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TheStreet Open House

Teva Reports Second Quarter 2013 Results

Stocks in this article: TEVA

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) today reported results for the quarter ended June 30, 2013.

“Net revenue of $4.9 billion was in-line with the previous quarter, and we are pleased with increased sales in our Specialty franchise, as well as in our OTC business,” said Jeremy Levin, Teva’s President and Chief Executive Officer. “In the short to mid-term, we are especially excited by the positive momentum of our U.S. Generics business, progression in our R&D portfolio, especially in the NTE franchise, and by the expected launches of key generic and specialty medicines."

Dr. Levin continued, “Teva is a different company than it was one year ago; I have great confidence in where the company is and in its future. We are building a strong and diverse business, as well as a robust pipeline that positions Teva to achieve a high level of performance and growth."

Revenues for the three months ended June 30, 2013, amounted to $4.9 billion, a decrease of 1% compared to the second quarter of 2012, which was a strong quarter. The decrease was primarily attributed to a decline in revenues of generic medicines in the United States and Europe, and exchange rate fluctuations in our ROW markets, primarily in Japan, which had a negative impact of $55 million on sales. The decline was partially offset by higher revenues of COPAXONE ® and other specialty medicines in the United States and in Europe as well as by higher revenues from our OTC products.

Revenues by Geography for the Second Quarter 2013 1

Net revenues in the United States in the second quarter were $2.5 billion (51% of total revenues), an increase of 2% compared to the second quarter of 2012, driven primarily by increased sales of COPAXONE ®, offset by lower revenues of generic medicines.

Net revenues in Europe in the second quarter were $1.5 billion (30% of total revenues), a decrease of 3% (4% in local currency terms) compared to the second quarter of 2012. The decline in revenues was mainly due to lower revenues from sales of generic medicines. This was partially offset by increased sales from our OTC business.

Net revenues in the Rest of the World in the second quarter totaled $945 million (19% of total revenues), a decrease of 8% (1% in local currency terms) compared to the second quarter of 2012. In addition to negative foreign currency effects (primarily the Japanese yen), the decline in revenues was due to lower revenues in Russia, resulting from the timing of COPAXONE ® tenders as well as in Canada and Japan.

      Three Months Ended

June 30,

                 

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 970 1,054 20% 21% (8%) (8%)
Specialty 1,497 1,365 30% 27% 10% 10%
Others 55 45 1% 1% 22% 22%
Total United States 2,522 2,464 51% 49% 2% 2%
Europe*:
Generic 860 905 18% 18% (5%) (6%)
Specialty 405 406 8% 8% § (1%)
Others 192 192 4% 4% § (1%)
Total Europe 1,457 1,503 30% 30% (3%) (4%)
Rest of the World:
Generic 581 655 12% 13% (11%) (2%)
Specialty 149 178 3% 4% (16%) (14%)
Others 215 194 4% 4% 11% 14%
Total Rest of the World 945 1,027 19% 21% (8%) (1%)
Total Revenues 4,924 4,994 100% 100% (1%) §
 

 

*All members of the European Union, Switzerland, Norway and certain South Eastern Europe countries

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