Teva Provides Updated 2012 Non-GAAP Financial Outlook; Updated 2012 Non-GAAP Diluted EPS Of $5.30 To $5.40

On its conference call today, Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) provided its current outlook for non-GAAP financial performance for the full year ending December 31, 2012. This outlook is summarized below.

• Total net sales of approximately $20-$21 billion, consisting of total U.S. net sales of $10.5 billion, total European net sales of $5.8 billion, and total ROW net sales of $4.2 billion. These figures include the following major business lines:

-- Generic product (including API) net sales of approximately $10.7 billion, consisting of U.S. generic sales of $4.6 billion, European generic sales of $3.4 billion, and ROW generic sales of $2.7 billion.

-- Brand product net sales of approximately $8.0 billion including estimated global net sales of the following products:

-- COPAXONE® of $3.8 billion-- TREANDA® of $580 million-- Women’s Health products of $500 million-- ProAir® HFA of $430 million-- QVAR® of $350 million-- PROVIGIL® of $420 million-- AZILECT® of $340 million-- NUVIGIL® of $300 million

-- OTC net sales of approximately $1 billion

-- Other net sales, mostly distribution of third party products, of approximately $800 million.

• Non-GAAP gross profit margin (which excludes amortization of intangible assets of approximately $1.4 billion) between 59% and 61%.
• Net R&D expenses between 6.8% and 7.2% of net sales. This includes clinical support of 30 late stage innovative drug candidate programs.
• Non-GAAP selling & marketing expenses (which excludes amortization of intangible assets) between 18% and 20% of net sales. This includes royalties of approximately $400 million.
• General and administrative expenses between 5.4% and 6.0% of net sales.
• Non-GAAP net financial expenses of approximately $350 million.
• Non-GAAP diluted earnings per share between $5.30 and $5.40.
• Estimated fully diluted average number of shares between 870 and 876 million.
• Tax provision on our non-GAAP pretax income between 13% and 14.5%.

These estimates reflect management’s current expectations for Teva's performance in 2012. Actual results may vary, whether as a result of FX differences, market conditions or other factors. In addition, the non-GAAP figures exclude the amortization of purchased intangible assets, costs related to certain regulatory actions, inventory step-up, legal settlements and reserves, impairments and related tax effects. The non-GAAP data presented by Teva are the results used by Teva's management and board of directors to evaluate the operational performance of the company, to compare against the company's work plans and budgets, and ultimately to evaluate the performance of management. Teva provides such non-GAAP data to investors as supplemental data and not in substitution or replacement for GAAP results, because management believes such data provides useful information to investors..

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