- Total net revenues of between $19.5-$20.5 billion, consisting of:
|United States||$10.0 to $10.6B|
|Europe||$5.5 to $6.1B|
|Rest of World||$3.7 to $4.3B|
- Total net revenues include the following major business lines:
- Generic medicines (including API) net revenues of between $10.3-$10.7 billion, consisting of:
|United States||$4.3 to $4.7B|
|Europe||$3.3 to $3.7B|
|Rest of World||$2.4 to $2.8B|
- Brand medicines net revenues of between $7.6-$8.0 billion including estimated global net revenues of the following products:
|COPAXONE®||$3.7 to $3.9B|
|TREANDA®||$600 to $700M|
|Women's Health||$460 to $500M|
|ProAir® HFA||$400 to $440M|
|AZILECT®||$340 to $380M|
|QVAR®||$320 to $360M|
|NUVIGIL®||$280 to $320M|
- OTC net revenues of between $0.9-$1.1 billion
- Other net revenues, mostly distribution of third party products, of approximately $0.7-$0.9 billion.
- Non-GAAP gross profit margin (which excludes amortization of intangible assets of approximately $1.1 billion) of between 59% and 61%, consisting of:
|Business Line||Gross Profit Margin(% of total net sales for the line)|
|Generic||45% to 47%|
|Branded (excl Copaxone)||84% to 86%|
|MS||89% to 91%|
- Net R&D expenses of between 6.6% and 7.0% of net revenues, consisting of:
|Business Line||R&D Expenses(% of total net sales for the line)|
|Generic||$500 to $550M|
|Branded (excl Copaxone)||$650 to $700M|
|MS||$130 to $200M|
- Non-GAAP selling & marketing expenses (which excludes amortization of intangible assets) of between 19.5% and 21.5% of net revenues, including royalties of approximately $500 million, and consisting of:
|Business Line||S&M Expenses(% of total net sales for the line)|
|Generic||18.3% to 18.7%|
|Branded (excl Copaxone)||34% to 38%|
|MS||14.3% to 15.3%|
- General and administrative expenses of between 5.8% and 6.2% of net sales.
- Non-GAAP net financial expenses of between $300 and $330 million.
- Non-GAAP diluted earnings per share of between $4.85 and $5.15.*
- Estimated fully diluted average number of shares of between 856 and 866 million.
- Tax provision on our non-GAAP pretax income of between 14.0% and 15.0%.
- Cash flow from operations of between $4.5 and $4.8 billion. Free cash flow (cash flow from operations minus capital expenditures and dividends) of between $2.5 and $2.8 billion.