
profit*.............................................................................................................................................................
$
521
26.8%
$
573
28.0%
* Segment profit does not include
amortization and certain other items.
§ Represents an amount less than 0.5%.
Revenues from our North America segment in the second
quarter of 2021 were $1,943 million, a decrease of $104 million, or
5%, compared to the second quarter of 2020, mainly due to a
decrease in revenues from COPAXONE and Anda, partially offset by
higher revenues from generic products, AUSTEDO and AJOVY. Our North
America segment has experienced some reductions in volume due to
less physician and hospital activity during the COVID-19 pandemic,
but has also experienced increase in demand for certain products
related to the treatment of COVID-19 and its symptoms. In addition,
the ability to promote certain specialty products has been impacted
by less physician visits by patients and less physician
interactions by our sales personnel.
Revenues in the United States, our largest market, were
$1,818 million in the second quarter of 2021, a decrease of $109
million, or 6%, compared to the second quarter of 2020.
Revenues by Major Products and Activities
The following table presents revenues for our North America
segment by major products and activities for the three months ended
June 30, 2021 and 2020:
Three months ended
June 30,
Percentage
Change
2021
2020
2020-2021
(U.S. $ in millions)
Generic
products...................................................................................................................................................................
$
951
$
923
3%
AJOVY.....................................................................................................................................................................................
46
34
32%
AUSTEDO...............................................................................................................................................................................
174
161
8%
BENDEKA®/TREANDA®............................................................................................................................................................
106
103
3%
COPAXONE.............................................................................................................................................................................
152
238
(36%)
ProAir®*..................................................................................................................................................................................
55
66
(16%)
Anda.......................................................................................................................................................................................
316
374
(16%)
Other......................................................................................................................................................................................
144
147
(2%)
Total.......................................................................................................................................................................................
$
1,943
$
2,047
(5%)
* Does not include revenues from the
ProAir authorized generic, which are included under generic
products.
Generic products revenues in our North America segment
(including biosimilars) in the second quarter of 2021 were $951
million, an increase of 3% compared to the second quarter of 2020.
This increase was mainly due to higher revenues from epipephrine
injectable solution (the generic equivalent of EpiPen® and EpiPen
Jr.®), Truxima® (the biosimilar to Rituxan®) and ProAir authorized
generic, partially offset by lower volume and pricing of other
generic products.
In the second quarter of 2021, our total prescriptions were
approximately 314 million (based on trailing twelve months),
representing 8.8% of total U.S. generic prescriptions according to
IQVIA data.
AJOVY revenues in our North America segment in the second
quarter of 2021 were $46 million, an increase of $11 million, or
32% compared to the second quarter of 2020, mainly due to growth in
volume.
AUSTEDO revenues in our North America segment in the
second quarter of 2021 increased by 8% to $174 million, compared to
$161 million in the second quarter of 2020. This increase was
mainly due to growth in volume.
BENDEKA and TREANDA combined revenues in our North
America segment in the second quarter of 2021 increased by 3% to
$106 million, compared to the second quarter of 2020, mainly due to
higher sales of oncology products during the recovery from the
COVID-19 pandemic, partially offset by availability of alternative
therapies and continued competition from Belrapzo® (a
ready-to-dilute bendamustine hydrochloride product from Eagle
Pharmaceuticals, Inc.).
COPAXONE revenues in our North America segment in the
second quarter of 2021 decreased by 36% to $152 million, compared
to the second quarter of 2020, mainly due to generic competition in
the United States.
ProAir (HFA and RespiClick) revenues in our North America
segment in the second quarter of 2021 decreased by 16% to $55
million, compared to the second quarter of 2020. Revenues from our
ProAir authorized generic are included in “generic products”
above.
Anda revenues in our North America segment in the second
quarter of 2021 decreased by 16% to $316 million, compared to $374
million in the second quarter of 2020, mainly due to lower demand
by Anda's customers for generic products.
North America Gross Profit
Gross profit from our North America segment in the second
quarter of 2021 was $1,040 million, a decrease of 5%, compared to
$1,090 million in the second quarter of 2020. This decrease was
mainly due to lower gross profit from Anda and COPAXONE.
Gross profit margin for our North America segment in the second
quarter of 2021 increased to 53.5%, compared to 53.3% in the second
quarter of 2020. This increase was mainly due to a change in the
mix of products.
North America Profit
Profit from our North America segment consists of gross profit
less R&D expenses, S&M expenses, G&A expenses and any
other income related to this segment. Segment profit does not
include amortization and certain other items.
Profit from our North America segment in the second quarter of
2021 was $521 million, a decrease of 9% compared to $573 million in
the second quarter of 2020, mainly due to lower gross profit, as
discussed above, as well as higher R&D expenses.
Europe Segment
Our Europe segment includes the European Union and certain other
European countries.
The following table presents revenues, expenses and profit for
our Europe segment for the three months ended June 30, 2021 and
2020:
Three months ended June
30,
2021
2020
(U.S. $ in millions / % of
Segment Revenues)
Revenues........................................................................................................................................................................
$
1,184
100%
$
1,001
100%
Gross
profit....................................................................................................................................................................
661
55.8%
548
54.7%
R&D
expenses................................................................................................................................................................
63
5.3%
65
6.5%
S&M
expenses................................................................................................................................................................
209
17.7%
188
18.8%
G&A
expenses................................................................................................................................................................
47
4.0%
52
5.2%
Other
income.................................................................................................................................................................
§
§
(1)
§
Segment
profit*.............................................................................................................................................................
$
343
28.9%
$
244
24.3%
___________
* Segment profit does not include
amortization and certain other items.
§ Represents an amount less than $1
million or 0.5%, as applicable.
Revenues from our Europe segment in the second quarter of
2021 were $1,184 million, an increase of 18%, or $183 million,
compared to the second quarter of 2020. In local currency terms,
revenues increased by 8%, mainly due to changed buying patterns in
the second quarter of 2020 as a result of significant customer
stocking due to the COVID-19 pandemic in March 2020, and a decline
in doctor and hospital visits by patients resulting in fewer
prescriptions during the second quarter of 2020.
Revenues by Major Products and Activities
The following table presents revenues for our Europe segment by
major products and activities for the three months ended June 30,
2021 and 2020:
Three months ended
June 30,
Percentage
Change
2021
2020
2020-2021
(U.S. $ in millions)
Generic
products...................................................................................................................................................................
$
878
$
737
19%
AJOVY.....................................................................................................................................................................................
19
5
302%
COPAXONE.............................................................................................................................................................................
100
84
19%
Respiratory
products.............................................................................................................................................................
85
80
7%
Other......................................................................................................................................................................................
102
95
7%
Total.......................................................................................................................................................................................
$
1,184
$
1,001
18%
Generic products revenues in our Europe segment in the
second quarter of 2021, including OTC products, increased by 19% to
$878 million, compared to the second quarter of 2020. In local
currency terms, revenues increased by 9% compared to the second
quarter of 2020, mainly due to lower revenues in the second quarter
of 2020 as a result of significant changes in buying patterns and
customer stocking due to the COVID-19 pandemic. In addition,
revenues in the second quarter of 2020 were impacted by lower
demand of generic products resulting from a decline in doctor and
hospital visits by patients resulting in fewer prescriptions as
well as lower sales of OTC products resulting from lower demand for
cough and cold products, both due to the COVID-19 pandemic.
AJOVY revenues in our Europe segment in the second
quarter of 2021 were $19 million, compared to $5 million in the
second quarter of 2020, mainly due to launches and reimbursements
in additional European countries.
COPAXONE revenues in our Europe segment in the second
quarter of 2021 increased by 19% to $100 million, compared to the
second quarter of 2020. In local currency terms, revenues increased
by 9%, mainly due to customer stocking due to the COVID-19 pandemic
in March 2020, resulting in significant changes in buying patterns
in the second quarter of 2020.
Respiratory products revenues in our Europe segment in
the second quarter of 2021 increased by 7% to $85 million, compared
to the second quarter of 2020. In local currency terms, revenues
decreased by 4%, mainly due to lower sales in the United Kingdom,
partially offset by changes in buying patterns in the second
quarter of 2020 as a result of significant customer stocking due to
the COVID-19 pandemic in March 2020.
Europe Gross Profit
Gross profit from our Europe segment in the second quarter of
2021 was $661 million, an increase of 21% compared to $548 million
in the second quarter of 2020.
Gross profit margin for our Europe segment in the second quarter
of 2021 increased to 55.8%, compared to 54.7% in the second quarter
of 2020. This increase was mainly due to a change in product
mix.
Europe Profit
Profit from our Europe segment consists of gross profit less
R&D expenses, S&M expenses, G&A expenses and any other
income related to this segment. Segment profit does not include
amortization and certain other items.
Profit from our Europe segment in the second quarter of 2021 was
$343 million, an increase of 41%, compared to $244 million in the
second quarter of 2020. This increase was mainly due to higher
revenues, as discussed above.
International Markets Segment
Our International Markets segment includes all countries in
which we operate other than those in our North America and Europe
segments. The key markets in this segment are Japan, Russia and
Israel.
On February 1, 2021, we completed the sale of the majority of
the generic and operational assets of our business venture in
Japan.
The following table presents revenues, expenses and profit for
our International Markets segment for the three months ended June
30, 2021 and 2020:
Three months ended June
30,
2021
2020
(U.S. $ in millions / % of
Segment Revenues)
Revenues........................................................................................................................................................................
$
485
100%
$
488
100%
Gross
profit....................................................................................................................................................................
270
55.7%
247
50.8%
R&D
expenses................................................................................................................................................................
18
3.6%
19
3.9%
S&M
expenses................................................................................................................................................................
105
21.7%
105
21.4%
G&A
expenses................................................................................................................................................................
25
5.1%
29
6.0%
Other
income.................................................................................................................................................................
(1)
§
(2)
§
Segment
profit*.............................................................................................................................................................
$
123
25.5%
$
97
19.9%
* Segment profit does not include
amortization and certain other items.
§ Represents an amount less than 0.5%.
Revenues from our International Markets segment in the
second quarter of 2021 were $485 million, a decrease of $3 million,
or 1%, compared to the second quarter of 2020. In local currency
terms, revenues decreased by 3% compared to the second quarter of
2020, mainly due to lower revenues in Japan resulting from the
divestment mentioned above, as well as regulatory price reductions
and generic competition to off-patented products in Japan and
negative impact from hedging activity, partially offset by higher
revenues in most other markets as well as lower revenues in certain
markets in the second quarter of 2020, resulting from reduced
demand due to the impact the COVID-19 pandemic had on purchasing
patterns.
Revenues by Major Products and Activities
The following table presents revenues for our International
Markets segment by major products and activities for the three
months ended June 30, 2021 and 2020:
Three months ended
June 30,
Percentage
Change
2021
2020
2020-2021
(U.S. $ in millions)
Generic
products...................................................................................................................................................................
$
407
$
426
(5%)
COPAXONE.............................................................................................................................................................................
7
12
(35%)
Other......................................................................................................................................................................................
71
50
42%
Total.......................................................................................................................................................................................
$
485
$
488
(1%)
Generic products revenues in our International Markets
segment in the second quarter of 2021, which include OTC products,
decreased by 5% to $407 million, in both U.S. dollar and local
currency terms, compared to the second quarter of 2020. This
decrease was mainly due to lower sales in Japan resulting from the
divestment mentioned above, as well as regulatory price reductions
and generic competition to off-patented products in Japan,
partially offset by higher revenues in most other markets as well
as lower revenues in certain markets in the second quarter of 2020,
resulting from reduced demand due to the impact the COVID-19
pandemic had on purchasing patterns.
COPAXONE revenues in our International Markets segment in
the second quarter of 2021 were $7 million, a decrease of 35%
compared to $12 million in the second quarter of 2020. In local
currency terms, revenues decreased by 33%.
AJOVY was launched in certain markets in our
International Markets segment and we are moving forward with plans
to launch in other markets. On June 23, 2021, AJOVY was approved
for the preventative treatment of migraine in adults in Japan.
AUSTEDO was launched in China for treatment of chorea
associated with Huntington disease and for the treatment of tardive
dyskinesia in early 2021. We continue with additional submissions
in various other countries.
International Markets Gross Profit
Gross profit from our International Markets segment in the
second quarter of 2021 was $270 million, an increase of 9% compared
to $247 million in the second quarter of 2020.
Gross profit margin for our International Markets segment in the
second quarter of 2021 increased to 55.7%, compared to 50.8% in the
second quarter of 2020. This increase was mainly due to the
divestment in Japan mentioned above and a change in product
portfolio mix.
International Markets Profit
Profit from our International Markets segment consists of gross
profit less R&D expenses, S&M expenses, G&A expenses
and any other income related to this segment. Segment profit does
not include amortization and certain other items.
Profit from our International Markets segment in the second
quarter of 2021 was $123 million, an increase of 27%, compared to
$97 million in the second quarter of 2020. This increase was mainly
due to higher gross profit as discussed above.
Other Activities
We have other sources of revenues, primarily the sale of active
pharmaceutical ingredients ("APIs") to third parties, certain
contract manufacturing services and an out-licensing platform
offering a portfolio of products to other pharmaceutical companies
through our affiliate Medis. Our other activities are not included
in our North America, Europe or International Markets segments
described above.
Our revenues from other activities in the second quarter
of 2021 were $298 million, a decrease of 11% compared to the second
quarter of 2020. In local currency terms, revenues decreased by
13%, mainly due to a decrease in volumes from API and Medis
resulting from the COVID-19 pandemic.
API sales to third parties in the second quarter of 2021
were $199 million, a decrease of 6% in both U.S. dollar and local
currency terms, compared to the second quarter of 2020.
Conference Call
Teva will host a conference call and live webcast including a
slide presentation on Wednesday, July 28, 2021 at 8:00 a.m. ET to
discuss its second quarter of 2021 results and overall business
environment. A question & answer session will follow.
In order to participate, please dial the following numbers:
United States: 1 (877) 870-9135
International: +44 (0) 2071 928338
Israel: 1 (809) 213-985
Passcode: 9693275
A live webcast of the call will be available on Teva’s website
at: ir.tevapharm.com.
Following the conclusion of the call, a replay of the webcast
will be available within 24 hours on the Company's website or by
calling United States 1-866-331-1332; International +44 (0) 3333
009785; passcode: 9693275.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has
been developing and producing medicines to improve people’s lives
for more than a century. We are a global leader in generic and
specialty medicines with a portfolio consisting of over 3,500
products in nearly every therapeutic area. Around 200 million
people around the world take a Teva medicine every day, and are
served by one of the largest and most complex supply chains in the
pharmaceutical industry. Along with our established presence in
generics, we have significant innovative research and operations
supporting our growing portfolio of specialty and biopharmaceutical
products. Learn more at http://www.tevapharm.com.
Some amounts in this press release may not add up due to
rounding. All percentages have been calculated using unrounded
amounts.
Non-GAAP Financial Measures
This press release contains certain financial information that
differs from what is reported under accounting principles generally
accepted in the United States ("GAAP"). These non-GAAP financial
measures, including, but not limited to, non-GAAP EPS, non-GAAP
operating income, non-GAAP gross profit, non-GAAP gross profit
margin, EBITDA, Adjusted EBITDA, non-GAAP R&D expenses,
non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP
financial expenses, non-GAAP income taxes, non-GAAP income (loss)
before income taxes, non-GAAP tax rate, non-GAAP net income (loss),
non-GAAP net income (loss) attributable to Teva and non-GAAP
diluted EPS are presented in order to facilitates investors'
understanding of our business. We utilize certain non-GAAP
financial measures to evaluate performance, in conjunction with
other performance metrics. The following are examples of how we
utilize the non-GAAP measures: our management and board of
directors use the non-GAAP measures to evaluate our operational
performance, to compare against work plans and budgets, and
ultimately to evaluate the performance of management; our annual
budgets are prepared on a non-GAAP basis; and senior management’s
annual compensation is derived, in part, using these non-GAAP
measures. See the attached tables for a reconciliation of the GAAP
results to the adjusted non-GAAP figures. Investors should consider
non-GAAP financial measures in addition to, and not as replacements
for, or superior to, measures of financial performance prepared in
accordance with GAAP. We are not providing forward looking guidance
for GAAP reported financial measures or a quantitative
reconciliation of forward-looking non-GAAP financial measures to
the most directly comparable GAAP measure because we are unable to
predict with reasonable certainty the ultimate outcome of certain
significant items without unreasonable effort.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to:
- our ability to successfully compete in the marketplace,
including: that we are substantially dependent on our generic
products; consolidation of our customer base and commercial
alliances among our customers; delays in launches of new generic
products; the increase in the number of competitors targeting
generic opportunities and seeking U.S. market exclusivity for
generic versions of significant products; our ability to develop
and commercialize biopharmaceutical products; competition for our
specialty products, including AUSTEDO, AJOVY and COPAXONE; our
ability to achieve expected results from investments in our product
pipeline; our ability to develop and commercialize additional
pharmaceutical products; and the effectiveness of our patents and
other measures to protect our intellectual property rights;
- our substantial indebtedness, which may limit our ability to
incur additional indebtedness, engage in additional transactions or
make new investments, may result in a further downgrade of our
credit ratings; and our inability to raise debt or borrow funds in
amounts or on terms that are favorable to us;
- our business and operations in general, including: uncertainty
regarding the COVID-19 pandemic and its impact on our business,
financial condition, operations, cash flows, and liquidity and on
the economy in general; our ability to successfully execute and
maintain the activities and efforts related to the measures we have
taken or may take in response to the COVID-19 pandemic and
associated costs therewith; effectiveness of our optimization
efforts; our ability to attract, hire and retain highly skilled
personnel; manufacturing or quality control problems; interruptions
in our supply chain; disruptions of information technology systems;
breaches of our data security; variations in intellectual property
laws; challenges associated with conducting business globally,
including political or economic instability, major hostilities or
terrorism; costs and delays resulting from the extensive
pharmaceutical regulation to which we are subject or delays in
governmental processing time due to travel and work restrictions
caused by the COVID-19 pandemic;
- the effects of reforms in healthcare regulation and reductions
in pharmaceutical pricing, reimbursement and coverage; significant
sales to a limited number of customers; our ability to successfully
bid for suitable acquisition targets or licensing opportunities, or
to consummate and integrate acquisitions; and our prospects and
opportunities for growth if we sell assets;
- compliance, regulatory and litigation matters, including:
failure to comply with complex legal and regulatory environments;
increased legal and regulatory action in connection with public
concern over the abuse of opioid medications and our ability to
reach a final resolution of the remaining opioid-related
litigation; scrutiny from competition and pricing authorities
around the world, including our ability to successfully defend
against the U.S. Department of Justice criminal charges of Sherman
Act violations; potential liability for patent infringement;
product liability claims; failure to comply with complex Medicare
and Medicaid reporting and payment obligations; compliance with
anti-corruption sanctions and trade control laws; and environmental
risks;
- other financial and economic risks, including: our exposure to
currency fluctuations and restrictions as well as credit risks;
potential impairments of our intangible assets; potential
significant increases in tax liabilities (including as a result of
potential tax reform in the United States); and the effect on our
overall effective tax rate of the termination or expiration of
governmental programs or tax benefits, or of a change in our
business;
and other factors discussed in this press release, in our
Quarterly Report on Form 10-Q for the second quarter of 2021 and in
our Annual Report on Form 10-K for the year ended December 31,
2020, including in the sections captioned "Risk Factors” and
“Forward Looking Statements.” Forward-looking statements speak only
as of the date on which they are made, and we assume no obligation
to update or revise any forward-looking statements or other
information contained herein, whether as a result of new
information, future events or otherwise. You are cautioned not to
put undue reliance on these forward-looking statements.
Consolidated Statements of
Income (U.S. dollars in millions,
except share and per share data) Three months
ended Six months ended June 30, June 30,
2021
2020
2021
2020
(Unaudited) (Unaudited) (Unaudited)
(Unaudited) Net revenues
3,910
3,870
7,892
8,227
Cost of sales
2,037
2,107
4,141
4,402
Gross profit
1,873
1,763
3,750
3,826
Research and development expenses
248
225
501
446
Selling and marketing expenses
615
597
1,200
1,210
General and administrative expenses
242
264
532
567
Intangible assets impairments
195
120
274
768
Other asset impairments, restructuring and other items
28
381
165
502
Legal settlements and loss contingencies
6
13
110
(12)
Other income
(43)
(9)
(48)
(22)
Operating (loss) income
582
173
1,015
364
Financial expenses, net
274
223
564
448
Income (loss) before income taxes
308
(51)
451
(84)
Income taxes (benefit)
98
(104)
159
(163)
Share in (profits) losses of associated companies, net
(11)
-
(14)
-
Net income (loss)
221
53
306
78
Net income (loss) attributable to non-controlling interests
14
(87)
21
(131)
Net income (loss) attributable to Teva
207
140
284
209
Earnings (loss) per share attributable to
Teva: Basic ($)
0.19
0.13
0.26
0.19
Diluted ($)
0.19
0.13
0.26
0.19
Weighted average number of shares (in millions):
Basic
1,103
1,096
1,101
1,095
Diluted
1,109
1,100
1,108
1,098
Non-GAAP net income attributable to Teva:*
651
605
1,350
1,440
Non-GAAP net income attributable to Teva for diluted earnings
per share:
651
605
1,350
1,440
Non-GAAP earnings per share attributable to Teva:*
Basic ($)
0.59
0.55
1.23
1.32
Diluted ($)
0.59
0.55
1.22
1.31
Non-GAAP average number of shares (in millions):
Basic
1,103
1,096
1,101
1,095
Diluted
1,109
1,100
1,108
1,098
* See reconciliation attached.
Condensed Consolidated Balance Sheets
(U.S. dollars in millions)
June 30, December 31,
2021
2020
ASSETS
(Unaudited)
(Audited)
Current assets: Cash and cash equivalents
2,436
2,177
Accounts receivables, net of allowance for credit losses of $120
million and $126 million as of June 30, 2021 and December 31, 2020.
4,488
4,581
Inventories
4,362
4,403
Prepaid expenses
1,022
945
Other current assets
484
710
Assets held for sale
29
189
Total current assets
12,822
13,005
Deferred income taxes
645
695
Other non-current assets
530
538
Property, plant and equipment, net
6,127
6,296
Operating lease right-of-use assets
531
559
Identifiable intangible assets, net
8,120
8,923
Goodwill
20,421
20,624
Total assets
49,195
50,640
LIABILITIES & EQUITY Current liabilities:
Short-term debt
3,530
3,188
Sales reserves and allowances
4,453
4,824
Accounts payables
1,551
1,756
Employee-related obligations
511
685
Accrued expenses
1,807
1,780
Other current liabilities
838
933
Total current liabilities
12,691
13,164
Long-term liabilities: Deferred income taxes
932
964
Other taxes and long-term liabilities
2,215
2,240
Senior notes and loans
21,602
22,731
Operating lease liabilities
444
479
Total long-term liabilities
25,193
26,414
Equity: Teva shareholders’ equity
10,324
10,026
Non-controlling interests
987
1,035
Total equity
11,311
11,061
Total liabilities and equity
49,195
50,640
TEVA PHARMACEUTICAL INDUSTRIES LIMITED CONSOLIDATED
STATEMENTS OF CASH FLOWS (U.S. dollars in millions)
(Unaudited) Six months ended Three months
ended
June 30,
June 30,
2021
2020
2021
2020
Operating activities: Net income (loss) $
306
$
78
$
222
$
53
Adjustments to reconcile net income (loss) to net cash provided by
operations: Depreciation and amortization
681
781
305
382
Impairment of long-lived assets and assets held for sale
354
1,120
226
395
Net change in operating assets and liabilities (1,679) (1,002)
(603)
(336)
Deferred income taxes – net and uncertain tax positions
5
(502)
16
(269)
Stock-based compensation
60
62
29
32
Net loss (gain) from investments and from sale of long lived assets
93
24
19
-
Other items
(7)
17
4
15
Net cash provided by (used in) operating activities
(187)
578
218
273
Investing activities: Beneficial interest
collected in exchange for securitized accounts receivables
881
769
405
401
Purchases of property, plant and equipment
(263)
(259)
(113)
(131)
Proceeds from sale of business and long-lived assets
254
45
116
39
Proceeds from sale of investments
153
9
107
6
Other investing activities
(36)
1
(34)
(2)
Net cash provided by investing activities
989
564
481
313
Financing activities: Repayment of senior notes and
loans and other long-term liabilities
-
(700)
-
-
Redemption of convertible senior notes
(491)
-
-
-
Other financing activities
(3)
(3)
(1)
(3)
Net cash used in financing activities
(494)
(703)
(1)
(3)
Translation adjustment on cash and cash equivalents
(49)
(13)
(5)
15
Net change in cash and cash equivalents
259
427
693
598
Balance of cash and cash equivalents at beginning of period
2,177
1,975
1,743
1,804
Balance of cash and cash equivalents at end of period
$
2,436
$
2,402
$
2,436
$
2,402
Non-cash financing and investing activities:
Beneficial interest obtained in exchange for securitized accounts
receivables $
878
728
$
390
$
353
Three Months Ended June 30,
2021
U.S. $ and shares in millions (except per share amounts)
GAAP Excluded for non-GAAP measurement Non-GAAP
Amortization of purchased
intangible assets
Legal settlements and loss
contingencies
Impairment of long lived
assets
Restructuring costs
Costs related to regulatory
actions taken in facilities
Equity compensation
Contingent consideration
Other non- GAAP items*
Other items
Net revenues
3,910
3,910
Cost of sales
2,037
148
8
6
50
1,826
Gross profit
1,873
148
8
6
50
2,084
Gross profit margin
47.9%
53.3%
R&D expenses
248
5
243
S&M expenses
615
25
8
582
G&A expenses
242
11
231
Other income
(43)
(37)
(6)
Legal settlements and loss contingencies
6
6
-
Other assets impairments, restructuring and other items
28
32
(13)
(19)
28
-
Intangible assets impairments
195
195
-
Operating income (loss)
582
173
6
226
(13)
8
29
(19)
42
1,033
Financial expenses, net
274
34
240
Income (loss) before income taxes
308
173
6
226
(13)
8
29
(19)
42
34
794
Income taxes
98
(36)
133
Share in (profits) losses of associated companies – net
(11)
(3)
(8)
Net income (loss)
221
173
6
226
(13)
8
29
(19)
42
(5)
669
Net income (loss) attributable to non-controlling interests
14
(3)
18
Net income (loss) attributable to Teva
207
173
6
226
(13)
8
29
(19)
42
(8)
651
EPS - Basic
0.19
0.40
0.59
EPS - Diluted
0.19
0.40
0.59
The non-GAAP diluted weighted average number of shares was
1,109 million for the three months ended June 30, 2021. Non-GAAP
income taxes for the three months ended June 30, 2021 were 17% on
pre-tax non-GAAP income. * Other non-GAAP items include other
exceptional items that we believe are sufficiently large that their
exclusion is important to facilitate an understanding of trends in
our financial results, such as certain accelerated depreciation
expenses and inventory write offs, primarily related to the
rationalization of our plants and other unusual events.
Adjusted EBITDA reconciliation Operating income
(loss)
582
Add: Depreciation
134
Amortization
173
EBITDA
887
Legal settlements and loss contingencies
6
Impairment of long lived assets
226
Restructuring costs
(13)
Costs related to regulatory actions taken in facilities
8
Equity compensation
29
Contingent consideration
(19)
Other non-GAAP items (excluding accelerated depreciation of $4
million)*
37
Adjusted EBITDA
1,162
* Other non-GAAP items include other exceptional items that
we believe are sufficiently large that their exclusion is important
to facilitate an understanding of trends in our financial results,
such as certain accelerated depreciation expenses and inventory
write offs, primarily related to the rationalization of our plants
and other unusual events.
Six Months Ended June 30, 2021
U.S. $ and shares in millions (except per share amounts)
GAAP Excluded for non-GAAP measurement Non-GAAP Amortization
ofpurchasedintangibleassets Legal settlementsand losscontingencies
Impairmentof long-livedassets Restructuringcosts Costs related
toregulatoryactions taken infacilities Equitycompensation
Contingentconsideration Other non-GAAP items* Other items Net
revenue
7,892
7,892
Cost of sales
4,141
363
13
12
91
3,663
Gross profit
3,750
363
13
12
91
4,228
Gross profit margin
47.5%
53.6%
R&D expenses
501
10
5
487
S&M expenses
1,200
52
18
-
1,131
G&A expenses
532
21
0
510
Other (income) expense
(48)
(37)
(11)
Legal settlements and loss contingencies
110
110
-
Other assets impairments, restructuring and other items
165
80
69
(16)
33
-
Intangible assets impairment
274
274
-
Operating income (loss)
1,015
414
110
354
69
13
60
(16)
92
2,111
Financial expenses, net
564
98
467
Income (loss) before income taxes
451
414
110
354
69
13
60
(16)
92
98
1,644
Income taxes
159
(120)
280
Share in (profits) losses of associated companies – net
(14)
(1)
(13)
Net income (loss)
306
414
110
354
69
13
60
(16)
92
(24)
1,377
Net income (loss) attributable to non-controlling interests
21
(6)
28
Net income (loss) attributable to Teva
284
414
110
354
69
13
60
(16)
92
(30)
1,350
EPS - Basic
0.26
0.97
1.23
EPS - Diluted
0.26
0.96
1.22
The non-GAAP diluted weighted average number of shares was
1,108 million for the six months ended June 30, 2021. Non-GAAP
income taxes for the six months ended June 30, 2021 were 17% on
pre-tax non-GAAP income. * Other non-GAAP items include other
exceptional items that we believe are sufficiently large that their
exclusion is important to facilitate an understanding of trends in
our financial results, such as certain accelerated depreciation
expenses and inventory write offs, primarily related to the
rationalization of our plants and other unusual events.
Adjusted EBITDA reconciliation Operating income
(loss)
1,015
Add: Depreciation
266
Amortization
414
EBITDA
1,696
Legal settlements and loss contingencies
110
Impairment of long lived assets
354
Restructuring costs
69
Costs related to regulatory actions taken in facilities
13
Equity compensation
60
Contingent consideration
(16)
Other non-GAAP items (excluding accelerated depreciation of $9
million)*
83
Adjusted EBITDA
2,368
Three Months Ended June 30, 2020 U.S. $ and shares in
millions (except per share amounts) GAAP Excluded for non-GAAP
measurement Non-GAAP Amortizationof
purchasedintangibleassets Legalsettlements andlosscontingencies
Impairment oflong livedassets Other R&Dexpenses
Restructuringcosts Costs related toregulatory actionstaken in
facilities Equitycompensation Contingentconsideration Other
non-GAAPitems* Other items Net revenues
3,870
3,870
Cost of sales
2,107
219
6
6
16
1,859
Gross profit
1,763
219
6
6
16
2,011
Gross profit margin
45.5%
52.0%
R&D expenses
225
(13)
5
233
S&M expenses
597
30
8
559
G&A expenses
264
11
8
245
Other income
(9)
(4)
(6)
Legal settlements and loss contingencies
13
13
-
Other assets impairments, restructuring and other items
381
277
33
76
(6)
-
Intangible assets impairments
120
120
-
Operating income (loss)
173
249
13
396
(13)
33
6
30
76
14
979
Financial expenses, net
223
(5)
229
Income (loss) before income taxes
(51)
249
13
396
(13)
33
6
30
76
14
(5)
751
Income taxes
(104)
(231)
128
Net income (loss)
53
249
13
396
(13)
33
6
30
76
14
(237)
623
Net income (loss) attributable to non-controlling interests
(87)
(105)
19
Net income (loss) attributable to Teva
140
249
13
396
(13)
33
6
30
76
14
(342)
605
EPS - Basic
0.13
0.42
0.55
EPS - Diluted
0.13
0.42
0.55
The non-GAAP diluted weighted average number of shares was
1,100 million for the three months ended June 30, 2020. Non-GAAP
income taxes for the three months ended June 30, 2020 were 17% on
pre-tax non-GAAP income. * Other non-GAAP items include other
exceptional items that we believe are sufficiently large that their
exclusion is important to facilitate an understanding of trends in
our financial results, such as certain accelerated depreciation
expenses and inventory write offs, primarily related to the
rationalization of our plants and other unusual events.
Adjusted EBITDA reconciliation Operating income
(loss)
173
Add: Depreciation
134
Amortization
249
EBITDA
555
Legal settlements and loss contingencies
13
Impairment of long lived assets
396
Other R&D expenses
(13)
Restructuring costs
33
Costs related to regulatory actions taken in facilities
6
Equity compensation
30
Contingent consideration
76
Other non-GAAP items (excluding accelerated depreciation of $6
million)*
8
Adjusted EBITDA
1,108
* Other non-GAAP items include other exceptional
items that we believe are sufficiently large that their exclusion
is important to facilitate an understanding of trends in our
financial results, such as certain accelerated depreciation
expenses and inventory write offs, primarily related to the
rationalization of our plants and other unusual events.
Six
months ended June 30, 2020 U.S. $ and shares in millions
(except per share amounts) GAAP Excluded for non-GAAP
measurement Non-GAAP Amortization
ofpurchasedintangibleassets Legalsettlements andlosscontingencies
Impairment oflong-livedassets Restructuringcosts Costs related
toregulatory actions takenin facilities Equitycompensation
Contingentconsideration Other nonGAAP items* Other items Net
revenue
8,227
8,227
Cost of sales
4,402
443
11
12
32
3,905
Gross profit
3,826
443
11
12
32
4,322
Gross profit margin
46.5%
52.5%
R&D expenses
446
9
(17)
454
S&M expenses
1,210
64
17
1,129
G&A expenses
567
21
12
535
Other (income) expense
(22)
(3)
(19)
Legal settlements and loss contingencies
(12)
(12)
-
Other assets impairments, restructuring and other items
502
352
73
83
(5)
-
Intangible assets impairment
768
768
-
Operating income (loss)
364
507
(12)
1,121
73
11
60
83
18
-
2,223
Financial expenses, net
448
6
442
Income (loss) before income taxes
(84)
507
(12)
1,121
73
11
60
83
18
6
1,781
Income taxes
(163)
(465)
303
Net income (loss) attributtible to Teva
78
507
(12)
1,121
73
11
60
83
18
(460)
1,478
Net income (loss) attributable to non-controlling interests
(131)
(169)
38
Net income (loss)
209
507
(12)
1,121
73
11
60
83
18
(629)
1,440
EPS - Basic
0.19
1.32
EPS - Diluted
0.19
1.31
The non-GAAP diluted weighted average number of shares was
1,098 million for the six months ended June 30, 2020. Non-GAAP
income taxes for the six months ended June 30, 2021 were 17% on
pre-tax non-GAAP income. * Other non-GAAP items include other
exceptional items that we believe are sufficiently large that their
exclusion is important to facilitate an understanding of trends in
our financial results, such as certain accelerated depreciation
expenses and inventory write offs, primarily related to the
rationalization of our plants and other unusual events.
Adjusted EBITDA reconciliation Operating income (loss)
364
Add: Depreciation
275
Amortization
507
EBITDA
1,146
Legal settlements and loss contingencies
(12)
Impairment of long lived assets
1,121
Restructuring costs
73
Costs related to regulatory actions taken in facilities
11
Equity compensation
60
Contingent consideration
83
Other non-GAAP items (excluding accelerated depreciation of $16
million)*
2
Adjusted EBITDA
2,483
* Other non-GAAP items include other exceptional items that
we believe are sufficiently large that their exclusion is important
to facilitate an understanding of trends in our financial results,
such as certain accelerated depreciation expenses and inventory
write offs, primarily related to the rationalization of our plants
and other unusual events.
Segment Information
North America Europe International Markets
Three months ended June 30, Three months ended June
30, Three months ended June 30,
2021
2020
2021
2020
2021
2020
(U.S. $ in millions) (U.S. $ in millions)
(U.S. $ in millions) Revenues $
1,943
$
2,047
$
1,184
$
1,001
$
485
$
488
Gross profit
1,040
1,090
661
548
270
247
R&D expenses
162
154
63
65
18
19
S&M expenses
255
254
209
188
105
105
G&A expenses
106
110
47
52
25
29
Other income
(5)
(2)
§
(1)
(1)
(2)
Segment profit $
521
$
573
$
343
$
244
$
123
$
97
§ Represents an amount less than $1 million.
Segment
Information North America Europe
International Markets Six months ended June 30,
Six months ended June 30, Six months ended June 30,
2021
2020
2021
2020
2021
2020
(U.S. $ in millions) (U.S. $ in millions)
(U.S. $ in millions) Revenues $
3,932
$
4,129
$
2,398
$
2,404
$
975
$
1,053
Gross profit
2,114
2,152
1,349
1,371
530
552
R&D expenses
322
300
129
120
35
34
S&M expenses
483
505
424
390
201
211
G&A expenses
218
228
117
118
51
63
Other income
(7)
(4)
(1)
(2)
(3)
(8)
Segment profit $
1,098
$
1,123
$
680
$
746
$
245
$
253
Reconciliation of our segment profit to consolidated
income before income taxes Three months ended June
30,
2021
2020
(U.S.$ in millions) North America profit $
521
$
573
Europe profit
343
244
International Markets profit
123
97
Total reportable segment profit
987
914
Profit of other activities
47
66
1,034
979
Amounts not allocated to segments: Amortization
173
249
Other asset impairments, restructuring and other items
28
381
Intangible asset impairments
195
120
Legal settlements and loss contingencies
6
13
Other unallocated amounts
50
44
Consolidated operating income (loss)
582
173
Financial expenses - net
274
223
Consolidated income (loss) before income taxes $
308
$
(51)
Reconciliation of our segment profit to consolidated
income before income taxes Six months ended June
30,
2021
2020
(U.S.$ in millions) North America profit $
1,098
$
1,123
Europe profit
680
746
International Markets profit
245
253
Total reportable segment profit
2,023
2,121
Profit of other activities
87
102
Total segment profit
2,111
2,223
Amounts not allocated to segments: Amortization
414
507
Other asset impairments, restructuring and other items
165
502
Intangible asset impairments
274
768
Legal settlements and loss contingencies
110
(12)
Other unallocated amounts
132
93
Consolidated operating income (loss)
1,015
364
Financial expenses - net
564
448
Consolidated income (loss) before income taxes $
451
$
(84)
Segment revenues by major products and activities
(Unaudited)
Three months ended June 30,
PercentageChange
2021
2020
2020-2021 (U.S.$ in millions) North America
segment Generic products $
951
$
923
3%
AJOVY
46
34
32%
AUSTEDO
174
161
8%
BENDEKA/TREANDA
106
103
3%
COPAXONE
152
238
(36%)
ProAir*
55
66
(16%)
Anda
316
374
(16%)
Other
144
147
(2%)
Total
1,943
2,047
(5%)
* Does not include revenues from the ProAir authorized
generic, which are included under generic products.
Three
months ended June 30, PercentageChange
2021
2020
2020-2021 (U.S.$ in millions) Europe segment
Generic products $
878
$
737
19%
AJOVY
19
5
302%
COPAXONE
100
84
19%
Respiratory products
85
80
7%
Other
102
95
7%
Total
1,184
1,001
18%
Three months ended June 30,
PercentageChange
2021
2020
2020-2021 (U.S.$ in millions) International
Markets segment Generic products $
407
$
426
(5%)
COPAXONE
7
12
(35%)
Other
71
50
42%
Total
485
488
(1%)
Revenues by Activity and Geographical Area (Unaudited)
Six months ended June 30,
PercentageChange
2021
2020
2020-2021 (U.S.$ in millions) North America
segment Generic products $
2,004
$
1,875
7%
AJOVY
77
63
21%
AUSTEDO
320
283
13%
BENDEKA / TREANDA
197
208
(6%)
COPAXONE
315
435
(28%)
ProAir*
109
125
(13%)
Anda
605
800
(24%)
Other
305
338
(10%)
Total
3,932
4,129
(5%)
* Does not include revenues from the ProAir authorized
generic, which are included under generic products.
Six months ended June 30, PercentageChange
2021
2020
2020-2021 (U.S.$ in millions) Europe segment
Generic products $
1,742
$
1,769
(2%)
AJOVY
35
9
277%
COPAXONE
201
193
4%
Respiratory products
179
186
(4%)
Other
242
246
(2%)
Total
2,398
2,404
0%
Six months ended June 30,
PercentageChange
2021
2020
2020-2021 (U.S.$ in millions) International
Markets segment Generic products $
799
$
875
(9%)
COPAXONE
19
23
(18%)
Other
157
154
2%
Total
975
1,053
(7%)
Free cash flow reconciliation (Unaudited)
Three
months ended June 30,
2021
2020
(U.S. $ in millions) Net cash provided by
operating activities
218
273
Beneficial interest collected in exchange for securitized accounts
receivables
405
401
Purchases of property, plant and equipment
(113)
(131)
Proceeds from sale of business and long lived assets
116
39
Free cash flow $
625
$
582
Free cash flow reconciliation (Unaudited)
Six
months ended June 30,
2021
2020
(U.S. $ in millions) Net cash provided by
(used in) operating activities
(187)
578
Beneficial interest collected in exchange for securitized accounts
receivables
881
769
Purchases of property, plant and equipment
(263)
(259)
Proceeds from sale of business and long lived assets
254
45
Free cash flow $
684
$
1,133
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210728005477/en/
IR Contacts
United States Kevin C. Mannix (215) 591-8912 Yael Ashman
972 (3) 914-8262
PR Contacts
United States Kelley Dougherty (973) 832-2810
Israel Yonatan Beker 972 (54) 888 5898
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