Looking ahead to 2012, we anticipate $650 million in new launches, with over $20 million of that resulting from the anticipated successful launch of generic Lexapro. Although many of these launch opportunities will face competition, we are confident that we will compete effectively and increase our market share.

Teva remains the leader in the U.S. generics market by a very wide margin. We believe that our commitment to providing excellent service, our strong R&D, and our deep customer relationships will enable Teva to outpace the market growth in 2012.

In Europe where Teva is also a generic leader, we grew by 44% in 2011, with Q4 being the fourth consecutive quarter of growth despite the serious economic turmoil and regulatory challenges in the euro zone. Teva’s vast portfolio of products, our broad reach across Europe, and the fact that we are truly diverse European player insulated us from many of the disturbances that impacted our competitors. We had a strong year in key European markets where Teva is the leading player, including the U.K. where sales grew by 30%, Italy where sales grew by 81%, and Spain with 82% growth. During 2011, we had 441 launches across Europe and our pipeline now includes generic versions of products which represented approximately $77 billion in branded sales in 2011.

I would like to point out that over the last two years, Teva Europe has almost doubled sales and profitability due in large part to our quick and successful integration of Ratiopharm and the benefits we enjoy as the number one generics player.

If Europe provides an example of Teva’s strengths when it comes to M&A, the performance of our rest of the world business demonstrates our ability to deliver organic growth. 2011 was an excellent year for this business, which grew 39% over 2010. In Russia, sales reached over half a billion dollars, representing organic growth of 21%. In Latin America, sales were over $800 million, up 11%; and in Japan, the world’s second-largest pharmaceutical market, we completed the acquisition of Taiyo during the third quarter as well as assuming full ownership of Teva Kowa, our Japanese JV. This was a very important milestone in realizing our strategic objective of becoming a leading player in Japan, a market we view as an important growth driver for Teva. By leveraging our combined resources, we are significantly increasing access to high quality, affordable generics for the people of Japan. Teva is now the number three generic player with a slim gap between our sales and the number one and number two players. This April, we will bring in together Teva Kowa and Taiyo under one organizational umbrella which will be called Teva Saikou (phon), which in English means Teva Healthcare.

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