• 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

 

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

Teva Pharmaceutical Indu... (NYSE:TEVA)
Historical Stock Chart
From Oct 2021 to Nov 2021 Click Here for more Teva Pharmaceutical Indu... Charts.
Teva Pharmaceutical Indu... (NYSE:TEVA)
Historical Stock Chart
From Nov 2020 to Nov 2021 Click Here for more Teva Pharmaceutical Indu... Charts.