http://www.businesswire.com/news/home/20091102006691/en
Record Sales, Non-GAAP Net Income and Non-GAAP EPS
Cash Flow from Operations Exceeds $1 Billion
JERUSALEM--(Business Wire)--
Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) today reported results for the
quarter ended September 30, 2009.
Third Quarter Highlights:
* Net sales of $3.55 billion, up 25% compared to the third quarter of 2008.
* Non-GAAP net income of $806 million, up 28% compared with the third quarter of
2008. GAAP net income totaled $649 million compared with $631 million in the
comparable quarter in 2008.
* Non-GAAP diluted EPS of $0.89, up 16% compared with the third quarter of 2008.
GAAP diluted EPS totaled $0.72, compared with $0.77 in the comparable quarter in
2008.
* Non-GAAP operating income of $997 million, up 42% compared to the third
quarter of 2008. GAAP operating income totaled $753 million, compared with $622
million in the comparable quarter in 2008.
* Record global in-market sales of Copaxone® of $776 million, up 38% compared to
the third quarter of 2008. Copaxone® continues to be the leading MS therapy in
the U.S. and globally.
* Record quarterly cash flow from operations of $1,025 million.
"This was another very strong quarter for Teva, with record-breaking financial
results across the board," commented Shlomo Yanai, Teva's President and Chief
Executive Officer. "In fact, for the first time, we crossed the billion dollar
mark in quarterly cash flow from operations. All of our business units and
geographies continued to grow during the quarter, with especially strong sales
of Copaxone®, which continued to strengthen its position as the world`s leading
therapy for the treatment of multiple sclerosis, and of ProAir™, the leading
Albuterol inhaler in the U.S."
Mr. Yanai continued: "This is the time of year when we develop our workplan and
update our strategy for the next few years. The process this year is an
especially inspiring one, as the more closely we analyze the opportunities
ahead, the more excited we become about Teva`s future-which, in both the near
and long-term, looks very bright."
Net sales for the quarter increased 25% to $3,550 million, compared to $2,842
million in the third quarter of 2008. The acquisition of Barr contributed to the
growth in sales in all of Teva's geographies, particularly in the U.S., Russia,
Poland, Germany, and Croatia.
Exchange rate differences negatively impacted sales in the third quarter of 2009
by approximately $160 million, or 6%, as compared to the third quarter of 2008.
The negative impact on sales resulted primarily from the strengthening of the
U.S. Dollar relative to the Hungarian Forint, Russian Ruble, Euro, British
Pound, Polish Zloty and Israeli Shekel in the third quarter of 2009 compared
with the comparable quarter in 2008. Foreign currency differences between the
third quarter of 2009 and the third quarter of 2008 adversely affected operating
profit by approximately $25 million. The negative impact on operating profit
resulted primarily from the strengthening of the U.S. Dollar relative to the
Russian Ruble, British Pound and Polish Zloty, where we have higher sales than
expenses, partially offset by modest devaluation of the Israeli Shekel against
the U.S. Dollar, where we have higher expenses than sales.
Non-GAAP net income for the third quarter of 2009 totaled $806 million, an
increase of 28%, while non-GAAP diluted earnings per share were $0.89, an
increase of 16% compared to the comparable quarter in 2008. The share count used
for the fully diluted earnings per share for the third quarter of 2009 increased
by approximately 78 million shares compared to that of the third quarter of 2008
due, primarily, to the shares issued in connection with the acquisition of Barr.
On a U.S. GAAP basis, net income for the third quarter totaled $649 million
compared with $631 million in the third quarter of 2008, while diluted earnings
per share were $0.72, compared with $0.77 in the third quarter of 2008.
Non-GAAP net income and non-GAAP EPS for the third quarter of 2009 are adjusted
to exclude the following items:
* Amortization of purchased intangible assets and inventory step up of $147
million;
* Restructuring charges of $47 million;
* Impairment of assets of $37 million;
* Legal settlements of $13 million; and
* A related tax benefit of $87 million.
Teva believes that excluding these items facilitates investors` understanding of
the trends in the Company`s underlying business. In the third quarter of 2008,
non-GAAP net income and non-GAAP EPS excluded a settlement payment from an
institution in connection with our auction rate securities portfolio, offset by
amortization of purchased intangible assets, acquisition of in process R&D,
impairment of financial assets, inventory step-up, and a related tax effect. See
the attached table for a reconciliation of U.S. GAAP reported results to the
adjusted non-GAAP figures.
Non-GAAP operating income (which excludes the amortization of purchased
intangible assets and inventory step up, restructuring charges, impairment of
assets and legal settlements, as detailed above) increased 42% to $997 million,
compared with the third quarter of 2008. On a U.S. GAAP basis, operating income
totaled $753 million, up 21% compared with the third quarter last year.
Pharmaceutical sales in North America for the third quarter reached $2,164
million, accounting for 63% of total pharmaceutical sales and representing an
increase of 34% compared with the third quarter of last year. Quarterly sales
benefited from the launch of generic versions of Ortho Tri-Cyclen® Lo
(norgestimate/ethinyl estradiol) and Eloxatin® (oxaliplatin) in the quarter, as
well as continued strong sales of generic versions of Lotrel® (amlodipine
benazapril), Adderall XR® (amphetamine salts), Yasmin® (drospirenone and ethinyl
estradiol), and Protonix® (pantoprazole) launched in previous quarters. The
quarter's sales also reflected continued strong sales of Copaxone® and ProAir™.
As of October 23, 2009, Teva had 210 product applications awaiting final FDA
approval, including 40 tentative approvals. Collectively, the brand products
covered by these applications had annual U.S. sales of over $113 billion. Of
these applications, 136 were "Paragraph IV" applications challenging patents of
branded products. Teva believes it is the first to file on 83 of the 136
applications, relating to products with annual U.S. branded sales exceeding $54
billion.
Pharmaceutical sales in Europe in the third quarter of 2009 totaled $787
million, accounting for 23% of total pharmaceutical sales, and representing an
increase of 15% compared with the third quarter of last year. In local
currencies, sales in Europe grew 28% compared with the third quarter of 2008.
The 28% growth in sales in local currencies was mostly attributable to strong
generic sales in Germany, Spain and Poland.
Since the beginning of the year, Teva has received 880 generic approvals in
Europe relating to 149 compounds in 313 formulations, including 7 EMEA approvals
valid in all EU member states. In addition, as of September 30, 2009, Teva had
3,058 marketing authorization applications pending approval in 30 European
countries, relating to 242 compounds in 508 formulations, including 14
applications pending with the EMEA.
International pharmaceutical sales in the third quarter of 2009totaled $463
million, accounting for 14% of total pharmaceutical sales and representing an
increase of 17% compared to the third quarter of 2008. In local currencies,
international sales grew 33% compared with the third quarter of 2008. The 33%
sales growth in international markets in local currencies was driven by
increased sales in Russia, Croatia and Israel as well as in certain countries in
Latin America.
Copaxone® continued to lead as the number one MS therapy in the U.S. and
globally, with approximately 30% market share. Record in-market sales reached
$776 million in the third quarter of 2009, an increase of 38% over the third
quarter of 2008. In the U.S., in-market sales increased 53% to reach $540
million compared to the third quarter of 2008. In-market sales outside the U.S.
totaled $236 million, up 12% compared to the third quarter of 2008. In local
currencies, in-market sales of Copaxone® outside the U.S. grew 23%.
Global in-market sales of Azilect® reached $64 million in the quarter, a 39%
increase over the comparable period in 2008. In local currencies, global
in-market sales of Azilect® grew 45%. In the third quarter of 2009, Azilect®
continued to increase its market share in the major European markets and the
U.S.
Teva's global respiratory business reached sales of $243 million, up 37%
compared to $177 million in the third quarter of 2008. The increase is
attributable primarily to strong ProAir™ sales in the U.S. Teva`s respiratory
sales in the U.S. totaled $166 million, up 66% compared to the comparable
quarter in 2008. In the third quarter, Teva maintained its market leadership
position with a 56% market share in the SABA (short acting beta agonist) market
in the U.S.
Teva`s women`s health business, which was acquired as part of the Barr
acquisition, reached sales of $103 million, an increase of 10% from $94 million
sold by Barr in the comparable quarter in 2008. The increase in sales is
attributable primarily to an increase in the sales of Plan B®. These sales
figures represent proprietary women's health products only and are different
from the figures previously reported by Barr as its proprietary sales.
API sales to third parties totaled $136 million in the third quarter, down $12
million compared to the comparable quarter last year.
Non-GAAP gross profitmargin reached 58.2% in the third quarter of 2009, compared
to the 54.0% non-GAAP gross profit margin recorded in the comparable quarter of
2008. The improvement in non-GAAP gross profit margins reflects higher
contributions as a percentage of sales of innovative and branded products,
including Copaxone®, ProAir™, Azilect® and women's health products, as well as
improved gross margins of the U.S. generics base business. GAAP gross profit
margin increased to 54.3% in the third quarter of 2009, compared with GAAP gross
profit of 52.5% in the comparable quarter of 2008.
Net Research & Development (R&D) expenditures totaled $195 million, or 5.5% of
sales, compared to $194 million recorded in the third quarter of 2008, or 6.8%
of sales. During the quarter, TL Biopharmaceuticals AG, Teva's joint venture
with Lonza Group Ltd., reimbursed Teva $8 million for certain R&D expenses. Teva
continues to invest in R&D in accordance with its strategic plan to double
generic R&D output from its 2007 level by 2012, as well as to expand R&D
activity in biogenerics and its innovative and branded franchises.
Selling and Marketing (S&M) expenditures (excluding amortization of purchased
intangible assets) totaled $662 million, or 18.6% of sales, for the third
quarter, compared to $485 million, or 17.1% of sales, in the comparable quarter
of 2008. The increase in S&M expenses is attributable to two main factors: the
addition of Barr's business which is characterized by higher S&M expenses; and
higher royalty payments resulting from higher Coapxone® revenues.
General and Administrative (G&A) expenditures totaled $212 million, or 6.0% of
sales, for the third quarter, compared with $156 million, or 5.5% of sales, in
the comparable quarter of 2008.
The non-GAAP tax expense provided for in the third quarter is $136 million,
compared with $52 million in the third quarter of 2008. Teva's current estimate
of the annual tax rate for 2009 is 16% compared to a rate of 10% of pre-tax
non-GAAP income for 2008. The increase in tax rate from 2008 to 2009 results
primarily from the consolidation of Barr's results. On a GAAP basis, the annual
tax rate is estimated to be approximately 10%.
Cash flow generated from operating activities during the third quarter of 2009
was $1,025 million, compared to $710 million in the comparable quarter in 2008.
Free cash flow - excluding net capital expenditures (of $195 million) and
dividends (of $126 million) - reached $704 million. Cash and marketable
securities as of September 30, 2009 were $2.0 billion. During the quarter, Teva
used approximately $800 million to reduce, primarily, short term debt. This
amount includes the remaining balance of the bridge financing incurred in
connection with the acquisition of Barr.
Shareholders equity on September 30, 2009 amounted to $19.3 billion, an increase
of $2.9 billion compared to $16.4 billion as of December 31, 2008. The increase
in shareholders equity is attributable to net income of $1.6 billion recorded in
the first nine months of 2009, the conversion of $887 million of convertible
debt ($719 million in the second quarter and an additional $168 million in the
current quarter), and a positive adjustment of $603 million recorded in
connection with the translation of non-U.S. Dollar net assets, offset mainly by
dividends paid in the amount of $387 million.
For the third quarter of 2009, the weightedaverage share count for the fully
diluted earnings per share calculation was 915 million shares on both a GAAP and
non-GAAP basis. As of September 30, 2009, Teva's share count going forward for
the fully diluted share calculation is estimated at 916 million shares, while
the share count for calculating Teva`s market capitalization is approximately
886 million shares.
Dividend
The Board of Directors, at its meeting on November 2, 2009, declared a cash
dividend for the third quarter of 2009 of NIS 0.60 (approximately 15.9 cents
according to the rate of exchange on November 2, 2009) per share.
The record date will be November 11, 2009, and the payment date will be November
26, 2009. Tax will be withheld at a rate of 20%.
Conference Call
Teva will host a conference call to discuss the Company`s third quarter results,
on Tuesday, November 3, 2009 at 8:30 a.m. ET. The call will be webcast and can
be accessed through the Company`s website at www.tevapharm.com. Following the
conclusion of the call, a replay of the webcast will be available within 24
hours at the Company`s website. A replay of the call will also be available
until November 10, 2009, at 11:59 p.m. ET, by calling 201-612-7415 outside the
United States or 877-660-6853 in the United States. The pass code to access the
replay is: Account # 3055 and Conference ID# 335185.
About Teva
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top
20 pharmaceutical companies in the world and is the world's leading generic
pharmaceutical company. The Company develops, manufactures and markets generic
and innovative human pharmaceuticals and active pharmaceutical ingredients, as
well as animal health pharmaceutical products. Over 80 percent of Teva`s sales
are in North America and Europe.
Teva`s Safe Harbor Statement under the U. S. Private Securities Litigation
Reform Act of 1995:
This release contains forward-looking statements, which express the current
beliefs and expectations of management. Such statements are based on
management's current beliefs and expectations and involve a number of known and
unknown risks and uncertainties that could cause our future results, performance
or achievements to differ significantly from the results, performance or
achievements 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 develop and commercialize additional
pharmaceutical products, the introduction of competing generic equivalents, the
extent to which we may obtain U.S. market exclusivity for certain of our new
generic products and regulatory changes that may prevent us from utilizing
exclusivity periods, potential liability for sales of generic products prior to
a final resolution of outstanding patent litigation, including that relating to
the generic versions of Neurontin, Lotrel, Protonix and Eloxatin, the current
economic conditions, competition from brand-name companies that are under
increased pressure to counter generic products, or competitors that seek to
delay the introduction of generic products, the effects of competition on our
innovative products, especially Copaxone sales, dependence on the effectiveness
of our patents and other protections for innovative products, the impact of
consolidation of our distributors and customers, the impact of pharmaceutical
industry regulation and pending legislation that could affect the pharmaceutical
industry, our ability to achieve expected results through our innovative R&D
efforts, the difficulty of predicting U.S. Food and Drug Administration,
European Medicines Agency and other regulatory authority approvals, the
uncertainty surrounding the legislative and regulatory pathway for the
registration and approval of biotechnology-based products, the regulatory
environment and changes in the health policies and structures of various
countries, supply interruptions or delays that could result from the complex
manufacturing of our products and our global supply chain, our ability to
successfully identify, consummate and integrate acquisitions, the potential
exposure to product liability claims to the extent not covered by insurance, our
exposure to fluctuations in currency, exchange and interest rates, significant
operations worldwide that may be adversely affected by terrorism, political or
economical instability or major hostilities, our ability to enter into patent
litigation settlements and the intensified scrutiny by the U.S. government, the
termination or expiration of governmental programs and tax benefits, impairment
of intangible assets and goodwill, environmental risks, and other factors that
are discussed in this report and in our other filings with the U.S. Securities
and Exchange Commission ("SEC").
Teva Pharmaceutical Industries Limited
Consolidated Statements of Income
(Unaudited, U.S. Dollars in millions, except earnings per share)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
NET SALES 3,550 2,842 10,097 8,237
COST OF SALES (a) 1,622 1,350 4,829 3,868
GROSS PROFIT 1,928 1,492 5,268 4,369
RESEARCH AND DEVELOPMENT EXPENSES - net 195 194 583 571
SELLING AND MARKETING EXPENSES (b) 671 492 1,924 1,344
GENERAL AND ADMINISTRATIVE EXPENSES 212 156 605 487
ACQUISITION OF R&D IN PROCESS - 28 - 410
LEGAL SETTLEMENTS, IMPAIRMENT AND RESTRUCTURING EXPENSES 97 - 163 -
OPERATING INCOME 753 622 1,993 1,557
FINANCIAL EXPENSES (income) - net 52 *(57) 176 *43
INCOME BEFORE INCOME TAXES 701 679 1,817 1,514
PROVISION FOR INCOME TAXES (c) 49 47 172 *207
652 632 1,645 1,307
SHARE IN LOSSES OF ASSOCIATED COMPANIES- net 2 ** 21 **
NET INCOME 650 632 1,624 1,307
ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 1 1 3 4
NET INCOME ATTRIBUTABLE TO TEVA 649 631 1,621 1,303
EARNINGS PER SHARE: Basic ($) 0.73 0.81 1.87 1.67
Diluted ($) 0.72 0.77 1.81 1.59
WEIGHTED AVERAGE NUMBER OF SHARES: Basic 884 782 867 779
Diluted 915 837 896 821
NON-GAAP NET INCOME ATTRIBUTABLE TO TEVA:*** 806 630 2,182 1,831
NON-GAAP EARNINGS PER SHARE: Basic ($) 0.91 0.81 2.52 2.35
Diluted ($) 0.89 0.77 2.43 2.23
WEIGHTED AVERAGE NUMBER OF SHARES: Basic 884 782 867 779
Diluted 915 837 912 837
*** See reconciliation attached.
(a) Cost of Sales includes $137 million and $38 million of amortization of purchased intangible assets and $1 million and $5 million of inventory step-up in the three months ended September 30, 2009 and 2008, respectively.
(b) Selling and Marketing Expenses includes $9 million and $7 million of amortization of purchased intangible assets in the three months ended September 30, 2009 and 2008, respectively.
(c) Provision for Income Taxes includes $(87) million and $(5) million of related tax effect of non-GAAP charges in the three months ended September 30, 2009 and 2008, respectively.
* After giving retroactive effect to the adoption of an accounting pronouncement which requires issuers to account separately for the liability and equity components of convertible debt instruments that may be settled in cash (including partial cash settlement).
** Represents an amount of less than $0.5 million.
Teva Pharmaceutical Industries Limited
Condensed Balance Sheets
(Unaudited, U.S. Dollars in millions)
September 30, December 31,
2009 2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,598 1,854
Short-term investments 180 53
Accounts receivable 4,689 4,653
Inventories 3,449 3,396
Prepaid expenses and other current assets 1,543 1,470
TOTAL CURRENT ASSETS 11,459 11,426
LONG-TERM INVESTMENTS AND RECEIVABLES 484 425
PROPERTY , PLANT AND EQUIPMENT, NET 3,861 3,699
IDENTIFIABLE INTANGIBLE ASSETS - net 4,232 4,581
GOODWILL 12,725 12,297
OTHER ASSETS, DEFERRED TAXES AND DEFERRED CHARGES 534 *492
TOTAL ASSETS 33,295 32,920
LIABILITIES AND SHAREHOLDERS` EQUITY
CURRENT LIABILITIES:
Short-term debt 1,476 2,906
Sales reserves and allowances 2,733 2,708
Accounts payable 2,189 2,244
Other current liabilities 836 623
TOTAL CURRENT LIABILITIES 7,234 8,481
LONG-TERM LIABILITIES:
Deferred income taxes 1,591 1,723
Other taxes and long term payables 669 621
Employee related obligations 198 182
Senior notes and loans 3,470 3,654
Convertible senior debentures 832 *1,821
TOTAL LONG-TERM LIABILITIES 6,760 8,001
SHAREHOLDERS` EQUITY:
Teva shareholders' equity 19,264 *16,378
Non-controlling interest 37 60
TOTAL SHAREHOLDERS` EQUITY 19,301 16,438
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 33,295 32,920
* After giving retroactive effect to the adoption of an accounting pronouncement which requires issuers to account separately for the liability and equity components of convertible debt instruments that may be settled in cash (including partial cash settlement).
Teva Pharmaceutical Industries Limited
Reconciliation between Reported and Non-GAAP Net Income
(Unaudited, U.S. Dollars in millions, except earnings per share)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
REPORTED NET INCOME ATTRIBUTABLE TO TEVA 649 *631 1,621 *1,303
INVENTORY STEP-UP 1 5 297 5
ACQUISITION OF R&D IN PROCESS - 28 - 410
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS - UNDER COST OF SALES 137 38 326 117
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS - UNDER SELLING AND MARKETING 9 7 25 21
LEGAL SETTLEMENTS 13 - 55 -
IMPAIRMENT OF ASSETS 37 - 39 -
RESTRUCTURING EXPENSES 47 - 69 -
SETTLEMENT WITH INSTITUTION - UNDER FINANCE EXPENSES - (100) - (100)
IMPAIRMENT OF FINANCIAL ASSETS - UNDER FINANCE EXPENSES - 26 - 103
RELATED TAX EFFECT (87) (5) (250) (28)
NON-GAAP NET INCOME ATTRIBUTABLE TO TEVA 806 630 2,182 1,831
DILUTED EARNINGS PER SHARE: REPORTED ($) 0.72 0.77 1.81 1.59
Non-GAAP ($) 0.89 0.77 2.43 2.23
ADD BACK FOR DILUTED EARNING PER SHARE CALCULATION:
INTEREST EXPENSE ON CONVERTIBLE SENIOR DEBENTURES, AND ISSUANCE COSTS, NET OF TAX BENEFITS REPORTED ($) 10 12 1 5
Non-GAAP ($) 10 12 33 35
DILUTED WEIGHTED AVERAGE NUMBER OF SHARES: REPORTED ($) 915 837 896 821
Non-GAAP ($) 915 837 912 837
* After giving retroactive effect to the adoption of an accounting pronouncement which requires issuers to account separately for the liability and equity components of convertible debt instruments that may be settled in cash (including partial cash settlement).
Teva Pharmaceutical Industries Limited
Reconciliation between Reported and Non-GAAP Operating Income
(Unaudited, U.S. Dollars in millions)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
REPORTED OPERATING INCOME 753 622 1,993 1,557
INVENTORY STEP-UP 1 5 297 5
ACQUISITION OF R&D IN PROCESS - 28 - 410
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS - UNDER COST OF SALES 137 38 326 117
AMORTIZATION OF PURCHASED INTANGIBLE ASSETS - UNDER SELLING AND MARKETING 9 7 25 21
LEGAL SETTLEMENTS 13 - 55 -
IMPAIRMENT OF ASSETS 37 - 39 -
RESTRUCTURING EXPENSES 47 - 69 -
NON-GAAP OPERATING INCOME 997 700 2,804 2,110
Teva Pharmaceutical Industries Limited
Condensed Cash Flow
(Unaudited, U.S. Dollars in millions)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
OPERATING ACTIVITIES:
NET INCOME 650 *632 1,624 *1,307
ACQUISITION OF R&D IN PROCESS - 28 - 410
OTHER ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED FROM OPERATIONS 375 *50 792 *545
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,025 710 2,416 2,262
NET CASH USED IN INVESTING ACTIVITIES (336) (154) (653) (281)
NET CASH USED IN FINANCING ACTIVITIES (897) (84) (2,052) (605)
TRANSLATION DIFFERENCE ON CASH BALANCES OF CERTAIN SUBSIDIARIES 45 (102) 33 (10)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (163) 370 (256) 1,366
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,761 2,484 1,854 1,488
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,598 2,854 1,598 2,854
* After giving retroactive effect to the adoption of an accounting pronouncement which requires issuers to account separately for the liability and equity components of convertible debt instruments that may be settled in cash (including partial cash settlement).
Teva Pharmaceutical Industries Limited
Three Months Ended
September 30, % of Total
2009 2008 % Change 2009
(Unaudited, U.S Dollars in millions)
Sales by Geographical Areas
North America 2,228 1,680 33% 63%
Europe* 830 729 14% 23%
International 492 433 14% 14%
Total 3,550 2,842 25% 100%
Sales by Business Segments
Pharmaceutical Sales 3,414 2,694 27% 96%
API** 136 148 (8%) 4%
Total 3,550 2,842 25% 100%
Pharmaceutical Sales
North America 2,164 1,614 34% 63%
Europe* 787 685 15% 23%
International 463 395 17% 14%
Total 3,414 2,694 27% 100%
* Includes EU member states, Switzerland & Norway.
** Sales to third parties only.
Teva Pharmaceutical Industries Limited
Nine Months Ended
September 30, % of Total
2009 2008 % Change 2009
(Unaudited, U.S Dollars in millions)
Sales by Geographical Areas
North America 6,261 4,686 34% 62%
Europe* 2,346 2,266 4% 23%
International 1,490 1,285 16% 15%
Total 10,097 8,237 23% 100%
Sales by Business Segments
Pharmaceutical Sales 9,668 7,780 24% 96%
API** 429 457 (6%) 4%
Total 10,097 8,237 23% 100%
Pharmaceutical Sales
North America 6,077 4,487 35% 63%
Europe* 2,211 2,114 5% 23%
International 1,380 1,179 17% 14%
Total 9,668 7,780 24% 100%
* EU member states, Switzerland & Norway.
** Sales to third parties only.
Teva Pharmaceutical Industries Ltd.
Elana Holzman, 972 (3) 926-7554
OR
Teva North America
Kevin Mannix, 215-591-8912
www.tevapharm.com
Copyright Business Wire 2009
