Teva Reports Fourth Quarter and Full Year 2013 Results

Teva Reports Fourth Quarter and Full Year 2013 Results

JERUSALEM--(BUSINESS WIRE)--Feb. 6, 2014-- Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) today reported results for the quarter and year ended December 31, 2013.

"Teva is reporting today strong results for the fourth quarter of 2013, bringing to close a year largely in-line with our expectations. During 2013, we had several key product launches, driven by a strong pipeline, which will continue to bear notable results in 2014, starting with the launch of COPAXONE 40mg/mL," stated Eyal Desheh, Acting President and CEO of Teva. "We continue to focus our efforts on our core R&D programs and go-to-market activities while increasing organizational effectiveness through our cost-reduction program to ensure Teva's growth and its role as a leader in the ever-changing pharmaceutical industry. 2013 was an important year for Teva and its shareholders. Many seeds were planted to ensure our long-term success and prosperity. 2014 will be a pivotal year in terms of execution and further enhancement of our strategic direction."

Revenues for the three months ended December 31, 2013, were $5.4 billion, an increase of 3% compared to the fourth quarter of 2012. In local currency terms, revenues increased 4%. The increase was primarily attributable to higher sales of generic medicines in the U.S. and higher revenues from our global specialty medicines business, as well as higher sales of OTC products. This increase was partially offset by a decrease in generics sales outside the U.S., mostly in Japan, due to the weaker yen, and API sales to third parties.

Revenues by Segment for the Fourth Quarter 2013

             
Three Months Ended
December 31,

Percentage
Change

Percentage
Change

2013   2012  % of 2013  % of 2012  2013-2012 
2013 from
2012

U.S. $ in millions       
in local
currencies

Generic Medicines           
United States  1,178  1,034  22%  20%  14%  14%
Europe*  940  955  17%  18%  (2%)  (5%)
Rest of the World  579  673  11%  13%  (14%)  (2%)
Total Generic Medicines  2,697  2,662  50%  51%  1%  3%
Specialty Medicines           
United States  1,540  1,527  28%  29%  1%  1%
Europe*  463  422  8%  8%  10%  5%
Rest of the World  201  157  4%  3%  28%  36%
Total Specialty  2,204  2,106  40%  40%  5%  4%
Other Revenues           
United States  69  60  1%  1%  15%  15%
Europe*  196  181  4%  3%  8%  6%
Rest of the World  264  240  5%  5%  10%  14%
Total Other Revenues  529  481  10%  9%  10%  11%
Total Revenues  5,430  5,249  100%  100%  3%  4%

* All members of the European Union, Switzerland, Norway, Albania and the countries of former Yugoslavia.

Generic medicines net revenues in the fourth quarter were $2.7 billion (including API sales to third parties of $163 million), an increase of 1% compared to the fourth quarter of 2012. In local currency terms, revenues increased 3%. Generic revenues consisted of:

U.S. revenues of $1.2 billion, an increase of 14% compared to the fourth quarter of 2012. The increase resulted mainly from the exclusive launches of niacin ER, the generic version of Niaspan®, and temozolomide, the generic version of Temodar®, in the third quarter of 2013, and launches of duloxetine, the generic version of Cymbalta®, and tobramycin, the generic version of Tobi®, in the fourth quarter of 2013, as well as higher sales of budesonide inhalation, the generic version of Pulmicort®.
European revenues of $940 million, a decrease of 2%, or 5% in local currency terms, compared to the fourth quarter of 2012. The decrease was mainly due to our strategic focus on profitable and sustainable business in Germany and Spain and a contraction of the market for generics in France, as well as lower API sales to third parties. The decrease was partially offset by higher revenues in the U.K. and Italy.
Rest of the World ("ROW") revenues of $579 million, a decrease of 14%, or 2% in local currency terms, compared to the fourth quarter of 2012. The decrease was primarily due to lower sales in Russia, due to a particularly weak winter season, and Japan, mainly because of the weakening of the yen.
Generics medicines comprised 50% of total revenues in the quarter, compared to 51% in the fourth quarter of 2012.

     
Three Months Ended
December 31,

Percentage
Change

2013   2012   % of 2013   % of 2012 
2013 from
2012

U.S. $ in millions      

Generic Medicines  $ 2,697  $ 2,662  50%  51%  1%
API   163   202  3%  4%  (19%)

Specialty medicines net revenues in the fourth quarter were $2.2 billion, an increase of 5% compared to $2.1 billion in the fourth quarter of 2012. Specialty revenues consisted of:

U.S. revenues of $1.5 billion, an increase of 1% compared to the fourth quarter of 2012.
European revenues of $463 million, an increase of 10%, or 5% in local currency terms, compared to the fourth quarter of 2012.
ROW revenues of $201 million, an increase of 28%, or 36% in local currency terms, compared to the fourth quarter of 2012.
Specialty medicines comprised 40% of total revenues in the quarter, the same as in the fourth quarter of 2012.

The increase in specialty medicines revenues over the fourth quarter of 2012 was primarily due to increased sales of COPAXONE® and TREANDA®, partially offset by lower sales of respiratory and women's health medicines.

Global revenues recorded by Teva for COPAXONE®, the leading multiple sclerosis therapy in the U.S. and globally, increased 8% during the quarter both in U.S. dollar terms and in local currency terms to $1,142 million, compared to $1,059 million in the fourth quarter of 2012. The increase primarily resulted from higher sales in Russia and Germany. In the U.S., sales decreased 2% to $805 million, as a result of increased competition from oral MS therapies, partially offset by a price increase. Sales outside the U.S. were $337 million, an increase of 42%, or 43% in local currency terms, compared to the fourth quarter of 2012, primarily due to the timing of tenders in Russia and higher sales in Germany.

AZILECT® revenues recorded by Teva this quarter increased 14% to $98 million, while global in-market revenues increased 18% to $133 million, primarily due to increased demand in the U.S. and Europe.

TREANDA® revenues amounted to $177 million in the quarter, an increase of 10% over the comparable quarter, due to increases in both volume and price.

Respiratory medicines revenues were $238 million this quarter, a decrease of 7% from the comparable quarter of 2012. The decrease was primarily due to lower revenues in Europe, mainly as a result of pricing pressure.

Women's Health products revenues were $127 million this quarter, a decrease of 4% from $132 million in the comparable quarter of 2012. The decrease was primarily due to decreased sales of PARAGARD® in the U.S., partially offset by higher sales of other Women's Health products.

  
Three Months Ended
December 31,

Percentage
Change

2013   2012   % of 2013   % of 2012 
2013 from
2012

U.S. $ in millions     

Specialty Medicines  2,204  2,106  40%  40%  5%
CNS  1,456  1,340  27%  26%  9%
Copaxone®  1,142  1,059  21%  20%  8%
Azilect®  98  86  2%  2%  14%
Nuvigil®  76  78  1%  1%  (3%)
Provigil®  26  25  §  §  4%
Oncology  261  233  5%  4%  12%
Treanda®  177  161  3%  3%  10%
Respiratory  238  256  4%  5%  (7%)
ProAir®  114  120  2%  2%  (5%)
Qvar®  89  92  2%  2%  (3%)
Women's Health  127  132  2%  2%  (4%)
Other Specialty  122  145  2%  3%  (16%)

§ Less than 0.5%.         
Other net revenues include:

OTC net revenues in the quarter were $316 million, an increase of 17%, or 21% in local currency terms, compared to $269 million in the fourth quarter of 2012, primarily due to higher sales from our PGT Healthcare joint venture.
Other net revenues in the quarter were $213 million, mostly from the distribution of third-party products in Israel and Hungary, compared to $212 million in the fourth quarter of 2012. In local currency terms, revenues decreased by 2%.
  
Three Months Ended
December 31,

Percentage
Change

2013   2012   % of 2013   % of 2012 
2013 from
2012

U.S. $ in millions     

All Others  529  481  10%  9%  10%
OTC  316  269  6%  5%  17%
Other Revenues  213  212  4%  4%  §

§ Less than 0.5%.         

Revenues by Geography for the Fourth Quarter 2013

Net revenues in the U.S. in the fourth quarter were $2.8 billion (51% of total revenues), an increase of 6% compared to the fourth quarter of 2012, driven primarily by higher sales of both generic and specialty medicines.

Net revenues in Europe in the fourth quarter were $1.6 billion (29% of total revenues), an increase of 3% compared to the fourth quarter of 2012, or 1% decrease in local currency terms. Revenues in Europe this quarter benefited from stronger revenues from specialty medicines, primarily COPAXONE®, as well as increased sales from our OTC business, partially offset by lower generic revenues.

Net revenues in the ROW in the fourth quarter totaled $1.0 billion (20% of total revenues), a decrease of 2% compared to the fourth quarter of 2012, mainly due to negative foreign currency effects. In local currency terms, ROW revenues increased 7%, mainly as a result of higher revenues in Russia, Latin America and Israel, partially offset by lower revenues in Japan.

  Year Ended December 31,        
Percentage
Change

 
Percentage
Change

2013   2012  % of 2013  % of 2012  2013-2012 
2013 from
2012

U.S. $ in millions       
in local
currencies

Generic Medicines            
United States  4,181  $ 4,381  21%  22%  (5%)  (5%)
Europe*  3,485   3,482  17%  17%  §  (2%)
Rest of the World  2,240    2,522 
11%

12%  (11%)  (1%)
Total Generic Medicines  9,906   10,385  49%  51%  (5%)  (3%)
Specialty Medicines            
United States  6,026   5,857  30%  29%  3%  3%
Europe*  1,706   1,575  8%  8%  8%  6%
Rest of the World  670    718  3%  3%  (7%)  (3%)
Total Specialty  8,402   8,150  41%  40%  3%  3%
Other Revenues            
United States  254   200  1%  1%  27%  27%
Europe*  797   741  4%  4%  8%  6%
Rest of the World  955    841  5%  4%  14%  16%
Total Other Revenues  2,006    1,782  10%  9%  13%  12%
Total Revenues  20,314    20,317  100%  100%  §  1%

* All members of the European Union, Switzerland, Norway, Albania and the countries of former Yugoslavia.
§ Less than 0.5%.

Revenues by Segment for Full Year 2013

Generic medicines net revenues in 2013 were $9.9 billion (including API sales to third parties of $692 million), a decrease of 5% compared to $10.4 billion in 2012. Generic revenues consisted of:

U.S. revenues of $4.2 billion, a decrease of 5% compared to 2012. The decrease mainly reflected the absence of royalties related to sales of atorvastatin, the generic equivalent of Lipitor® under our agreement with Ranbaxy, which we received in the first half of 2012, a decline in sales of escitalopram oxalate, the generic version of Lexapro®, to which we had exclusive rights in the first half of 2012, and a decline in sales of generic versions of Actos® (pioglitazone) and Actoplus met® (pioglitazone/ metformin), which were launched in the third quarter of 2012.
European revenues of $3.5 billion, flat compared to 2012, or a 2% decrease in local currency terms. The decrease in local currency terms mainly resulted from lower sales inGermany and Spain, as well as lower sales of APIs.
ROW revenues of $2.2 billion, a decrease of 11%, or 1% in local currency terms, compared to 2012. The decrease was mainly due to lower revenues in Japan, partially offset by higher revenues in Russia and Latin America markets.
Generics medicines revenues comprised 49% of total revenues for the year, compared to 51% in 2012.

     
Year Ended December 31, 
Percentage
Change

2013   2012   % of 2013   % of 2012 
2013 from
2012

U.S. $ in millions      

Generic Medicines  $ 9,906  $ 10,385  49%  51%  (5%)
API  692  796  3%  4%  (13%)

Specialty medicines net revenues in 2013 were $8.4 billion, an increase of 3% compared to $8.2 billion in 2012. Specialty revenues consisted of:

U.S. revenues of $6.0 billion, an increase of 3% compared to 2012.
European revenues of $1.7 billion, an increase of 8%, or 6% in local currency terms compared to 2012.
ROW revenues of $670 million, a decrease of 7%, or 3% in local currency terms compared to 2012.
Specialty medicines revenues comprised 41% of total revenues for the year, compared to 40% in 2012.

The increase in specialty medicines revenues from 2012 was due to higher sales of several specialty medicines, primarily COPAXONE®, TREANDA®, AZILECT®, QVAR® and ProAir®, partially offset by a decrease in Provigil® sales due to its loss of exclusivity.

Global revenues recorded by Teva for COPAXONE®, the leading multiple sclerosis therapy in the U.S. and globally, increased 8% to $4.3 billion, compared to $4.0 billion in 2012. In the U.S., sales increased 11% to $3.2 billion, as a result of increases in both price and volume. Sales outside the U.S. were $1.1 billion, an increase of 2%, compared to 2012, mainly as a result of higher revenues in certain countries in Europe.

AZILECT® revenues recorded by Teva increased 12% to $371 million, while global in-market revenues increased 17% to $493 million, primarily due to increased demand in the U.S. andEurope as well as a price increase in the U.S.

TREANDA® revenues reached $709 million in 2013, an increase of 17% from 2012, primarily due to volume growth.

Respiratory medicines revenues were $905 million in 2013, an increase of 6% from $856 million in 2012. The increase was primarily due to higher revenues from QVAR®, ProAir® and Qnasl® in the U.S., partially offset by lower revenues in Europe.

Women's Health medicines revenues amounted to $463 million in 2013, an increase of 3% from $448 million in 2012. The increase was primarily due to higher revenues in Europe andLatin America, as well as the launch of QuartetteTM and Plan B One-Step® OTC in the U.S.

In addition, during the year we successfully launched several specialty medicines, including QuartetteTM , Plan B One-Step® OTC, Lonquex® (lipegfilgrastim) and Granix® tbo-filgrastim.

             
Year Ended December 31, 
Percentage
Change

2013  2012  % of 2013  % of 2012 
2013 from
2012

U.S. $ in millions     

Specialty Medicines  8,402  8,150  41%  40%  3%
CNS  5,505  5,464  27%  27%  1%
Copaxone®  4,328  3,996  21%  20%  8%
Azilect®  371  330  2%  2%  12%
Nuvigil®  320  347  2%  2%  (8%)
Provigil®  91  417  §  2%  (78%)
Oncology  982  860  5%  4%  14%
Treanda®  709  608  3%  3%  17%
Respiratory  905  856  4%  4%  6%
ProAir®  429  406  2%  2%  6%
Qvar®  328  297  2%  1%  10%
Women's Health  463  448  2%  2%  3%
Other Specialty  547  522  3%  3%  5%

§ Less than 0.5%.         

Other net revenues include:

OTC net revenues for the year were $1.2 billion, an increase of 24%, or 28% in local currency terms, compared to $936 million in 2012, primarily due to growth in sales in Latin America and Europe, as well as sales of OTC products in the U.S. to The Procter & Gamble Company.
Other net revenues for the year were $841 million, mostly from the distribution of third-party products in Israel and Hungary, compared to $846 million in 2012. In local currency terms, revenues decreased 4%.
     
Year Ended December 31, 
Percentage
Change

2013   2012   % of 2013   % of 2012 
2013 from
2012

U.S. $ in millions      

All Others  2,006  1,782  10%  9%  13%
OTC  1,165  936  6%  5%  24%
Other Revenues  841  846  4%  4%  (1%)

Revenues by Geography for the Full Year 2013

Net revenues in the U.S. were $10.5 billion (52% of total revenues), flat compared to 2012, driven by strong revenues of specialty medicines offset by lower sales of generic medicines.

Net revenues in Europe were $6.0 billion (29% of total revenues), an increase of 3% compared to 2012, or 1% in local currency terms. Revenues in Europe this year benefited from increased sales of specialty medicines, primarily COPAXONE®, as well as continued growth in our OTC business. This growth was partially offset by lower API sales.

Net revenues in the ROW totaled $3.9 billion (19% of total revenues), a decrease of 5% compared to 2012. In local currency terms, ROW revenues grew by 2%. The increase in local currency terms was primarily due to higher revenue in Latin America and Russia, partially offset by lower revenues in Japan.

Key Metrics

Exchange rate differences between this quarter and the fourth quarter of 2012 reduced our revenues and non-GAAP operating income by approximately $49 million and $45 million, respectively. The impact on revenues resulted primarily from the weakening of certain currencies (primarily the Japanese yen, Latin American currencies, the Russian ruble and the Canadian dollar) relative to the U.S. dollar, while the euro and the Israeli shekel appreciated against the U.S. dollar. Exchange rate differences during 2013 in comparison with 2012 negatively impacted our overall revenues by approximately $166 million and operating income by $129 million.

Non-GAAP Information This quarter, we had net non-GAAP charges of $825 million, consisting primarily of impairments of $329 million and amortization of $313 million. Accordingly, non-GAAP net income and non-GAAP EPS for the quarter are adjusted to exclude these and certain other items, as follows:

Impairment of $329 million relating mainly to write-off of product rights due to market changes, plant closures, write-offs of R&D projects that were terminated and of certain equity investments;
Amortization of purchased intangible assets totaling $313 million, of which $298 million is included in cost of goods sold and the remaining $15 million in selling and marketing expenses;
Net tax expense of $248 million related to settlements with the Israeli tax authorities;
Restructuring and acquisition expenses of $107 million mainly related to Teva's previously announced cost reduction program;
Legal settlements of $15 million;
Regulatory actions taken in facilities of $5 million;
Contingent consideration and other expenses of $29 million;
Financial expenses of $4 million; and
Related tax benefits of $225 million.
Teva believes that excluding such items facilitates investors' understanding of the Company's business. See the attached tables for a reconciliation of U.S. GAAP results to the adjusted non-GAAP figures.

Non-GAAP gross profit margin was 58.9% in the quarter, compared to 58.7% in the fourth quarter of 2012. This reflects a decreased contribution from the sales of generic medicines, offset by higher sales of COPAXONE® and oncology product line medicines. GAAP gross profit margin was 53.3% in the quarter, compared to 53.1% in the fourth quarter of 2012.

Net Research & Development (R&D) expenditures in the quarter (excluding purchase of in-process R&D) totaled $409 million, or 7.5% of revenues, compared to $374 million, or 7.1% of revenues in the fourth quarter of 2012. The increase in R&D spending primarily reflects the progress in development activities.

Selling and Marketing expenditures (excluding amortization of purchased intangible assets) totaled $1.1 billion, or 20.6% of revenues, in the quarter, compared to $1.0 billion, or 19.9% of revenues, in the fourth quarter of 2012. The increase primarily reflects higher expenses related to royalty payments for generic medicines in the U.S. as well as higher expenses related to our specialty medicines prelaunch activities, partially offset by lower non-royalty expenses related to generic medicines.

General and Administrative (G&A) expenditures totaled $316 million in the quarter, or 5.8% of revenues, compared with $318 million, or 6.1% of revenues, for the fourth quarter of 2012.

Quarterly non-GAAP operating income was $1.4 billion, up 1% compared to the fourth quarter of 2012. Quarterly GAAP operating income was $0.6 billion compared to $0.3 billion in the fourth quarter of 2012.

For the full year 2013, non-GAAP operating income was $5.2 billion, down 9% compared to the full year 2012. GAAP operating income was $1.6 billion compared to $2.2 billion in 2012.

Below is a quarterly analysis of profitability by segments or business lines. The annual analysis can be found in the appendix to this release:

  Generics
Three months ended December 31,   Percentage Change
2013   2012 
2013 - 2012

U.S.$ in millions / % of Segment Revenues 
         
Revenues  $ 2,697  100%  $ 2,662  100%  1%
Gross Profit   1,149  43%   1,153  43%  §
R&D Expenses   140  5%   141  5%  (1%)
S&M Expenses   527  20%   507  19%  4%
Segment Profitability*   482  18%   505  19%  (5%)

Total Specialty
Three months ended December 31,  Percentage Change
2013  2012 
2013 - 2012

U.S.$ in millions / % of Segment Revenues 

Revenues  $ 2,204  100%  $ 2,106  100%  5%
Gross Profit   1,934  88%   1,813  86%  7%
R&D Expenses   265  12%   232  11%  14%
S&M Expenses   504  23%   498  24%  1%
Segment Profitability*   1,165  53%   1,083  51%  8%

MS
Three months ended December 31,  Percentage Change
2013  2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues 

Revenues  $ 1,142  100%  $ 1,059  100%  8%
Gross Profit   1,018  89%   925  87%  10%
R&D Expenses   22  2%   24  2%  (8%)
S&M Expenses   151  13%   166  16%  (9%)
MS Profitability*   845  74%   735  69%  15%

Other Specialty
Three months ended December 31,  Percentage Change
2013  2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues 

Revenues  $ 1,062  100%  $ 1,047  100%  1%
Gross Profit   916  86%   888  85%  3%
R&D Expenses   243  23%   208  20%  17%
S&M Expenses   353  33%   332  32%  6%
Other Specialty Profitability* 320  30%   348  33%  (8%)

* Profitability is comprised of gross profit for the segment\BL, S&M and R&D expenses related to the segment\BL. Segment\BL profitability does not include G&A expenses, amortization and non-recurring items. Additional information can be found in note 21 of our consolidated financial statements and in "Item 5--Operating Income".

§ Less than 0.5%.

Financial expenses totaled $55 million in the quarter, compared with $114 million in the fourth quarter of 2012. The expenses in the quarter were below our run-rate mainly due to net positive affect from hedging activities, income from sales of securities in this quarter and lower interest expenses.

The provision for non-GAAP tax for the quarter amounted to $91 million on pre-tax non-GAAP income of $1.3 billion. The provision for tax in the fourth quarter of 2012 was $80 million on pre-tax income of $1.2 billion. The annual non-GAAP effective tax rate for 2013 was 12.8%, compared to 12.3% in 2012. The tax rate for 2013 was primarily the result of the mix of products (both type and location of production) sold during the year. In addition, tax benefits resulting from mergers between subsidiaries and tax incentives to which our subsidiaries are entitled further reduced the tax expenses for 2013.

Non-GAAP net income and non-GAAP EPS were $1.2 billion and $1.42 in the quarter, an increase of 6% and 8%, respectively, compared to $1.1 billion and $1.32 in the fourth quarter of 2012. GAAP net income and GAAP EPS were $380 million and $0.45 in the quarter compared to $320 million and $0.37 in the fourth quarter of 2012.

For the full year 2013, Non-GAAP net income and non-GAAP EPS were $4.3 billion and $5.01, a decrease of 9% and 6%, respectively, compared to $4.7 billion and $5.35 in 2012. GAAP net income and GAAP EPS were $1.3 billion and $1.49 compared to $2 billion and $2.25 in 2012.

Cash flow from operations during the quarter was $816 million, compared to $1,577 million in the fourth quarter of 2012, a decrease of 48%. Free cash flow, excluding net capital expenditures and dividends, was $236 million, a decrease of $802 million compared to $1.0 billion in the fourth quarter of 2012. The decrease in cash flow was mainly due to payments made in connection with litigation and tax settlements. Excluding the effect of these settlements, cash flow from operations and free cash flow were $1.7 billion and $1.1 billion, respectively, in the quarter.

Cash and marketable securities at December 31, 2013 amounted to $1.2 billion.

During the quarter there were no share repurchases. In 2013, Teva repurchased 12.8 million shares for approximately $497 million. Since the beginning of 2012, Teva has repurchased 40.9 million shares for approximately $1.7 billion as part of the $3.0 billion share repurchase plan authorized in December 2011.

For the fourth quarter of 2013, the weighted average share count for the fully diluted earnings per share calculation was 848 million on a GAAP and non-GAAP basis. At December 31, 2013, the share count for calculating Teva's market capitalization was approximately 848 million.

Total equity at December 31, 2013, was $22.6 billion, an increase of $0.2 billion, compared to $22.4 billion at September 30, 2013. The increase in total equity was primarily a result of GAAP net income of $380 million and currency translation adjustments, partially offset by dividend payments.

Dividend

The Board of Directors, at its meeting on February 4, 2014, declared a cash dividend for the fourth quarter of 2013 of NIS 1.21 (approximately 34 cents according to the rate of exchange onFebruary 4, 2014) per share , a 5% increase from the third quarter 2013 dividend of NIS 1.15.

The record date will be February 24, 2014, and the payment date will be March 10, 2014. Tax will be withheld at a rate of 15%.

Annual Report on Form 20-F

Teva will file its Annual Report on Form 20-F with the SEC next week. The report will include a complete analysis of the financial results for 2013 and will be available on the company's website, http://www.tevapharm.com, as well as through the SEC's website: http://www.sec.gov.

Conference Call

Teva will host a conference call to discuss its fourth quarter and full year 2013 results on Thursday, February 6, 2014, at 8:00 a.m. ET. The call will be webcast and can be accessed through the Company's website at www.tevapharm.com, or by dialing in to 1-888-895-5271 (U.S. and Canada) or 1-847-619-6547 (International). The conference ID is 36341322. Following the conclusion of the call, a replay of the webcast will be available within 24 hours at the Company's website at www.tevapharm.com. A replay of the call will also be available until February 13, 2014, at 11:59 p.m. ET, by calling 1.888.843.7419 (U.S. and Canada) or 1.630.652.3042 (International). The Conference ID is 36341322#

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world's leading generic drug maker, with a global product portfolio of more than 1,000 molecules and a direct presence in about 60 countries. Teva's Specialty Medicines businesses focus on CNS, respiratory oncology, pain, and women's health therapeutic areas as well as biologics. Teva currently employs approximately 45,000 people around the world and reached $20.3 billion in net revenues in 2013.

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 our ability to achieve expected results through our innovative R&D efforts; risks relating to: our ability to develop and commercialize additional pharmaceutical products, competition for our innovative products, especially COPAXONE® (including competition from innovative orally-administered alternatives, as well as from potential purported generic equivalents), competition for our generic products (including from other pharmaceutical companies and as a result of increased governmental pricing pressures), competition for our specialty pharmaceutical businesses, , the effectiveness of our patents and other protections for innovative products, decreasing opportunities to obtain U.S. market exclusivity for significant new generic products, our ability to identify, consummate and successfully integrate acquisitions, the effects of increased leverage as a result of recent acquisitions, the extent to which any manufacturing or quality control problems damage our reputation for high quality production and require costly remediation, our potential exposure to product liability claims to the extent not covered by insurance, increased government scrutiny in both the U.S. and Europe of our agreements with brand companies, potential liability for sales of generic products prior to a final resolution of outstanding patent litigation, our exposure to currency fluctuations and restrictions as well as credit risks, the effects of reforms in healthcare regulation and pharmaceutical pricing and reimbursement, any failures to comply with complex Medicare and Medicaid reporting and payment obligations, governmental investigations into sales and marketing practices (particularly for our specialty pharmaceutical products), uncertainties surrounding the legislative and regulatory pathways for the registration and approval of biotechnology-based products, adverse effects of political or economical instability, corruption, major hostilities or acts of terrorism on our significant worldwide operations, interruptions in our supply chain or problems with our information technology systems that adversely affect our complex manufacturing processes, any failure to retain key personnel or to attract additional executive and managerial talent, the impact of continuing consolidation of our distributors and customers, variations in patent laws that may adversely affect our ability to manufacture our products in the most efficient manner, potentially significant impairments of intangible assets and goodwill, potential increases in tax liabilities, the termination or expiration of governmental programs or tax benefits, environmental risks and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2012 and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

               
Generics
Year ended December 31,  Percentage Change
2013  2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues 

Revenues  $ 9,906  100%  $ 10,385  100%  (5%)
Gross Profit   4,095  41%   4,518  44%  (9%)
R&D Expenses   494  5%   485  5%  2%
S&M Expenses   1,945  20%   1,971  19%  (1%)
Segment Profitability*   1,656  17%   2,062  20%  (20%)

Total Specialty
Year ended December 31,  Percentage Change
2013  2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues 

Revenues  $ 8,402  100%  $ 8,150  100%  3%
Gross Profit   7,326  87%   7,173  88%  2%
R&D Expenses   909  11%   793  10%  15%
S&M Expenses   1,850  22%   1,686  21%  10%
Segment Profitability*   4,567  54%   4,694  58%  (3%)

MS
Year ended December 31,  Percentage Change
2013  2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues 

Revenues  $ 4,328  100%  $ 3,996  100%  8%
Gross Profit   3,869  89%   3,566  89%  8%
R&D Expenses   66  2%   84  2%  (21%)
S&M Expenses   533  12%   506  13%  5%
MS Profitability*   3,270  76%   2,976  74%  10%

Other Specialty
Year ended December 31,  Percentage Change
2013  2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues 

Revenues  $ 4,074  100%  $ 4,154  100%  (2%)
Gross Profit   3,457  85%   3,607  87%  (4%)
R&D Expenses   843  21%   709  17%  19%
S&M Expenses   1,317  32%   1,180  28%  12%
Other Specialty Profitability*  1,297  32%   1,718  41%  (25%)

* Profitability is comprised of gross profit for the segment\BL, S&M and R&D expenses related to the segment\BL. Segment profitability does not include G&A expenses, amortization and non-recurring items. Additional information can be found in note 21 of our consolidated financial statements and in "Item 5--Operating Income".

§ Less than 0.5%.

###

APPENDIX

          
Consolidated Statements of Income

(U.S. dollars in millions, except share and per share data)

           
Three months ended   Year ended
December 31,   December 31,
2013   2012   2013   2012
Unaudited   Unaudited   Audited   Audited
Net revenues    5,430    5,249    20,314    20,317
Cost of sales    2,536     2,464     9,607     9,665 
Gross profit    2,894    2,785    10,707    10,652
Research and development expenses    411    442    1,427    1,356
Selling and marketing expenses    1,132    1,056    4,080    3,879
General and administrative expenses    316    318    1,239    1,238
Legal settlements and loss contingencies    -    -    1,524    715
Impairments, restructuring and others    475     639     788     1,259 
Operating income    560    330    1,649    2,205
Financial expenses - net    59     146     399     386 
Income before income taxes    501    184    1,250    1,819
Income taxes    114    (110 )   (43 )   (137 )
Share in losses of associated companies - net    10     14     40     46 
Net income    377    280    1,253    1,910
Net loss attributable to non-controlling interests    (3 )   (40 )   (16 )   (53 )
Net income attributable to Teva    380     320     1,269     1,963 

Earnings per share attributable to Teva:  Basic ($)  0.45     0.37     1.49     2.25 
Diluted ($)  0.45     0.37     1.49     2.25 
Weighted average number of shares (in millions):  Basic  847     867     849     872 
Diluted  848     868     850     873 

Non-GAAP net income attributable to Teva:*    1,205     1,142     4,255     4,671 

Non-GAAP earnings per share attributable to Teva:  Basic ($)  1.42     1.32     5.01     5.36 
Diluted ($)  1.42     1.32     5.01     5.35 

Weighted average number of shares (in millions):  Basic  847     867     849     872 
Diluted  848     868     850     873 


* See reconciliation attached.            

    Condensed Balance Sheets
(U.S. dollars in millions)
   
December 31,   December 31,
2013   2012
ASSETS   Audited   Audited
Current assets:     
Cash and cash equivalents   1,038   2,879
Accounts receivable   5,338   5,572
Inventories   5,053   5,502
Deferred income taxes   1,084   1,142
Other current assets   1,207   1,260
Total current assets   13,720   16,355
Other non-current assets   1,696   1,338
Property, plant and equipment, net   6,635   6,315
Identifiable intangible assets, net   6,476   7,745
Goodwill   18,981   18,856
Total assets   47,508   50,609

LIABILITIES AND EQUITY     
Current liabilities:     
Short-term debt   1,804   3,006
Sales reserves and allowances   4,918   4,934
Accounts payable and accruals   3,317   3,376
Other current liabilities   1,926   1,572
Total current liabilities   11,965   12,888
Long-term liabilities:     
Deferred income taxes   1,247   1,849
Senior notes and loans   10,387   11,712
Other taxes and long-term liabilities   1,273   1,293
Total long-term liabilities   12,907   14,854
Equity:     
Teva shareholders' equity   22,565   22,768
Non-controlling interests   71   99
Total equity   22,636   22,867
Total liabilities and equity   47,508   50,609

         
Condensed Cash Flow

(U.S. Dollars in millions)

      
Three months ended  Year ended
December 31,  December 31,
2013   2012   2013   2012
Unaudited   Unaudited   Audited   Audited
Operating activities:          
Net income  377    280    1,253    1,910
Net change in operating assets and liabilities  359    448    968    414
Items not involving cash flow  80    849    1,016    2,248
            
Net cash provided by operating activities  816    1,577    3,237    4,572

Net cash used in investing activities  (316 )   (409 )   (1,147 )   (1,134 )

Net cash provided by (used in) financing activities  (619 )   266    (3,883 )   (1,678 )

Translation adjustment on cash and cash equivalents  9    13    (48 )   23
            
Net change in cash and cash equivalents  (110 )   1,447    (1,841 )   1,783

Balance of cash and cash equivalents at the beginning of period  1,148    1,432    2,879    1,096
            
Balance of cash and cash equivalents at the end of period  1,038     2,879     1,038     2,879 

 
Non GAAP reconciliation items

(U.S. Dollars in millions)

               
Three months ended   Year ended
December 31,   December 31,
2013   2012   2013    2012
Unaudited   Unaudited   Audited    Audited
Impairment of long-lived assets  329   495    524     1,071
Amortization of purchased intangible assets - under cost of sales  298   271    1,136     1,228
Restructuring, acquisition and other expenses  131   136    264     188
Amortization of purchased intangible assets - under selling and marketing expenses  15   13    44     44
Expense in connection with legal settlements and reserves  15   8    1,524     715
Costs related to regulatory actions taken in facilities - under cost of sales  5   25    43     128
Financial expenses related to early repayment of senior notes and other  4   32    110     32
Accelerated depreciation  3   -    9     -
Purchase of research and development in process  2   68    5     73
Minority interest changes related to impairments of co-owned assets  -   (36 )   -     (36 )
Inventory step-up - under cost of sales  -   -    -     63
Net of corresponding tax benefit*  23   (190 )   (673 )    (798 )

* Amount is net of $248 million for Amendment 69 and settlements with the Israeli tax authorities in 2013.

Reconciliation between reported Net Income attributable to Teva and Earnings per share as reported under US GAAP to Non-GAAP Net Income attributable to Teva and Earnings per share

     Year ended December 31, 2013     Year ended December 31, 2012
Audited, U.S. dollars and shares in millions (except per share amounts)
                             
Non-GAAP   Non-  % of Net      Non-GAAP   Non-   % of Net
GAAP   Adjustments   GAAP  Revenues   GAAP   Adjustments   GAAP   Revenues

Gross profit (1)  10,707   1,188    11,895  59 %   10,652   1,419    12,071   59 %
Operating income (1)(2)  1,649   3,549    5,198  26 %   2,205   3,510    5,715   28 %
Net income attributable to Teva (1)(2)(3)  1,269   2,986    4,255  21 %   1,963   2,708    4,671   23 %
Earnings per share attributable to Teva - diluted (4)  1.49   3.52    5.01     2.25   3.10    5.35  



(1 )  Amortization of purchased intangible assets     1,136            1,228      
Costs related to regulatory actions taken in facilities     43            128      
Inventory step-up     -            63      
Accelerated depreciation     9             -       
Gross profit adjustments     1,188            1,419      

(2 )  Expense in connection with legal settlements and reserves     1,524            715      
Impairment of long-lived assets     524            1,071      
Restructuring, acquisition and other expenses     269            261      
Amortization of purchased intangible assets     44             44       
2,361             2,091       
Operating income adjustments     3,549             3,510       
(3 )  Tax effect and other items     (673 )           (834 )     
Financial expense     110             32       
Net income adjustments     2,986             2,708       

(4)   The weighted average number of shares was 850 and 873 million for the years ended December 31, 2013 and 2012, respectively. Non-GAAP earnings per share can be reconciled with GAAP earnings per share by dividing each of the amounts included in footnotes 1-3 above by the applicable weighted average share number.

Reconciliation between reported Net Income attributable to Teva and Earnings per share as reported under US GAAP to Non-GAAP Net Income attributable to Teva and Earnings per share

     Three months ended December 31, 2013       Three months ended December 31, 2012
Unaudited, U.S. dollars and shares in millions (except per share amounts)
                                
Non-GAAP   Non-   % of Net       Non-GAAP   Non-   % of Net
GAAP   Adjustments   GAAP   Revenues    GAAP   Adjustments   GAAP   Revenues

Gross profit (1)  2,894   306   3,200   59 %    2,785   296    3,081   59 %
Operating Profit (1)(2)  560   798   1,358   25 %    330   1,016    1,346   26 %
Net income attributable to Teva (1)(2)(3)  380   825   1,205   22 %    320   822    1,142   22 %
Earnings per share attributable to Teva - Diluted (4)  0.45   0.97   1.42       0.37   0.95    1.32  



(1 )  Amortization of purchased intangible assets     298             271      
Costs related to regulatory actions taken in facilities     5             25      
Accelerated deprecation     3             -       
Gross profit adjustments     306             296      

 

(2 )  Impairment of long-lived assets     329             495      
Restructuring, acquisition and other expenses     133             204      
Amortization of purchased intangible assets     15             13      
Expense in connection with legal settlements and reserves   15             8       

492             720       
Operating profit adjustments     798             1016       
(3 )  Tax effect and other items     23             (226 )     
Finance expense     4             32       
Net income adjustments     825             822       

(4)   The weighted average number of shares was 848 and 868 million for the three months ended December 31, 2013 and 2012, respectively. Non-GAAP earnings per share can be reconciled with GAAP earnings per share by dividing each of the amounts included in footnotes 1-3 above by the applicable weighted average share number.

                                         
Segment Information
Generics      Specialty
Three months ended December 31,   Percentage Change    Three months ended December 31,  Percentage Change
2013   2012   2013 - 2012    2013   2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues       U.S.$ in millions / % of Segment Revenues 

Revenues  $ 2,697   100%   $ 2,662   100%   1%    $ 2,204 100%   $ 2,106   100%  5%
Gross Profit   1,149   43%    1,153   43%   §     1,934 88%    1,813   86%  7%
R&D Expenses   140   5%    141   5%   (1%)     265 12%    232   11%  14%
S&M Expenses   527   20%    507   19%   4%     504 23%    498   24%  1%
Segment Profitability*   482   18%    505   19%   (5%)     1,165 53%    1,083   51%  8%

* Segment profitability is comprised of gross profit for the segment, S&M and R&D expenses related to the segment. Segment profitability does not include G&A expenses, amortization and non-recurring items. Additional information can be found in note 21 of our consolidated financial statements and in "Item 5--Operating Income".

§ Less than 0.5%.


Reconciliation of our segment profitability to Teva's consolidated operating income
 
Three months ended
December 31,
2013   2012
U.S.$ in millions

Generic medicines profitability  $ 482  $ 505
Specialty medicines profitability    1,165    1,083
Total segment profitability   1,647   1,588
Profitability of other activities   27   76
Total profitability    1,674    1,664
Amounts not allocated to segments:     
Amortization   313   284
General and administrative expenses   316   318
Legal settlements and loss contingencies   15   8
Impairments, restructuring and others   460   631
Other unallocated amounts   10   93
       
Consolidated operating income   560   330
Financial expenses - net    59    146
Consolidated income before income taxes  $ 501  $ 184

        
Generics    Specialty
Year ended December 31,     Percentage Change    Year ended December 31,   Percentage Change
2013     2012   2013 - 2012    2013     2012  2013 - 2012
U.S.$ in millions / % of Segment Revenues       U.S.$ in millions / % of Segment Revenues 
                                    
Revenues  $ 9,906   100%   $ 10,385   100%   (5%)    $ 8,402   100%   $ 8,150   100%  3%
Gross Profit   4,095   41%    4,518   44%   (9%)     7,326   87%    7,173   88%  2%
R&D Expenses   494   5%    485   5%   2%     909   11%    793   10%  15%
S&M Expenses   1,945   20%    1,971   19%   (1%)     1,850   22%    1,686   21%  10%
Segment Profitability*   1,656   17%    2,062   20%   (20%)     4,567   54%    4,694   58%  (3%)

* Segment profitability is comprised of gross profit for the segment, S&M and R&D expenses related to the segment. Segment profitability does not include G&A expenses, amortization and non-recurring items. Additional information can be found in note 21 of our consolidated financial statements and in "Item 5--Operating Income".

    
Reconciliation of our segment profitability to Teva's consolidated operating income
  Year ended December 31,
2013   2012
U.S.$ in millions

Generic medicines profitability  $ 1,656   $ 2,062
Specialty medicines profitability    4,567     4,694
Total segment profitability   6,223    6,756
Profitability of other activities    214     197
Total profitability   6,437    6,953
Amounts not allocated to segments:      
Amortization   1,180    1,272
General and administrative expenses   1,239    1,238
Legal settlements and loss contingencies   1,524    715
Impairments, restructuring and others   788    1,259
Other unallocated amounts    57     264
Consolidated operating income   1,649    2,205
Financial expenses - net    399     386
Consolidated income before income taxes  $ 1,250   $ 1,819


Revenues by Activity and Geographical Area
(Audited)
                          
Three Months Ended
December 31,

Percentage Change   Percentage Change
2013   2012   % of 2013   % of 2012   2013 - 2012   2013 - 2012
U.S. $ in millions            in local currencies
Generic Medicines                
United States  1,178   1,034   22 %   20 %   14 %   14 %
Europe*  940   955   17 %   18 %   (2 %)   (5 %)
Rest of the World.  579   673   11 %   13 %   (14 %)   (2 %)
Total Generic Medicines  2,697   2,662   50 %   51 %   1 %   3 %
Specialty Medicines                
United States  1,540   1,527   28 %   29 %   1 %   1 %
Europe*  463   422   8 %   8 %   10 %   5 %
Rest of the World.  201   157   4 %   3 %   28 %   36 %
Total Specialty  2,204   2,106   40 %   40 %   5 %   4 %
Other Revenues                
United States  69   60   1 %   1 %   15 %   15 %
Europe*  196   181   4 %   3 %   8 %   6 %
Rest of the World.  264   240   5 %   5 %   10 %   14 %
Total Other Revenues  529   481   10 %   9 %   10 %   11 %
Total Revenues  5,430   5,249   100 %   100 %   3 %   4 %

* All members of the European Union, Switzerland, Norway, Albania and the countries of former Yugoslavia.

 
Revenues by Activity and Geographical Area
(Audited)
                           
Year Ended December 31,         Percentage Change   Percentage Change
2013   2012   % of 2013   % of 2012   2013 - 2012   2013 - 2012
U.S. $ in millions            in local currencies
Generic Medicines                  
United States  $ 4,181   $ 4,381   21%   22%   (5%)   (5%)
Europe*   3,485    3,482   17%   17%   §   (2%)
Rest of the World    2,240     2,522   11%   12%   (11%)   (1%)
Total Generic Medicines   9,906    10,385   49%   51%   (5%)   (3%)
Specialty Medicines                  
United States   6,026    5,857   30%   29%   3%   3%
Europe*   1,706    1,575   8%   8%   8%   6%
Rest of the World    670     718   3%   3%   (7%)   (3%)
Total Specialty   8,402    8,150   41%   40%   3%   3%
Other Revenues                  
United States   254    200   1%   1%   27%   27%
Europe*   797    741   4%   4%   8%   6%
Rest of the World    955     841   5%   4%   14%   16%
Total Other Revenues    2,006     1,782   10%   9%   13%   12%
Total Revenues    20,314     20,317   100%   100%   §   1%

* All members of the European Union, Switzerland, Norway, Albania and the countries of former Yugoslavia.
§ Less than 0.5%.


                
Revenues by Product line

(Unaudited)


Three Months Ended
December 31,

Percentage Change
2013     2012   % of 2013   % of 2012   2013 from 2012
U.S. $ in millions        

Generic Medicines  $ 2,697   $ 2,662   50%   51%   1%
API   163    202   3%   4%   (19%)
Specialty Medicines   2,204    2,106   40%   40%   5%
CNS   1,456    1,340   27%   26%   9%
Copaxone®   1,142    1,059   21%   20%   8%
Azilect®   98    86   2%   2%   14%
Nuvigil®   76    78   1%   1%   (3%)
Provigil®   26    25   §   §   4%
Oncology   261    233   5%   4%   12%
Treanda®   177    161   3%   3%   10%
Respiratory   238    256   4%   5%   (7%)
ProAir®   114    120   2%   2%   (5%)
Qvar®   89    92   2%   2%   (3%)
Women's Health   127    132   2%   2%   (4%)
Other Specialty   122    145   2%   3%   (16%)
All Others   529    481   10%   9%   10%
OTC   316    269   6%   5%   17%
Other Revenues    213     212   4%   4%   §
Total  $ 5,430   $ 5,249   100%   100%   3%

§ Less than 0.5%


Revenues by Product line
(Audited)
                     
Year Ended December 31,         Percentage Change
2013   2012   % of 2013   % of 2012   2013 from 2012
U.S. $ in millions        

Generic Medicines  $ 9,906   $ 10,385   49%   51%   (5%)
API   692    796   3%   4%   (13%)
Specialty Medicines   8,402    8,150   41%   40%   3%
CNS   5,505    5,464   27%   27%   1%
Copaxone®   4,328    3,996   21%   20%   8%
Azilect®   371    330   2%   2%   12%
Nuvigil®   320    347   2%   2%   (8%)
Provigil®   91    417   §   2%   (78%)
Oncology   982    860   5%   4%   14%
Treanda®   709    608   3%   3%   17%
Respiratory   905    856   4%   4%   6%
ProAir®   429    406   2%   2%   6%
Qvar®   328    297   2%   1%   10%
Women's Health   463    448   2%   2%   3%
Other Specialty   547    522   3%   3%   5%
All Others   2,006    1,782   10%   9%   13%
OTC   1,165    936   6%   5%   24%
Other Revenues    841     846   4%   4%   (1%)
Total  $ 20,314   $ 20,317   100%   100%   §

§ Less than 0.5%.


         
Revenues by Geographic Area
(Unaudited)

                     
Three Months Ended
December 31,

Percentage Change   Percentage Change
2013   2012   % of 2013   % of 2012   2013 - 2012   2013 from 2012
U.S. $ in millions            in local currencies
United States:                 
Generic   1,178   1,034   22%   20%   14%   14%
Specialty   1,540   1,527   28%   29%   1%   1%
Others   69    60   1%   1%   15%   15%
Total United States   2,787   2,621   51%   50%   6%   6%
Europe*:                 
Generic   940   955   17%   18%   (2%)   (5%)
Specialty   463   422   8%   8%   10%   5%
Others   196    181   4%   3%   8%   6%
Total Europe   1,599   1,558   29%   29%   3%   (1%)
Rest of the World:                 
Generic   579   673   11%   13%   (14%)   (2%)
Specialty   201   157   4%   3%   28%   36%
Others   264    240   5%   5%   10%   14%
Total Rest of the World   1,044    1,070   20%   21%   (2%)   7%
Total Revenues   5,430    5,249   100%   100%   3%   4%

* All members of the European Union, Switzerland, Norway, Albania and the countries of former Yugoslavia.

         
Revenues by Geographic Area
(Unaudited)

                     
Year Ended December 31,         Percentage Change   Percentage Change
2013   2012   % of 2013   % of 2012   2013 - 2012   2012 from 2011
U.S. $ in millions            in local currencies
United States:                 
Generic   4,181   4,381   21%   22%   (5%)   (5%)
Specialty   6,026   5,857   30%   29%   3%   3%
Others   254   200   1%   1%   27%   27%
Total United States   10,461   10,438   52%   52%   §   §
Europe*:                 
Generic   3,485   3,482   17%   17%   §   (2%)
Specialty   1,706   1,575   8%   8%   8%   6%
Others   797   741   4%   4%   8%   6%
Total Europe   5,988   5,798   29%   29%   3%   1%
Rest of the World:                 
Generic   2,240   2,522   11%   12%   (11%)   (1%)
Specialty   670   718   3%   3%   (7%)   (3%)
Others   955   841   5%   4%   14%   16%
Total Rest of the World   3,865   4,081   19%   19%   (5%)   2%
Total Revenues   20,314   20,317   100%   100%   §   1%

* All members of the European Union, Switzerland, Norway, Albania and the countries of former Yugoslavia.
§ Less than 0.5%.


Source: Teva Pharmaceutical Industries Ltd.

Teva Pharmaceutical Industries Ltd.
IR:
Kevin C. Mannix, 215-591-8912
United States
or
Ran Meir, 215-591-3033
United States
or
Tomer Amitai, 972 3 926-7656
Israel
or
PR:
Iris Beck Codner, 972 3 926-7246
Israel
or
Denise Bradley, 215-591-8974
United States

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