- Revenues of $3.9 billion
- GAAP diluted EPS of $0.13
- Non-GAAP diluted EPS of $0.55
- Free cash flow of $582 million
- Full year 2020 business outlook reaffirmed:
- Net revenues of $16.6 - $17 billion
- EBITDA of $4.5 - $4.9 billion
- EPS of $2.30 - $2.55
- Free cash flow of $1.8 - $2.2 billion
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA)
today reported results for the quarter ended June 30, 2020.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200805005423/en/
Mr. Kåre Schultz, Teva's President and CEO, said, “As the
COVID-19 pandemic continues to impact the globe, Teva remains
focused on our patients and communities while continuing to take
robust measures to safeguard the health and well-being of our
employees. During the quarter, we experienced lower sales of our
generic and OTC products in all regions. The lower generics and OTC
sales in Europe and International Markets were in line with our
expectations, after the unusually high demand seen in the prior
quarter due to the initial response to the pandemic. Our
performance in the first half of the year, however, matched or
exceeded that of the similar period last year. Our profitability –
and in particular our free cash flow – were strong, allowing us to
continue to reduce our net debt to $23.9 billion and to reaffirm
our 2020 outlook."
Mr. Schultz continued, "During the quarter we made progress with
many of our growth drivers, including the launch of the AJOVY®
auto-injector in the U.S., the continued launch of AJOVY in the EU,
the launch of the biosimilar TRUXIMA® for rheumatoid arthritis in
the U.S. and approval of AUSTEDO® in China. Additionally, we
recently announced the launch of ProAir® DigiHaler® in the U.S. and
the submission of an application for manufacturing and marketing
approval of AJOVY in Japan. As we look forward to the second half
of 2020, we remain fully committed to serving society and our
stakeholders with critical and accessible medicines and to ensuring
Teva meet its targets."
Phase 3 fasinumab results announced
with Regeneron
In September 2016, Teva and Regeneron Pharmaceuticals, Inc.
(“Regeneron”) entered into a collaborative agreement to develop and
commercialize Regeneron’s pain medication product, fasinumab.
Results for two phase 3 clinical trials, FACT OA1 and FACT OA2,
were released on August 5, 2020, indicating that the co-primary
endpoints for fasinumab were achieved. Fasinumab 1 mg monthly
demonstrated significant improvements in pain and physical function
over placebo at week 16 and week 24, respectively. Fasinumab 1 mg
monthly also showed nominally significant benefits in physical
function in two trials and pain in one trial, when compared to the
maximum FDA-approved prescription doses of non-steroidal
anti-inflammatory drugs for osteoarthritis. The FACT OA1 trial
included an additional treatment arm, fasinumab 1 mg every two
months, which showed numerical benefit over placebo, but did not
reach statistical significance. In initial safety analyses from the
phase 3 trials, there was an increase in arthropathies reported
with fasinumab. In a sub-group of patients from one phase 3
long-term safety trial, there was an increase in joint replacement
with fasinumab 1 mg monthly treatment during the off-drug follow-up
period, although this increase was not seen in the other trials to
date. Additional longer-term safety data from the ongoing trials
are being collected, and are expected to be reported early next
year.
Second Quarter 2020 Consolidated
Results
Revenues in the second quarter of 2020 were $3,870
million, a decrease of 7%, or 5% in local currency terms, compared
to the second quarter of 2019. This decrease was mainly due to
lower revenues from generics, OTC and COPAXONE® in all regions and
lower revenues from QVAR® and BENDEKA®/TREANDA® in our North
America segment, as well as reduced demand for certain products
resulting from the impact the COVID-19 pandemic had on purchasing
patterns, partially offset by higher revenues from AUSTEDO, Anda
and AJOVY in the U.S.
Exchange rate differences between the second quarter of
2020 and the second quarter of 2019, net of hedging, negatively
impacted our revenues by $79 million and negatively impacted our
GAAP and non-GAAP operating income by $35 million and $37 million,
respectively.
GAAP gross profit was $1,763 million in the second
quarter of 2020, a decrease of 7% compared to the second quarter of
2019. GAAP gross profit margin was 45.5% in the second
quarter of 2020, compared to 45.3% in the second quarter of 2019.
Non-GAAP gross profit was $2,011 million in the second
quarter of 2020, a decrease of 8% compared to the second quarter of
2019. Non-GAAP gross profit margin was 52.0% in the second
quarter of 2020, compared to 52.4% in the second quarter of 2019.
The decrease in gross profit margin was mainly due to lower
profitability in Europe resulting from price decreases in our
specialty products and lower profitability in International Markets
primarily resulting from lower sales in Japan and the impact the
COVID-19 pandemic had on purchasing patterns, as well as lower
sales of COPAXONE and other specialty products, partially offset by
higher profitability in North America resulting from the change in
mix of products.
GAAP Research and Development (R&D) expenses in the
second quarter of 2020 were $225 million, a decrease of 19%
compared to the second quarter of 2019. Non-GAAP R&D
expenses were $233 million, or 6.0% of quarterly revenues, in
the second quarter of 2020, compared to $271 million, or 6.5%, in
the second quarter of 2019. The decrease in R&D expenses
resulted primarily from the life cycle and stage of various
projects, as well as an impact related to the COVID-19
pandemic.
GAAP Selling and Marketing (S&M) expenses in the
second quarter of 2020 were $597 million, a decrease of 10%
compared to the second quarter of 2019. Non-GAAP S&M
expenses were $559 million, or 14.4% of quarterly revenues, in
the second quarter of 2020, compared to $621 million, or 14.9%, in
the second quarter of 2019. The decrease was mainly due to cost
reductions and efficiency measures, as well as lower marketing and
travel costs attributed to restrictions related to the COVID-19
pandemic.
GAAP General and Administrative (G&A) expenses in the
second quarter of 2020 were $264 million, a decrease of 11%
compared to the second quarter of 2019. Non-GAAP G&A
expenses were $245 million, or 6.3% of quarterly revenues, in
the second quarter of 2020, compared to $286 million, or 6.8%, in
the second quarter of 2019.
GAAP other income in the second quarter of 2020 was $9
million, flat compared to the second quarter of 2019. Non-GAAP
other income in the second quarter of 2020 was $6 million.
We did not have any non-GAAP other income in the second quarter of
2019.
GAAP operating income in the second quarter of 2020 was
$173 million, compared to GAAP operating loss of $644 million in
the second quarter of 2019. Non-GAAP operating income in the
second quarter of 2020 was $979 million, a decrease of 3%, compared
to $1,011 million in the second quarter of 2019. The increase in
GAAP operating income was mainly due to higher legal settlements
and loss contingencies charges in the second quarter of 2019 and
lower intangible asset impairments charges in the second quarter of
2020, as well as the changes discussed above, partially offset by
higher other assets impairments, restructuring and other items in
the second quarter of 2020.
EBITDA (non-GAAP operating income, which excludes
amortization and certain other items, as well as depreciation
expenses) was $1,108 million in the second quarter of 2020, a
decrease of 3% compared to $1,144 million in the second quarter of
2019.
GAAP financial expenses were $223 million in the second
quarter of 2020, compared to $206 million in the second quarter of
2019. Non-GAAP financial expenses were $229 million in the
second quarter of 2020, compared to $198 million in the second
quarter of 2019.
In the second quarter of 2020, we recognized a GAAP tax
benefit of $104 million, on pre-tax loss of $51 million. In the
second quarter of 2019, we recognized a tax benefit of $179
million, on pre-tax loss of $850 million. Our tax rate for the
second quarter of 2020 was mainly affected by impairments in
jurisdictions in which tax rates are higher than Teva's average tax
rate on its ongoing business operations and other changes to tax
positions and deductions. Non-GAAP income taxes for the
second quarter of 2020 were $128 million, or 17%, on pre-tax
non-GAAP income of $751 million. Non-GAAP income taxes in the
second quarter of 2019 were $134 million, or 16%, on pre-tax
non-GAAP income of $812 million. Our non-GAAP tax rate for the
second quarter of 2020 was mainly affected by the mix of products
sold and other changes to tax positions and deductions.
We expect our annual non-GAAP tax rate for 2020 to be 17-18%,
unchanged from our outlook provided in February 2020.
GAAP net income attributable to Teva and GAAP diluted
EPS were $140 million and $0.13 respectively, in the second
quarter of 2020, compared to GAAP net loss and GAAP diluted loss
per share of $689 million and $0.63 in the second quarter of 2019.
Non-GAAP net income attributable to Teva and non-GAAP
diluted EPS in the second quarter of 2020 were $605 million
and $0.55, respectively, compared to $653 million and $0.60 in the
second quarter of 2019. The decrease in non-GAAP net income and
non-GAAP diluted EPS is mainly due to lower gross profit, partially
offset by lower operating expenses.
The weighted average diluted shares outstanding used for
the fully diluted share calculation for the three months ended June
30, 2020 and 2019 were 1,100 million and 1,092 million shares,
respectively. The weighted average outstanding shares for
the fully diluted EPS calculation on a non-GAAP basis for the three
months ended June 30, 2020 and 2019 were 1,100 million and 1,093
million shares, respectively.
As of June 30, 2020 and 2019, the fully diluted share count for
purposes of calculating our market capitalization was approximately
1,119 million and 1,107 million, respectively.
Non-GAAP information: Net non-GAAP adjustments in the
second quarter of 2020 were $465 million. Non-GAAP net income and
non-GAAP EPS for the second quarter of 2020 were adjusted to
exclude the following items:
- Impairment of long-lived assets of $396 million, mainly
comprised of $261 million related to an agreement to sell certain
assets from Teva’s business venture in Japan and $108 million
impairment of intangible assets of product rights and IPR&D
assets related to the Actavis Generics acquisition;
- Amortization of purchased intangible assets of $249 million, of
which $219 million is included in cost of sales and the remaining
$30 million in S&M expenses;
- Contingent consideration expenses of $76 million, mainly
related to bendamustine;
- Restructuring expenses of $33 million;
- Equity compensation expenses of $30 million;
- Other items of $4 million;
- Legal settlements and loss contingencies of $13 million;
- Minority income of $105 million; and
- Income tax of $231 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 2020 was $273 million, compared to cash flow used
in operating activities of $227 million in the second quarter of
2019. The increase in the second quarter of 2020 was mainly due to
favorable collection of payments from customers in the second
quarter of 2020, resulting from increased sales in the first
quarter.
Free cash flow (cash flow generated from operating
activities, net of cash received for capital investments and
beneficial interest collected in exchange for securitized trade
receivables) was $582 million in the second quarter of 2020,
compared to $168 million in the second quarter of 2019. The
increase in the second quarter of 2020 resulted mainly from higher
cash flow generated from operating activities.
As of June 30, 2020, our debt was $26,266 million,
compared to $26,103 million as of March 31, 2020. This increase was
mainly due to exchange rate fluctuations. The portion of total debt
classified as short-term as of June 30, 2020 was 6%, similar to
March 31, 2020. Our average debt maturity was approximately 6.1
years as of June 30, 2020 compared to 6.6 years as of March 31,
2020. In July 2020, we repaid at maturity debt of €1,010
million.
Segment Results for the Second Quarter
of 2020
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, 2020
and 2019:
Three months ended June
30,
2020
2019
(U.S. $ in millions / % of
Segment Revenues)
Revenues
$
2,047
100
%
$
2,071
100
%
Gross profit
1,090
53.3
%
1,067
51.5
%
R&D expenses
154
7.5
%
175
8.5
%
S&M expenses
254
12.4
%
269
13.0
%
G&A expenses
110
5.4
%
117
5.6
%
Other (income) expense
(2
)
§
2
§
Segment profit*
$
573
28.0
%
$
504
24.3
%
_______________
* Segment profit does not include
amortization and certain other items.
§ Represents an amount less than 0.5%.
Revenues from our North America segment in the second
quarter of 2020 were $2,047 million, a decrease of $24 million, or
1%, compared to the second quarter of 2019, mainly due to a
decrease in revenues of COPAXONE, generics products and
BENDEKA/TREANDA, partially offset by higher revenues from AUSTEDO,
Anda and AJOVY.
Revenues in the United States, our largest market, were
$1,928 million in the second quarter of 2020, flat compared to the
second quarter of 2019.
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, 2020 and 2019:
Three months ended
June 30,
Percentage
Change
2020
2019
2019-2020
(U.S. $ in millions)
Generic products
$
923
$
946
(2
%)
AJOVY
34
23
50
%
AUSTEDO
161
96
67
%
BENDEKA/TREANDA
103
125
(18
%)
COPAXONE
238
274
(13
%)
ProAir*
66
65
2
%
QVAR
51
60
(15
%)
Anda
374
351
7
%
Other
96
131
(27
%)
Total
$
2,047
$
2,071
(1
%)
_____________
* 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 2020 were $923
million, a decrease of 2% compared to the second quarter of 2019.
This decrease was mainly due to lower volume and lower royalty
income, offset by an increase in revenues from TRUXIMA and from our
ProAir® authorized generic due to higher demand related to the
COVID-19 pandemic.
In the second quarter of 2020, we led the U.S. generics market
in total prescriptions and new prescriptions, with approximately
376 million total prescriptions (based on trailing twelve months),
representing 10.2% of total U.S. generic prescriptions according to
IQVIA data.
AJOVY revenues in our North America segment in the second
quarter of 2020 were $34 million, an increase of $11 million, or
50% compared to the second quarter of 2019, mainly due to growth in
volume in the second quarter of 2020 and the introduction of the
auto-injector device. AJOVY was approved by the FDA and launched in
the United States in September 2018 for the preventive treatment of
migraine in adults. On January 27, 2020, the FDA approved an
auto-injector device for AJOVY in the U.S., which became
commercially available in April 2020. In addition, AJOVY was
approved in Canada on April 14, 2020.
AUSTEDO revenues in our North America segment in the
second quarter of 2020 increased by 67% to $161 million, compared
to $96 million in the second quarter of 2019. This increase was
mainly due to growth in volume in the second quarter of 2020.
BENDEKA and TREANDA combined revenues in our North
America segment in the second quarter of 2020 decreased by 18% to
$103 million, compared to the second quarter of 2019, mainly due to
the emergence of alternative novel therapies and continued
competition from Belrapzo® (a ready-to-dilute bendamustine
hydrochloride product from Eagle Pharmaceuticals, Inc.).
COPAXONE revenues in our North America segment in the
second quarter of 2020 decreased by 13% to $238 million, compared
to the second quarter of 2019, mainly due to generic competition in
the United States.
ProAir revenues in our North America segment in the
second quarter of 2020 were $66 million, flat compared to the
second quarter of 2019. In January 2019, we launched our own ProAir
authorized generic in the United States following the launch of a
generic version of Ventolin® HFA, another albuterol inhaler.
Revenues from our ProAir HFA authorized generic are included in
“generic products” above. ProAir is the fourth-largest short-acting
beta-agonist in the market, with an exit market share of 11.0% in
terms of total number of prescriptions for albuterol inhalers
during the second quarter of 2020, compared to 23.9% in the second
quarter of 2019. The exit market share including our ProAir HFA
authorized generic is 33.4%, making our overall albuterol product
the second largest in the market, compared to 44.4% in the second
quarter of 2019.
In July 2020, we announced the launch of ProAir Digihaler
(albuterol sulfate 117 mcg) inhalation powder, which is the first
and only digital rescue inhaler with built-in sensors which
connects to a companion mobile application and provides inhaler use
information to people with asthma and COPD.
QVAR revenues in our North America segment in the second
quarter of 2020 decreased by 15% to $51 million, compared to the
second quarter of 2019, mainly due to increased price competition
and lower volumes. QVAR maintained its second-place position in the
inhaled corticosteroids category in the United States, with an exit
market share of 19.8% in terms of total number of prescriptions
during the second quarter of 2020, compared to 20.2% in the second
quarter of 2019.
Anda revenues in our North America segment in the second
quarter of 2020 increased by 7% to $374 million, compared to $351
million in the second quarter of 2019, mainly due to higher volume
increases primarily related to the COVID-19 pandemic.
North America Gross Profit
Gross profit from our North America segment in the second
quarter of 2020 was $1,090 million, an increase of 2%, compared to
$1,067 million in the second quarter of 2019.
Gross profit margin for our North America segment in the second
quarter of 2020 increased to 53.3%, compared to 51.5% in the second
quarter of 2019. This increase was mainly due to the change in mix
of products.
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
2020 was $573 million, an increase of 14%, compared to $504 million
in the second quarter of 2019. This increase was due to a favorable
mix of products, including AUSTEDO and AJOVY, and lower
expenses.
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, 2020 and
2019:
Three months ended June
30,
2020
2019
(U.S. $ in millions / % of
Segment Revenues)
Revenues
$
1,001
100
%
$
1,183
100
%
Gross profit
548
54.7
%
674
56.9
%
R&D expenses
65
6.5
%
70
5.9
%
S&M expenses
188
18.8
%
216
18.3
%
G&A expenses
52
5.2
%
70
5.9
%
Other (income) expense
(1
)
§
1
§
Segment profit*
$
244
24.3
%
$
316
26.7
%
______________
* Segment profit does not include
amortization and certain other items.
§ Represents an amount less than 0.5%.
Revenues from our Europe segment in the second quarter of 2020
were $1,001 million, a decrease of 15%, or $182 million, compared
to the second quarter of 2019. In local currency terms, revenues
decreased by 13%, mainly due to reduced demand for certain products
resulting from the impact the COVID-19 pandemic had on purchasing
patterns. The COVID-19 pandemic led to increased demand in the
first quarter and a correlating decrease in demand in the second
quarter, and also led to a decline in doctor visits by patients
resulting in fewer prescriptions during the second quarter of 2020.
The decrease is also attributed to price declines for oncology
products as a result of generic competition and a decline in
COPAXONE revenues due to competing glatiramer acetate products,
partially offset by new generic product launches.
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,
2020 and 2019:
Three months ended
June 30,
Percentage
Change
2020
2019
2019-2020
(U.S. $ in millions)
Generic products
$
737
$
844
(13
%)
COPAXONE
84
107
(21
%)
Respiratory products
80
89
(11
%)
AJOVY
5
1
NA
Other
95
142
(33
%)
Total
$
1,001
$
1,183
(15
%)
Generic products revenues in our Europe segment in the
second quarter of 2020, including OTC products, decreased by 13% to
$737 million, compared to the second quarter of 2019. In local
currency terms, revenues decreased by 10% compared to the second
quarter of 2019, mainly due to reduced demand for certain products
resulting from the impact the COVID-19 pandemic had on purchasing
patterns. The COVID-19 pandemic led to increased demand in the
first quarter and a correlating decrease in demand in the second
quarter, and also led to a decline in doctor visits by patients
resulting in fewer prescriptions during the second quarter of 2020,
partially offset by new generic product launches.
COPAXONE revenues in our Europe segment in the second
quarter of 2020 decreased by 21% to $84 million, compared to the
second quarter of 2019. In local currency terms, revenues decreased
by 19%, mainly due to price reductions and a decline in volume
resulting from competing glatiramer acetate products and by reduced
demand resulting from the impact the COVID-19 pandemic had on
purchasing patterns. The COVID-19 pandemic led to increased demand
in the first quarter and a correlating decrease in demand in the
second quarter.
Respiratory products revenues in our Europe segment in
the second quarter of 2020 decreased by 11% to $80 million,
compared to the second quarter of 2019. In local currency terms,
revenues decreased by 8%, mainly due to reduced demand resulting
from the impact the COVID-19 pandemic had on purchasing patterns.
The COVID-19 pandemic led to increased demand in the first quarter
and a correlating decrease in demand in the second quarter.
AJOVY revenues in our Europe segment in the second
quarter of 2020 were $5 million, compared to $1 million in the
second quarter of 2019. AJOVY was granted a Marketing Authorization
in the European Union by the European Medicines Agency (“EMA”) in a
centralized process in April 2019. We commenced launching AJOVY in
certain European markets in May 2019 and are moving forward with
plans to launch in other European countries. In October 2019, we
received approval from the EMA for AJOVY’s auto-injector submission
in the European Union and we commenced launch in March 2020.
Europe Gross Profit
Gross profit from our Europe segment in the second quarter of
2020 was $548 million, a decrease of 19% compared to $674 million
in the second quarter of 2019. This decrease was mainly due to
lower revenues, partially offset by new generic product launches,
as discussed above.
Gross profit margin for our Europe segment in the second quarter
of 2020 decreased to 54.7%, compared to 56.9% in the second quarter
of 2019. This decrease was mainly due to price decreases in certain
specialty products.
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 2020 was
$244 million, a decrease of 23%, compared to $316 million in the
second quarter of 2019. This decrease was mainly due to lower
revenues, partially offset by lower expenses.
International Markets Segment
Our International Markets segment includes all countries other
than those in our North America and Europe segments. The key
markets in this segment are Japan, Russia and Israel. On July 30,
2020, we entered into an agreement to sell the majority of the
generic and operational assets of our business venture in Japan. We
expect this transaction to close by early 2021.
The following table presents revenues, expenses and profit for
our International Markets segment for the three months ended June
30, 2020 and 2019:
Three months ended June
30,
2020
2019
(U.S. $ in millions / % of
Segment Revenues)
Revenues
$
488
100
%
$
582
100
%
Gross profit
247
50.8
%
312
53.7
%
R&D expenses
19
3.9
%
24
4.0
%
S&M expenses
105
21.4
%
119
20.5
%
G&A expenses
29
6.0
%
34
5.9
%
Other (income) expense
(2
)
§
(1
)
§
Segment profit*
$
97
19.9
%
$
136
23.4
%
_________________
§ Represents an amount less than 0.5%.
* Segment profit does not include
amortization and certain other items.
Revenues from our International Markets segment in the second
quarter of 2020 were $488 million, a decrease of $94 million, or
16%, compared to the second quarter of 2019. In local currency
terms, revenues decreased 9% compared to the second quarter of
2019, mainly due to lower sales in Japan resulting from regulatory
price reductions and generic competition to off-patented products
and loss of revenues from the sale of certain assets in the Israeli
market. Revenues in the second quarter of 2020 were also impacted
by reduced demand for certain products resulting from the impact
the COVID-19 pandemic had on purchasing patterns. The COVID-19
pandemic led to increased demand in the first quarter and a
correlating decrease in demand in the second quarter. The revenues
in the second quarter of 2020 included $16 million from a negative
hedging impact, which are included in "Other" in the table
below.
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, 2020 and 2019:
Three months ended
June 30,
Percentage
Change
2020
2019
2019-2020
(U.S. $ in millions)
Generic products
$
426
$
489
(13
%)
COPAXONE
12
13
(13
%)
Other
50
80
(38
%)
Total
$
488
$
582
(16
%)
______________
* The data presented for prior periods
have been revised to reflect a revision in the presentation of net
revenues and cost of sales in the consolidated financial
statements. See note 1c to our consolidated financial statements
for additional information.
Generic products revenues in our International Markets
segment in the second quarter of 2020, which include OTC products,
decreased by 13% to $426 million, compared to the second quarter of
2019. In local currency terms, revenues decreased by 7%, mainly due
to lower sales in Japan resulting from regulatory price reductions
and generic competition to off-patented products. Revenues in the
second quarter of 2020 were also impacted by reduced demand for
certain products resulting from the impact the COVID-19 pandemic
had on purchasing patterns. The COVID-19 pandemic led to increased
demand in the first quarter and a correlating decrease in demand in
the second quarter.
COPAXONE revenues in our International Markets segment in
the second quarter of 2020 decreased by 13% to $12 million,
compared to $13 million in the second quarter of 2019. In local
currency terms, revenues decreased by 2%.
In May 2020, AUSTEDO was approved in China for the
treatment of chorea associated with Huntington disease and for the
treatment of tardive dyskinesia.
International Markets Gross Profit
Gross profit from our International Markets segment in the
second quarter of 2020 was $247 million, a decrease of 21% compared
to $312 million in the second quarter of 2019.
Gross profit margin for our International Markets segment in the
second quarter of 2020 decreased to 50.8%, compared to 53.7% in the
second quarter of 2019. This decrease was mainly due to lower
sales, as discussed above.
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 2020 was $97 million, a decrease of 29%, compared to
$136 million in the second quarter of 2019. This decrease was
mainly due to lower revenues and a negative hedging impact,
partially offset by lower expenses.
Other Activities
We have other sources of revenue, primarily the sale of 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 2020 were $335 million, a decrease of 2% compared to the second
quarter of 2019. In local currency terms, revenues decreased by
1%.
API sales to third parties in the second quarter of 2020
were $211 million, an increase of 4% in both U.S. dollar and local
currency terms, compared to the second quarter of 2019.
Conference Call
Teva will host a conference call and live webcast along with a
slide presentation on August 5, 2020 at 8:00 a.m. ET to discuss its
second quarter of 2020 results and overall business environment. A
question & answer session will follow.
United States 1 (866) 966-1396
International +44 (0) 2071 928000
Israel 1 (809) 203-624
For a list of other international toll-free numbers, click
here.
Passcode: 6145548.
A live webcast of the call will also be available on Teva’s
website at: ir.tevapharm.com. Please log in at least 10 minutes
prior to the conference call in order to download the required
software.
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: 6145548.
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, non-GAAP financial expenses, non-GAAP income taxes,
non-GAAP net income 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; the increase in the number of
competitors targeting generic opportunities and seeking U.S. market
exclusivity for generic versions of significant products;
competition for our specialty products, especially COPAXONE®, our
leading medicine, which faces competition from existing and
potential additional generic versions, competing glatiramer acetate
products and orally-administered alternatives; the uncertainty of
commercial success of AJOVY® or AUSTEDO®; competition from
companies with greater resources and capabilities; delays in
launches of new products and our ability to achieve expected
results from investments in our product pipeline; ability to
develop and commercialize biopharmaceutical products; efforts of
pharmaceutical companies to limit the use of generics, including
through legislation and regulations 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 magnitude, duration, and geographic reach of 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 restructuring plan announced in
December 2017; our ability to attract, hire and retain highly
skilled personnel; our ability to develop and commercialize
additional pharmaceutical products; compliance with anti-corruption
sanctions and trade control laws; manufacturing or quality control
problems; interruptions in our supply chain, including due to
potential effects of the COVID-19 pandemic on our operations and
business in geographic locations impacted by the pandemic and on
the business operations of our suppliers; disruptions of
information technology systems; breaches of our data security;
variations in intellectual property laws; challenges associated
with conducting business globally, including adverse effects of the
COVID-19 pandemic, political or economic instability, major
hostilities or terrorism; 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; our prospects and opportunities for growth if we sell
assets; and potential difficulties related to the operation of our
new global enterprise resource planning (ERP) system;
- compliance, regulatory and litigation matters, including:
increased legal and regulatory action in connection with public
concern over the abuse of opioid medications in the U.S. and our
ability to reach a final resolution of the remaining opioid-related
litigation; costs and delays resulting from the extensive
governmental regulation to which we are subject or delays in
governmental processing time due to modified government operations
due to the COVID-19 pandemic, including effects on product and
patent approvals due to the COVID-19 pandemic; the effects of
reforms in healthcare regulation and reductions in pharmaceutical
pricing, reimbursement and coverage; governmental investigations
into S&M practices; potential liability for patent
infringement; product liability claims; increased government
scrutiny of our patent settlement agreements; failure to comply
with complex Medicare and Medicaid reporting and payment
obligations; 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; 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 2020 and in
our Annual Report on Form 10-K for the year ended December 31,
2019, 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,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net revenues
3,870
4,177
8,227
8,326
Cost of sales
2,107
2,284
4,402
4,577
Gross profit
1,763
1,893
3,826
3,749
Research and development expenses
225
276
446
537
Selling and marketing expenses
597
666
1,210
1,313
General and administrative expenses
264
296
567
589
Intangible assets impairments
120
561
768
1,030
Other asset impairments, restructuring and other items
381
101
502
103
Legal settlements and loss contingencies
13
646
(12)
703
Other income
(9)
(9)
(22)
(15)
Operating income (loss)
173
(644)
364
(510)
Financial expenses, net
223
206
448
425
Income (loss) before income taxes
(51)
(850)
(84)
(934)
Income taxes (benefit)
(104)
(179)
(163)
(170)
Share in (profits) losses of associated companies- net
-
-
-
4
Net income (loss)
53
(671)
78
(768)
Net income (loss) attributable to non-controlling interests
(87)
18
(131)
26
Net income (loss) attributable to Teva
140
(689)
209
(794)
Net income (loss) attributable to Teva's ordinary
shareholders
140
(689)
209
(794)
Earnings (loss) per share attributable to ordinary
shareholders: Basic ($)
0.13
(0.63)
0.19
(0.73)
Diluted ($)
0.13
(0.63)
0.19
(0.73)
Weighted average number of shares (in millions):
Basic
1,096
1,092
1,095
1,091
Diluted
1,100
1,092
1,098
1,091
Non-GAAP net income attributable to ordinary
shareholders:*
605
653
1,440
1,306
Non-GAAP net income attributable to ordinary shareholders for
diluted earnings per share:
605
653
1,440
1,306
Non-GAAP earnings per share attributable to ordinary
shareholders:* Basic ($)
0.55
0.60
1.32
1.20
Diluted ($)
0.55
0.60
1.31
1.20
Non-GAAP average number of shares (in millions):
Basic
1,096
1,092
1,095
1,091
Diluted
1,100
1,093
1,098
1,093
* See reconciliation attached.
Condensed Consolidated Balance Sheets
(U.S. dollars in millions)
June 30,
December 31,
2020
2019
ASSETS
(Unaudited)
(Audited)
Current assets: Cash and cash equivalents
2,402
1,975
Accounts receivables, net of allowance for credit losses of $129
million and $135 million as of June 30, 2020 and December 31, 2019
4,545
5,676
Inventories
4,361
4,422
Prepaid expenses
956
870
Other current assets
448
434
Assets held for sale
69
87
Total current assets
12,781
13,464
Deferred income taxes
483
386
Other non-current assets
560
591
Property, plant and equipment, net
6,122
6,436
Operating lease right-of-use assets
489
514
Identifiable intangible assets, net
9,940
11,232
Goodwill
24,616
24,846
Total assets
54,991
57,470
LIABILITIES & EQUITY Current liabilities:
Short-term debt
1,649
2,345
Sales reserves and allowances
5,201
6,159
Accounts payables
1,606
1,718
Employee-related obligations
544
693
Accrued expenses
1,755
1,869
Other current liabilities
995
889
Total current liabilities
11,751
13,674
Long-term liabilities: Deferred income taxes
975
1,096
Other taxes and long-term liabilities
2,411
2,640
Senior notes and loans
24,616
24,562
Operating lease liabilities
414
435
Total long-term liabilities
28,417
28,733
Equity: Teva shareholders’ equity
13,852
13,972
Non-controlling interests
972
1,091
Total equity
14,824
15,063
Total liabilities and equity
54,991
57,470
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,
2020
2019
2020
2019
Operating activities: Net income (loss)
78
$
(768)
53
$
(671)
Adjustments to reconcile net income (loss) to net cash provided by
operations: Depreciation and amortization
781
893
382
450
Impairment of long-lived assets and assets held for sale
1,120
1,097
396
608
Net change in operating assets and liabilities
(1,002)
(1,056)
(336)
(251)
Deferred income taxes – net and uncertain tax positions
(502)
(362)
(269)
(329)
Stock-based compensation
62
64
30
30
Net loss (gain) from sale of investments and long-lived assets
24
6
-
8
Other items
17
11
17
(72)
Net cash provided by operating activities
578
(115)
273
(227)
Investing activities: Beneficial interest
collected in exchange for securitized accounts receivables
769
746
401
384
Purchases of property, plant and equipment
(259)
(237)
(131)
(112)
Proceeds from sale of long-lived assets
45
134
39
121
Other investing activities
10
58
4
36
Net cash provided by investing activities
565
701
313
429
Financing activities: Repayment of senior notes and
loans and other long-term liabilities
(700)
(157)
-
(31)
Tax withholding payments made on shares and dividends
-
(52)
-
-
Other financing activities
(3)
(15)
(3)
(4)
Net cash used in financing activities
(703)
(224)
(3)
(35)
Translation adjustment on cash and cash equivalents
(13)
21
15
25
Net change in cash and cash equivalents
427
383
598
192
Balance of cash and cash equivalents at beginning of period
1,975
1,782
1,804
1,973
Balance of cash and cash equivalents at end of period
$
2,402
$
2,165
$
2,402
$
2,165
Non-cash financing and investing activities:
Beneficial interest obtained in exchange for securitized accounts
receivables
$
755
$
770
$
380
$
374
Three Months Ended June 30, 2020 U.S. $ and shares in
millions (except per share amounts) GAAP Excluded for non-GAAP
measurement Non-GAAP Amortizationof purchasedintangible
assets Legalsettlements andlosscontingencies Impairmentof long
livedassets OtherR&Dexpenses Restructuringcosts Costs related
toregulatoryactions taken infacilities Equitycompensation
Contingentconsideration Other non-GAAP items Otheritems Cost of
sales
2,107
219
6
6
16
1,859
R&D expenses
225
(13)
5
-
233
S&M expenses
597
30
8
-
559
G&A expenses
264
11
8
245
Other (income) expense
(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
-
Financial expenses, net
223
(5)
229
Income taxes
(104)
(231)
128
Net income (loss) attributable to non-controlling interests
(87)
(105)
19
Total reconciled items
249
13
396
(13)
33
6
30
76
15
(342)
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.
Six Months Ended June 30, 2020 U.S. $ and shares in
millions (except per share amounts) GAAP Excluded for non-GAAP
measurement Non-GAAP Amortizationof purchasedintangibleassets
Legalsettlementsand losscontingencies Impairmentof long livedassets
Restructuringcosts Costs related toregulatoryactions taken
infacilities Equitycompensation Contingentconsideration Other
non-GAAP items Otheritems Correspondingtax effect Cost of sales
4,402
443
11
12
32
3,905
R&D expenses
446
9
(17)
454
S&M expenses
1,210
64
17
0
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
-
Financial expenses, net
448
6
442
Income taxes
(163)
(465)
303
Net income (loss) attributable to non-controlling interests
(131)
(169)
38
Total reconciled items
507
(12)
1,121
73
11
60
83
18
(163)
(465)
EPS - Basic
0.19
1.12
1.32
EPS - Diluted
0.19
1.12
1.31
The non-GAAP diluted weighted average number of
shares was 1,098 million for the six months ended June 30, 2020.
Three Months Ended June 30, 2019 U.S. $ and shares in
millions (except per share amounts) GAAP Excluded for non-GAAP
measurement Non-GAAP Amortizationof
purchasedintangibleassets Legalsettlementsand losscontingencies
Impairmentof long livedassets Restructuringcosts Costs related
toregulatory actionstaken in facilities Equitycompensation
Contingentconsideration Gain on saleof business Other non-GAAP
items Otheritems Correspondingtax effect Cost of sales*
2,284
249
12
7
26
1,989
R&D expenses
276
6
271
S&M expenses
666
35
10
621
G&A expenses
296
12
(2)
286
Other (income) expense
(9)
(9)
-
Legal settlements and loss contingencies
646
646
-
Other assets impairments, restructuring and other items
101
48
47
24
(18)
-
Intangible assets impairments
561
561
-
Financial expenses, net
206
8
198
Income taxes
(179)
(312)
134
Net income (loss) attributable to non-controlling interests
18
(8)
26
Total reconciled items
285
646
609
47
12
35
24
(9)
6
(0)
(312)
EPS - Basic
(0.63)
1.23
0.60
EPS - Diluted
(0.63)
1.23
0.60
*The data presented for prior periods has been
revised to reflect a revision in the presentation of net revenues
and cost of sales in the consolidated financial statements. See
note 1c to our consolidated financial statements for additional
information. The non-GAAP diluted weighted average number of shares
was 1,093 million for the three months ended June 30, 2019.
Six
months ended June 30, 2019 U.S. $ and shares in millions
(except per share amounts) GAAP Excluded for non-GAAP
measurement Non-GAAP Amortizationof
purchasedintangibleassets
Legal settlements and loss
contingencies
Impairmentof long livedassets Acquisition,integration andrelated
expenses Restructuringcosts Costs related toregulatory actionstaken
in facilities Equitycompensation Contingentconsideration Gain on
saleof business Other non-GAAP items Otheritems Correspondingtax
effect Unusualtax item* Cost of sales**
4,577
497
16
14
61
3,988
R&D expenses
537
11
0
525
S&M expenses
1,313
71
20
1,223
G&A expenses
589
24
(1)
566
Other (income) expense
(15)
(9)
(6)
Legal settlements and loss contingencies
703
703
-
Other assets impairments, restructuring and other items
103
68
2
79
(47)
1
-
Intangible assets impairment
1,030
1,030
-
Financial expenses, net
425
6
419
Corresponding tax effect
(170)
(490)
61
259
Share in losses of associated companies – net
4
-
4
Net income (loss) attributable to non-controlling interests
26
(16)
42
Total reconciled items
568
703
1,098
2
79
16
69
(47)
(9)
60
(10)
(490)
61
EPS - Basic
(0.73)
1.93
1.20
EPS - Diluted
(0.73)
1.93
1.20
*Interest disallowance as a result of the U.S Tax Cuts and
Jobs Act. **The data presented for prior periods has been revised
to reflect a revision in the presentation of net revenues and cost
of sales in the consolidated financial statements. See note 1c to
our consolidated financial statements for additional information.
The non-GAAP diluted weighted average number of shares was 1,093
million for the six months ended June 30, 2019.
Segment
Information North America Europe
International Markets * Three months ended June 30,
Three months ended June 30, Three months ended June
30,
2020
2019
2020
2019
2020
2019
(U.S. $ in millions) (U.S. $ in millions)
(U.S. $ in millions) Revenues $
2,047
$
2,071
$
1,001
$
1,183
$
488
$
582
Gross profit
1,090
1,067
548
674
247
312
R&D expenses
154
175
65
70
19
24
S&M expenses
254
269
188
216
105
119
G&A expenses
110
117
52
70
29
34
Other (income) loss
(2)
2
(1)
1
(2)
(1)
Segment profit $
573
$
504
$
244
$
316
$
97
$
136
*The data presented for prior periods have been revised to reflect
a revision in the presentation of net revenues and cost of sales in
the consolidated financial statements.
Segment Information
North America Europe International Markets
* Six months ended June 30, Six months ended June
30, Six months ended June 30,
2020
2019
2020
2019
2020
2019
(U.S. $ in millions) (U.S. $ in millions)
(U.S. $ in millions) Revenues $
4,129
$
4,118
$
2,404
$
2,448
$
1,053
$
1,103
Gross profit
2,152
2,107
1,371
1,404
552
582
R&D expenses
300
340
120
136
34
46
S&M expenses
505
537
390
431
211
234
G&A expenses
228
230
118
119
63
70
Other income
(4)
(2)
(2)
(1)
(8)
(1)
Segment profit $
1,123
$
1,001
$
746
$
719
$
253
$
233
*The data presented for prior periods have been revised to reflect
a revision in the presentation of net revenues and cost of sales in
the consolidated financial statements.
Reconciliation of our
segment profit to consolidated income before income
taxes Three months ended June 30,
2020
2019
(U.S.$ in millions) North America profit $
573
$
504
Europe profit
244
316
International Markets profit
97
136
Total segment profit
914
956
Profit of other activities
66
55
979
1,011
Amounts not allocated to segments: Amortization
249
285
Other asset impairments, restructuring and other items
381
101
Intangible asset impairments
120
561
Legal settlements and loss contingencies
13
646
Other unallocated amounts
44
62
Consolidated operating income (loss)
173
(644)
Financial expenses - net
223
206
Consolidated loss before income taxes $
(51)
$
(850)
Reconciliation of our segment profit to consolidated
income before income taxes Six months ended June
30,
2020
2019
(U.S.$ in millions) North America profit $
1,123
$
1,001
Europe profit
746
719
International Markets profit
253
233
Total segment profit
2,121
1,954
Profit of other activities
102
76
2,223
2,029
Amounts not allocated to segments: Amortization
507
568
Other asset impairments, restructuring and other items
502
103
Intangible asset impairments
768
1,030
Legal settlements and loss contingencies
(12)
703
Other unallocated amounts
93
136
Consolidated operating income (loss)
364
(510)
Financial expenses - net
448
425
Consolidated income (loss) before income taxes $
(84)
$
(934)
Segment revenues by major products and activities
(Unaudited)
Three months ended
June 30,
Percentage Change
2020
2019
2019-2020
(U.S.$ in millions)
North America segment
Generic products $
923
$
946
(2%)
AJOVY
34
23
50%
AUSTEDO
161
96
67%
BENDEKA/TREANDA
103
125
(18%)
COPAXONE
238
274
(13%)
ProAir*
66
65
2%
QVAR
51
60
(15%)
Anda
374
351
7%
Other
96
131
(27%)
Total
2,047
2,071
(1%)
Three months ended
June 30,
Percentage Change
2020
2019
2019-2020
(U.S.$ in millions)
Europe segment
Generic medicines $
737
$
844
(13%)
COPAXONE
84
107
(21%)
Respiratory products
80
89
(11%)
AJOVY
5
1
NA
Other
95
142
(33%)
Total
1,001
1,183
(15%)
Three months ended
June 30,
Percentage Change
2020
2019 *
2019-2020
(U.S.$ in millions)
International Markets segment
Generics medicines $
426
$
489
(13%)
COPAXONE
12
13
(13%)
Other
50
80
(38%)
Total
488
582
(16%)
*The data presented for prior periods have been revised to reflect
a revision in the presentation of net revenues and cost of sales in
the consolidated financial statements.
Revenues by Activity and
Geographical Area
(Unaudited)
Six months ended
June 30,
Percentage Change
2020
2019
2019-2020
(U.S.$ in millions)
North America segment
Generic products $
1,875
$
1,913
(2%)
AJOVY
63
43
47%
AUSTEDO
283
171
66%
BENDEKA / TREANDA
208
247
(16%)
COPAXONE
435
482
(10%)
ProAir
125
123
2%
QVAR
97
124
(22%)
Anda
800
729
10%
Other
242
286
(16%)
Total
4,129
4,118
0%
Six months ended
June 30,
Percentage Change
2020
2019
2019-2020
(U.S.$ in millions)
Europe segment
Generic medicines $
1,769
$
1,763
0%
COPAXONE
193
221
(12%)
Respiratory products
186
181
3%
AJOVY
9
1
NA
Other
246
282
(13%)
Total
2,404
2,448
(2%)
Six months ended
June 30,
Percentage Change
2020
2019 *
2019-2020
(U.S.$ in millions)
International Markets segment
Generics medicines $
875
$
930
(6%)
COPAXONE
23
27
(12%)
Other
154
147
5%
Total
1,053
1,103
(5%)
Free cash flow reconciliation (Unaudited)
Three
months ended June 30,
2020
2019
(U.S. $ in millions) Net cash provided by
operating activities
273
(227)
Beneficial interest collected in exchange for securitized accounts
receivables, included in investing activities
401
384
Capital investment
(131)
(112)
Proceeds from sale of long lived assets
39
123
Free cash flow $
582
$
168
Free cash flow reconciliation (Unaudited)
Six months ended June 30,
2020
2019
(U.S. $ in millions) Net cash provided by
operating activities
578
(115)
Beneficial interest collected in exchange for securitized accounts
receivables, included in investing activities
769
746
Capital investment
(259)
(237)
Proceeds from sale of long lived assets
45
134
Free cash flow $
1,133
$
528
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200805005423/en/
IR Contacts United States Kevin C. Mannix (215) 591-8912
Yael Ashman 972 (3) 926-7516 PR Contacts United States
Kelley Dougherty (973) 832-2810 Israel Yonatan Beker 972
(54) 888 5898
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