Teva Reports Second Quarter 2021 Financial Results
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) reported Q2 2021 revenues of $3,910 million, a slight increase of 1% year-over-year. Despite a 5% revenue decline in North America primarily from COPAXONE and Anda, overall profitability improved, reflected by GAAP net income of $207 million, or $0.19 per share. Free cash flow reached $625 million, and net debt reduced by $500 million to $22.7 billion. Teva lowered its revenue outlook for 2021 due to pandemic impacts but reaffirmed earnings and cash flow guidance. Notably, AUSTEDO sales rose, and AJOVY achieved $70 million in net sales worldwide.
- Sales of AUSTEDO increased compared to Q2 2020.
- AJOVY net sales grew to $70 million globally.
- GAAP gross profit rose to $1,873 million, a 6% increase from Q2 2020.
- Free cash flow improved to $625 million, up from $582 million in Q2 2020.
- Net debt reduced by $500 million to $22.7 billion.
- Total revenues in North America decreased by 5% year-over-year.
- COPAXONE revenues fell by 36% due to generic competition.
- Operating cash flow declined to $218 million from $273 million in Q2 2020.
- Guidance for 2021 revenue outlook lowered due to pandemic impacts.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today reported results for the quarter ended June 30, 2021.
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
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
Exchange rate movements during the second quarter of 2021, including hedging effects, positively impacted our revenues by
GAAP gross profit was
GAAP Research and Development (R&D) expenses in the second quarter of 2021 were
GAAP Selling and Marketing (S&M) expenses in the second quarter of 2021 were
GAAP General and Administrative (G&A) expenses in the second quarter of 2021 were
GAAP operating income in the second quarter of 2021 was
EBITDA (defined as operating income, excluding amortization and depreciation expenses) was
GAAP financial expenses were
In the second quarter of 2021, we recognized a GAAP tax expense of
We expect our annual non-GAAP tax rate for 2021 to be
GAAP net income attributable to Teva and GAAP EPS were
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
-
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
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
As of June 30, 2021, our debt was
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 |
|
$ |
2,047 |
|
Gross profit.................................................................................................................................................................... |
|
1,040 |
|
|
1,090 |
|
R&D expenses................................................................................................................................................................ |
|
162 |
|
|
154 |
|
S&M expenses................................................................................................................................................................ |
|
255 |
|
|
254 |
|
G&A expenses................................................................................................................................................................ |
|
106 |
|
|
110 |
|
Other income................................................................................................................................................................. |
|
(5) |
§ |
|
(2) |
§ |
Segment profit*............................................................................................................................................................. |
$ |
521 |
|
$ |
573 |
|
|
|
|
|
|
|
|
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than
|
||||||
Revenues from our North America segment in the second quarter of 2021 were
Revenues in the United States, our largest market, were
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 |
|
|
AJOVY..................................................................................................................................................................................... |
|
|
46 |
|
|
34 |
|
|
AUSTEDO............................................................................................................................................................................... |
|
|
174 |
|
|
161 |
|
|
BENDEKA®/TREANDA®............................................................................................................................................................ |
|
|
106 |
|
|
103 |
|
|
COPAXONE............................................................................................................................................................................. |
|
|
152 |
|
|
238 |
|
( |
ProAir®*.................................................................................................................................................................................. |
|
|
55 |
|
|
66 |
|
( |
Anda....................................................................................................................................................................................... |
|
|
316 |
|
|
374 |
|
( |
Other...................................................................................................................................................................................... |
|
|
144 |
|
|
147 |
|
( |
Total....................................................................................................................................................................................... |
|
$ |
1,943 |
|
$ |
2,047 |
|
( |
|
|
|
|
|
|
|
|
|
* 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
In the second quarter of 2021, our total prescriptions were approximately 314 million (based on trailing twelve months), representing
AJOVY revenues in our North America segment in the second quarter of 2021 were
AUSTEDO revenues in our North America segment in the second quarter of 2021 increased by
BENDEKA and TREANDA combined revenues in our North America segment in the second quarter of 2021 increased by
COPAXONE revenues in our North America segment in the second quarter of 2021 decreased by
ProAir (HFA and RespiClick) revenues in our North America segment in the second quarter of 2021 decreased by
Anda revenues in our North America segment in the second quarter of 2021 decreased by
North America Gross Profit
Gross profit from our North America segment in the second quarter of 2021 was
Gross profit margin for our North America segment in the second quarter of 2021 increased to
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
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 |
|
$ |
1,001 |
|
Gross profit.................................................................................................................................................................... |
|
661 |
|
|
548 |
|
R&D expenses................................................................................................................................................................ |
|
63 |
|
|
65 |
|
S&M expenses................................................................................................................................................................ |
|
209 |
|
|
188 |
|
G&A expenses................................................................................................................................................................ |
|
47 |
|
|
52 |
|
Other income................................................................................................................................................................. |
|
§ |
§ |
|
(1) |
§ |
Segment profit*............................................................................................................................................................. |
$ |
343 |
|
$ |
244 |
|
___________ |
|
|
|
|
|
|
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than |
||||||
Revenues from our Europe segment in the second quarter of 2021 were
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 |
|
|
AJOVY..................................................................................................................................................................................... |
|
|
19 |
|
|
5 |
|
|
COPAXONE............................................................................................................................................................................. |
|
|
100 |
|
|
84 |
|
|
Respiratory products............................................................................................................................................................. |
|
|
85 |
|
|
80 |
|
|
Other...................................................................................................................................................................................... |
|
|
102 |
|
|
95 |
|
|
Total....................................................................................................................................................................................... |
|
$ |
1,184 |
|
$ |
1,001 |
|
|
|
|
|
|
|
|
|
|
|
Generic products revenues in our Europe segment in the second quarter of 2021, including OTC products, increased by
AJOVY revenues in our Europe segment in the second quarter of 2021 were
COPAXONE revenues in our Europe segment in the second quarter of 2021 increased by
Respiratory products revenues in our Europe segment in the second quarter of 2021 increased by
Europe Gross Profit
Gross profit from our Europe segment in the second quarter of 2021 was
Gross profit margin for our Europe segment in the second quarter of 2021 increased to
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
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 |
|
$ |
488 |
|
Gross profit.................................................................................................................................................................... |
|
270 |
|
|
247 |
|
R&D expenses................................................................................................................................................................ |
|
18 |
|
|
19 |
|
S&M expenses................................................................................................................................................................ |
|
105 |
|
|
105 |
|
G&A expenses................................................................................................................................................................ |
|
25 |
|
|
29 |
|
Other income................................................................................................................................................................. |
|
(1) |
§ |
|
(2) |
§ |
Segment profit*............................................................................................................................................................. |
$ |
123 |
|
$ |
97 |
|
|
|
|
|
|
|
|
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than |
||||||
Revenues from our International Markets segment in the second quarter of 2021 were
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 |
|
( |
COPAXONE............................................................................................................................................................................. |
|
|
7 |
|
|
12 |
|
( |
Other...................................................................................................................................................................................... |
|
|
71 |
|
|
50 |
|
|
Total....................................................................................................................................................................................... |
|
$ |
485 |
|
$ |
488 |
|
( |
|
|
|
|
|
|
|
|
|
Generic products revenues in our International Markets segment in the second quarter of 2021, which include OTC products, decreased by
COPAXONE revenues in our International Markets segment in the second quarter of 2021 were
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
Gross profit margin for our International Markets segment in the second quarter of 2021 increased to
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
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
API sales to third parties in the second quarter of 2021 were
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 |
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
|
Legal settlements
|
Impairment
|
Restructuring
|
Costs related to
|
Equity
|
Contingent
|
Other non-
|
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 |
|
|
||||||||||
| 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 |
||||||||||||
| * 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 |
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 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 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 |
|
|
|||||||||
| 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 |
|||||||||||
| * 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 |
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 | ||||||||||
| Amortization of purchased intangible assets |
Legal settlements and loss contingencies |
Impairment of long lived assets |
Other R&D expenses |
Restructuring costs |
Costs related to regulatory actions taken in facilities |
Equity compensation |
Contingent consideration |
Other non- GAAP items* |
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 |
|
|
||||||||||
| 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 |
||||||||||||
| * 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 |
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 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 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 |
|
|
|||||||||
| 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 |
|||||||||||
| * 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 |
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 |
|||||||||||||||||
| 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, | Percentage Change |
|||||||
2021 |
2020 |
2020-2021 | ||||||
| (U.S.$ in millions) | ||||||||
| North America segment | ||||||||
| Generic products | $ | 951 |
$ | 923 |
|
|||
| AJOVY | 46 |
34 |
|
|||||
| AUSTEDO | 174 |
161 |
|
|||||
| BENDEKA/TREANDA | 106 |
103 |
|
|||||
| COPAXONE | 152 |
238 |
( |
|||||
| ProAir* | 55 |
66 |
( |
|||||
| Anda | 316 |
374 |
( |
|||||
| Other | 144 |
147 |
( |
|||||
| Total | 1,943 |
2,047 |
( |
|||||
| * Does not include revenues from the ProAir authorized generic, which are included under generic products. | ||||||||
| Three months ended | ||||||||
| June 30, | Percentage Change |
|||||||
2021 |
2020 |
2020-2021 | ||||||
| (U.S.$ in millions) | ||||||||
| Europe segment | ||||||||
| Generic products | $ | 878 |
$ | 737 |
|
|||
| AJOVY | 19 |
5 |
|
|||||
| COPAXONE | 100 |
84 |
|
|||||
| Respiratory products | 85 |
80 |
|
|||||
| Other | 102 |
95 |
|
|||||
| Total | 1,184 |
1,001 |
|
|||||
| Three months ended | ||||||||
| June 30, | Percentage Change |
|||||||
2021 |
2020 |
2020-2021 | ||||||
| (U.S.$ in millions) | ||||||||
| International Markets segment | ||||||||
| Generic products | $ | 407 |
$ | 426 |
( |
|||
| COPAXONE | 7 |
12 |
( |
|||||
| Other | 71 |
50 |
|
|||||
| Total | 485 |
488 |
( |
|||||
| Revenues by Activity and Geographical Area | ||||||||
| (Unaudited) | ||||||||
| Six months ended | ||||||||
| June 30, | Percentage Change |
|||||||
2021 |
2020 |
2020-2021 | ||||||
| (U.S.$ in millions) | ||||||||
| North America segment | ||||||||
| Generic products | $ | 2,004 |
$ | 1,875 |
|
|||
| AJOVY | 77 |
63 |
|
|||||
| AUSTEDO | 320 |
283 |
|
|||||
| BENDEKA / TREANDA | 197 |
208 |
( |
|||||
| COPAXONE | 315 |
435 |
( |
|||||
| ProAir* | 109 |
125 |
( |
|||||
| Anda | 605 |
800 |
( |
|||||
| Other | 305 |
338 |
( |
|||||
| Total | 3,932 |
4,129 |
( |
|||||
| * Does not include revenues from the ProAir authorized generic, which are included under generic products. | ||||||||
| Six months ended | ||||||||
| June 30, | Percentage Change |
|||||||
2021 |
2020 |
2020-2021 | ||||||
| (U.S.$ in millions) | ||||||||
| Europe segment | ||||||||
| Generic products | $ | 1,742 |
$ | 1,769 |
( |
|||
| AJOVY | 35 |
9 |
|
|||||
| COPAXONE | 201 |
193 |
|
|||||
| Respiratory products | 179 |
186 |
( |
|||||
| Other | 242 |
246 |
( |
|||||
| Total | 2,398 |
2,404 |
|
|||||
| Six months ended | ||||||||
| June 30, | Percentage Change |
|||||||
2021 |
2020 |
2020-2021 | ||||||
| (U.S.$ in millions) | ||||||||
| International Markets segment | ||||||||
| Generic products | $ | 799 |
$ | 875 |
( |
|||
| COPAXONE | 19 |
23 |
( |
|||||
| Other | 157 |
154 |
|
|||||
| Total | 975 |
1,053 |
( |
|||||
| Free cash flow reconciliation | |||||
| (Unaudited) | |||||
| Three months ended June 30, | |||||
2021 |
2020 |
||||
| (U.S. $ in millions) | |||||
| Net cash provided by operating activities | 218 |
273 |
|||
| Beneficial interest collected in exchange for securitized accounts receivables | 405 |
401 |
|||
| Purchases of property, plant and equipment | (113) |
(131) |
|||
| Proceeds from sale of business and long lived assets | 116 |
39 |
|||
| Free cash flow | $ | 625 |
$ | 582 |
|
| Free cash flow reconciliation | |||||
| (Unaudited) | |||||
| Six months ended June 30, | |||||
2021 |
2020 |
||||
| (U.S. $ in millions) | |||||
| Net cash provided by (used in) operating activities | (187) |
578 |
|||
| Beneficial interest collected in exchange for securitized accounts receivables | 881 |
769 |
|||
| Purchases of property, plant and equipment | (263) |
(259) |
|||
| Proceeds from sale of business and long lived assets | 254 |
45 |
|||
| Free cash flow | $ | 684 |
$ | 1,133 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005477/en/
FAQ
What were Teva's Q2 2021 earnings results?
How did Teva's free cash flow perform in Q2 2021?
What factors affected Teva's revenue outlook for 2021?
How have AUSTEDO and AJOVY performed in Q2 2021?
