Quarterly Report • Nov 6, 2024
Quarterly Report
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Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 6, 2024
(Exact name of registrant as specified in its charter)
Israel 001-16174 00-0000000 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.)
124 Dvora Hanevi'a Street Tel Aviv 6944020, Israel (Address of Principal Executive Offices, including Zip Code)
+972-3-914-8213
(Registrant's Telephone Number, including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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| Securities registered pursuant to Section 12(b) of the Act: | ||
|---|---|---|
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
| American Depositary Shares, each representing one Ordinary Share |
TEVA | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On November 6, 2024, Teva Pharmaceutical Industries Ltd. issued a press release announcing its financial results for the period ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and the information contained therein is incorporated herein by reference.
The information included in this Item 2.02 is being furnished to the Securities and Exchange Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
(d) Exhibits
Exhibit No. Description of Document 99.1 Teva Reports 2024 Third Quarter Financial Results
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 6, 2024 By:/s/ Eli Kalif
Name:Eli Kalif Title: Executive Vice President, Chief Financial Officer
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IR Contacts Ran Meir (215) 591-8912
Yael Ashman Sanjeev Sharma
(267) 658-2700 (973) 832-2810 +972 (3) 906 2645
+972 (3) 914 8262
Media Contacts Kelley Dougherty Eden Klein
Gross profit in the third quarter of 2024 was \$2,148 million, an increase of 16% compared to \$1,851 million in the third quarter of 2023. Gross profit margin was 49.6% in the third quarter of 2024, compared to 48.1% in the third quarter of 2023. Non-GAAP gross profit was \$2,327 million in in the third quarter of 2024, an increase of 13% compared to \$2,060 million in the third quarter of 2023. Non-GAAP gross profit margin was 53.7% in the third quarter of 2024, compared to 53.5% in the third quarter of 2023. The increase in both gross profit margin and non-GAAP gross profit marqin was mainly due to a favorable mix of products, primarily AUSTEDO, partially offset by a negative impact from foreign exchange rate movements including hedging effects.
Research and Development (R&D) expenses, net in the third quarter of 2024 were \$240 million, a decrease of 5% compared to \$253 million in the third quarter of 2023. Our lower R&D expenses, net in the third quarter of 2024 were largely driven by reimbursements from our strategic partnerships, reflecting a decrease related to our late-stage innovative pipeline, partially offset by an increase in R&D expenses relating to immunology projects. As we continue to execute on our Pivot to Growth strategy, we see a higher R&D spend in some of our late-stage innovative pipeline assets.
Selling and Marketing (S&M) expenses in the third quarter of 2024 were \$626 million, an increase of 9% compared to the third quarter of 2023. This increase was mainly to support revenue growth in generic products, AUSTEDO and AJOVY.
General and Administrative (G&A) expenses in the third quarter of 2024 were \$298 million, an increase of 11% compared to the third quarter of 2023.
Other income in the third quarter of 2024 was \$21 million, compared to \$9 million in the third quarter of 2023. Other income in the third quarter of 2024 included a capital gain from the sale of a business in our International Markets segment.
Operating loss in the third quarter of 2024 was \$51 million, compared to an operating income of \$344 million in the third quarter of 2023. Operating loss as a percentage of revenues was 1.2% in the third quarter of 2024, compared to an operating income as a percentage of revenues 8.9% in the third quarter of 2023. This decrease was mainly due to a goodwill impairment charge and higher legal settlements and loss contingencies, partially offset by higher gross profit during the third quarter of 2024. Non-GAAP operating income in the third quarter of 2024 was \$1,214 million representing a non-GAAP operating marqin of 28.0% compared to non-GAAP operating income of \$1,020 million representing a non-GAAP operating marqin of 26.5% in the third quarter of 2023. The increase in non-GAAP operating marqin in the third quarter of 2024 was mainly due to lower operating expenses as a percentage of revenues.
Exchange rate movements during the third quarter of 2024, including hedging effects, negatively impacted our operating loss by \$57 million and non-GAAP operating income by \$58 million compared to the third quarter of 2023.
Financial expenses, net in the third quarter of 2024 were \$272 million, mainly comprised of net-interest expenses of \$225 million and a neqative exchange rate impact driven mainly from currencies which we were unable to hedge. In the third quarter of 2023, financial expenses, net were \$280 million, mainly comprised of net-interest expenses of \$247 million and a negative exchange rate impact driven mainly from currencies which we were unable to hedge.
In the third quarter of 2024, we recognized a tax expense of \$69 million, on a pre-tax loss of \$324 million. In the third quarter of 2023, we recognized a tax benefit of \$12 million, on a pre-tax income of \$64 million. Our tax rate for the third quarter of 2024 was mainly impacted by impairment charges with no corresponding tax effects, an adjustment to Teva's corporate tax rate in Israel on losses related to
As part of a recent shift in executive management responsibilities and in line with our Pivot to Growth strateqy, commencing January 1, 2024, Canada is reported as part of our International Markets segment. Prior period amounts were recast to reflect this change.
The following table presents revenues, expenses and profit for our United States segment for the three months ended September 30, 2024 and 2023:
| Three months ended September 30 | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| (U.S. S in millions / % of Segment Revenues) | |||||
| Revenues \$ 2,225 | 100% | 5 1,896 | 100% | ||
| Gross profit | 1.265 | 56.9% | 1,060 | 55.9% | |
| R&D expenses | 151 | 6.8% | 156 | 8.2% | |
| S&M expenses | 259 | 11.6% | 243 | 12.8% | |
| G&A expenses | 107 | 4.8% | дз | 4.9% | |
| Other loss (income) | ഗ | (2) | ഗ | ||
| Seqment profit* \$ 748 | 33.6% | \$ 571 | 30.1% |
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than \$0.5 million or 0.5%, as applicable.
Revenues from our United States segment in the third quarter of 2024 were \$2,225 million, an increase of \$329 million, or 17%, compared to the third quarter of 2023. This increase was mainly due to higher revenues from generic products, AUSTEDO and UZEDY, partially offset by lower revenues from certain innovative products, primarily COPAXONE and BENDEKA® and TREANDA®.
The following table presents revenues for our United States segment by major products and activities for the three months ended September 30, 2024 and 2023:
| Three months ended September 30, |
Percentage Change |
||
|---|---|---|---|
| 2024 | 2023 | 2024-2023 | |
| (U.S. \$ in millions) | |||
| Generic products | \$ 1,094 | ર 839 | 30% |
| AJOVY | 58 | 56 | 4% |
| AUSTEDO | 435 | 339 | 28% |
| BENDEKA and TREANDA…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… | 40 | 56 | (28%) |
| COPAXONE | eg | 98 | (30%) |
| UZEDY | 35 | 2 | N/A |
| Anda | 380 | 367 | 3% |
| Other | 115 | 140 | (18%) |
| Total \$ 2,225 | \$ 1,896 | 17% |
Generic products revenues in our United States segment (including biosimilars) in the third quarter of 2024 were \$1,094 million, an increase of 30% compared to the third quarter of 2023, the majority of which was driven by higher revenues from lenalidomide capsules (the generic version of Revlimid®), and the remaining, primarily by the launch of liraglutide injection 1.8mg (an authorized generic of Victoza®) and higher revenues from epinephrine injectable solution (the generic equivalent of EpiPen Jr®).
Among the most significant qeneric products we sold in the United States in the third quarter of 2024 were lenalidomide capsules (the generic version of Revlimid®), epinephrine injectable solution (the qeneric equivalent of EpiPen Jr®), Truxima® (the biosimilar to Rituxan®) and liraqlutide 1.8 mg injection (an authorized generic of Victoza®). In the third quarter of 2024, our total prescriptions were approximately 292 million (based on trailing twelve months), representing 7.6% of total U.S. generic prescriptions, compared to approximately 320 million (based on trailing twelve months), representing 8.4% of total U.S. qeneric prescriptions in the third quarter of 2023, all according to IQVIA data.
On October 1, 2024, Teva launched octreotide acetate for injectable suspension, the first generic version of Sandostatin® LAR Depot. Octreotide acetate for injectable suspension is indicated for the treatment of acromegaly and severe diarrhea associated with carcinoid syndrome, and is available to patients in the U.S.
AJOVY revenues in our United States segment in the third quarter of 2024 were \$58 million, an increase of 4% compared to the third quarter of 2023, mainly due to growth in volume. In the third quarter of 2024, AJOVY's exit market share in the United States in terms of total number of prescriptions was 29.1% compared to 24.9% in the third quarter of 2023.
AUSTEDO revenues in our United States segment in the third quarter of 2024 increased by 28% to \$435 million, compared to \$339 million in the third quarter of 2023, mainly due to growth in volume and expanded access for patients.
AUSTEDO XR (deutetrabenazine) extended-release tablets was approved by the FDA on February 17, 2023, in three doses of 6, 12 and 24 mg, and became commercially available in the U.S. in May 2023. In May 2024, the FDA approved AUSTEDO XR as a one pill, once-daily treatment option in doses of 30, 36, 42, and 48 mg. In July 2024, the FDA approved the 18 mg dosage for AUSTEDO XR, making it a one pill, once-daily option for all available doses. AUSTEDO XR is a once-daily formulation indicated in adults for tardive duskinesia and chorea associated with Huntinqton's disease, which is additional to the currently marketed twice-daily AUSTEDO. AUSTEDO XR is protected by 11 Orange Book patents expiring between 2031 and 2041.
UZEDY (risperidone) extended-release injectable suspension revenues in our United States seqment in the third quarter of 2024 were \$35 million. UZEDY was approved by the FDA on April 28, 2023 for the treatment of schizophrenia in adults, and was launched in the U.S. in May 2023. UZEDY is a subcutaneous, long-acting formulation of risperidone that controls the steady release of risperidone. UZEDY is protected by nine Orange Book patents expiring between 2025 and 2033. We are moving forward with plans to launch UZEDY in other countries around the world. UZEDY faces competition from multiple other products.
BENDEKA and TREANDA combined revenues in our United States segment in the third quarter of 2024 were \$40 million, a decrease of 28% compared to the third quarter of 2023, mainly due to competition from alternative therapies, as well as the entry of qeneric bendamustine products into the market. The orphan drug exclusivity that had attached to bendamustine products expired in December 2022.
COPAXONE revenues in our United States seqment in the third quarter of 2024 were \$69 million, a decrease of 30% compared to the third quarter of 2023, mainly due to market share erosion and competition.
Anda revenues from third-party products in our United States segment in the third quarter of 2024 increased by 3% to \$380 million, compared to \$367 million in the third quarter of 2023, mainly due to higher volumes. Anda, our distribution business in the United States, distributes generic and innovative medicines and OTC pharmaceutical products from Teva and various third-party manufacturers to independent retail pharmacies, pharmacy retail chains, hospitals and physician offices in the United States. Anda is able to compete in the distribution market by maintaining a broad portfolio of products, competitive pricing and delivery throughout the United States.
Gross profit from our United States segment in the third quarter of 2024 was \$1,265 million, an increase of 19%, compared to \$1,060 million in the third quarter of 2023.
Gross profit margin for our United States segment in the third quarter of 2024 increased to 56.9%, compared to 55.9% in the third quarter of 2023. This increase was mainly due to a favorable mix of products primarily driven by higher revenues from lenalidomide capsules (the generic version of Revlimid®) and AUSTEDO.
Profit from our United States segment consists of gross profit less R&D expenses, G&A expenses and any other income related to this segment profit does not include amortization and certain other items.
Profit from our United States seqment in the third quarter of 2024 was \$748 million, an increase of 31% compared to \$571 million in the third quarter of 2023. This increase was mainly due to higher gross profit, partially offset by higher S&M and G&A expenses, as discussed above.
Our Europe segment includes the European Union, the United Kingdom and certain other European countries.
The following table presents revenues, expenses and profit for our Europe segment for the three months ended September 30, 2024 and 2023:
| Three months ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| (U.S. \$ in millions / % of Segment Revenues) | ||||||
| Revenues \$ 1.265 | 100% | S 1.146 | 100% | |||
| Gross profit | 55.2% | 648 | 56.6% | |||
| R&D expenses | 4.3% | 62 | 5.4% | |||
| S&M expenses 203 | 16.0% | 184 | 16.0% | |||
| G&A expenses 67 | 5.3% | 66 | 5.7% | |||
| Other loss (income) . | S | ഗ | ತಿ | |||
| Segment profit* \$ 373 | 29.5% | \$ 338 | 29.5% |
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than \$0.5 million or 0.5%, as applicable.
Revenues from our Europe segment in the third quarter of 2024 were \$1,265 million, an increase of 10%, or \$119 million, compared to the third quarter of 2023. In local currency terms, revenues increased by 11% compared to the third quarter of 2023, mainly due to higher revenues from generic and OTC products as well as from AJOVY. Our higher revenues in the third quarter of 2024 were also partly driven by the sale of certain product rights.
In the third quarter of 2024, revenues were negatively impacted by exchange rate fluctuations of \$6 million, net of hedging effects, compared to the third quarter of 2023. Revenues in the third quarter of 2024, included \$10 million from a negative hedging impact, which is included in "Other" in the table below. Revenues in the third quarter of 2023 included \$15 million from a positive hedging impact, which is included in "Other" in the table below.
The following table presents revenues for our Europe segment by major products and activities for the three months ended September 30, 2024 and 2023:
| Three months ended | Percentage Change |
||
|---|---|---|---|
| September 30, | |||
| 2024 | 2023 | 2024-2023 | |
| (U.S. \$ in millions) | |||
| Generic products | S 973 | ર 886 | 10% |
| AJOVY | 56 | 41 | 37% |
| COPAXONE | 53 | 55 | (5%) |
| Respiratory products | 60 | 61 | (1%) |
| Other* | 124 | 104 | 19% |
| Total | \$ 1,265 | \$ 1,146 | 10% |
* Other revenues in the third quarter of 2024 include the sale of certain product rights.
Generic products revenues (including OTC and biosimilar products) in our Europe seqment in the third quarter of 2024, were \$973 million, an increase of 10% compared to the third quarter of 2023. In local currency terms, revenues increased by 8%, mainly due to price increases as a result of market conditions such as inflationary pressures in certain markets, as well as higher revenues from recently launched products.
AJOVY revenues in our Europe segment in the third quarter of 2024 increased by 37% to \$56 million, compared to \$41 million in the third quarter of 2023. In local currency terms, revenues increased by 36%, due to growth in volume.
COPAXONE revenues in our Europe segment in the third quarter of 2024 were \$53 million, a decrease of 5%. in both U.S. dollars and local currency terms compared to the third quarter of 2023, due to price reductions and a decline in volume resulting from the availability of alternative therapies and competing glatiramer acetate products.
Respiratory products revenues in our Europe segment in the third quarter of 2024 were \$60 million, a decrease of 1% compared to the third quarter of 2023. In local currency terms, revenues decreased by 3% compared to the third quarter of 2023, mainly due to net price reductions and lower volumes.
Gross profit from our Europe segment in the third quarter of 2024 was \$698 million, an increase of 8% compared to \$648 million in the third quarter of 2023.
Gross profit margin for our Europe segment in the third quarter of 2024 decreased to 55.2%, compared to 56.6% in the third quarter of 2023. This decrease was mainly due to neqative exchange rate impact from hedging activities.
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 profit does not include amortization and certain other items.
Profit from our Europe seqment in the third quarter of 2024 was \$373 million, an increase of 10%, compared to \$338 million in the third quarter of 2023. This increase was mainly due to higher gross profit resulting mainly from proceeds from the sale of certain product rights, partially offset by S&M expenses.
Our International Markets seqment includes all countries in which we operate other than the United States and the countries included in our Europe segment. The International Markets seqment includes more than 35 countries, covering a substantial portion of the global pharmaceutical industry.
As part of a recent shift in executive management responsibilities, commencing January 1, 2024, Canada is reported under our International Markets segment and is no longer included as part of our United States segment. Prior period amounts were recast to reflect this change.
The following table presents revenues, expenses and profit for our International Markets segment for the three months ended September 30, 2024 and 2023:
| Three months ended September 30 | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| (U.S. \$ in millions / % of Segment Revenues) | |||||
| Revenues \$ 613 | 100% - | 5 591 | 100% | ||
| Gross profit | 49.9% | 293 | 49.6% | ||
| R&D expenses 27 | 4.4% | 30 | 5.1% | ||
| S&M expenses | 21.9% | 116 | 19.6% | ||
| G&A expenses 36 | 5.8% | 33 | 5.5% | ||
| Other loss (income) | ഗ | (2) | ഗ | ||
| Segment profit* \$ 109 | 17.8% | \$ 117 | 19.7% |
* Segment profit does not include amortization and certain other items.
§ Represents an amount less than \$0.5 million or 0.5%, as applicable.
Revenues from our International Markets segment in the third quarter of 2024 were \$613 million, an increase of 4% compared to the third quarter of 2023. In local currency terms, revenues increased by 18% compared to the third quarter of 2023, mainly due to higher revenues from generic products in most markets, partially offset by requlatory price reductions and generic competition to off-patented products in Japan. Our higher revenues in the third quarter of 2024 were also partly driven by the sale of certain product rights.
In the third quarter of 2024, revenues were neqatively impacted by exchange rate fluctuations of \$84 million, including hedging effects, compared to the third quarter of 2023. Revenues in the third quarter of 2024 included \$1 million from a positive hedging impact, compared to a positive hedging impact of \$7 million in the third quarter of 2023, which are included in "Other" in the table below.
The following table presents revenues for our International Markets segment by major products and activities for the three months ended September 30, 2024 and 2023:
| Three months ended September 30, |
Percentage Change |
||||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024-2023 | |||
| Generic products | S 477 | S 470 | 1% | ||
| AJOVY | 24 | 18 | 35% | ||
| COPAXONE | 13 | 16 | (18%) | ||
| Other* | gg | 87 | 14% | ||
| Total | ഗ 613 |
ਟ | 4% |
* Other revenues in the third quarter of 2024 include the sale of certain product rights.
Generic products revenues (including OTC and biosimilar products) in our International Markets seqment were \$477 million in the third quarter of 2024, an increase of 1% compared to the third quarter of 2023. In local currency terms, revenues increased by 13% compared to the third quarter of 2023, mainly due to higher revenues in most markets, largely driven by price increases as a result of higher costs due to inflationary pressure in certain markets and higher volumes, partially offset by requlatory price reductions and generic competition to off-patented products in Japan.
AJOVY was launched in certain markets in our International Markets segment, including in Canada, Japan, Australia, Israel, South Korea, Brazil and others. AJOVY revenues in our International Markets segment in the third quarter of 2024 were \$24 million, compared to \$18 million in the third quarter of 2023, due to growth in existing markets in which AJOVY was launched.
COPAXONE revenues in our International Markets segment in the third quarter of 2024 were \$13 million compared to \$16 million in the third quarter of 2023.
AUSTEDO was launched in China and Israel in 2021 and in Brazil in 2022, for the treatment of chorea associated with Huntington's disease and for the treatment of tardive dyskinesia. In February 2024, we announced a strategic partnership for the marketing and distribution of AUSTEDO in China. We continue with additional submissions in various other markets.
Gross profit from our International Markets segment in the third quarter of 2024 was \$306 million, an increase of 4% compared to \$293 million in the third quarter of 2023.
Gross profit margin for our International Markets segment in the third quarter of 2024 increased to 49.9%, compared to 49.6% in the third quarter of 2023. This increase was mainly due to price increases largely as a result of inflationary pressures in certain markets, the sale of certain product rights and a favorable mix of products, partially offset by requlatory price reductions and qeneric competition to off-patented products in Japan, as well as higher costs due to inflationary and other macroeconomic pressures.
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 profit does not include amortization and certain other items.
Profit from our International Markets segment in the third quarter of 2024 was \$109 million, a decrease of 7%, compared to \$117 million in the third quarter of 2023. This decrease was mainly due to higher S&M expenses in the third quarter of 2024.
We have other sources of revenues, 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 United States, Europe or International Markets segments described above.
On January 31, 2024, we announced that we intend to divest our API business (including its R&D, manufacturing and commercial activities) through a sale, which divestment is expected to be completed in the first half of 2025. The intention to divest is in alignment with our Pivot to Growth strategy. However, there can be no assurance regarding the ultimate timing or structure of a potential divestiture or that a divestiture will be agreed or completed at all.
Revenues from other activities in the third quarter of 2024 were \$229 million, an increase of 6% in U.S. dollars or 5% in local currency terms, compared to the third quarter of 2023.
API sales to third parties in the third quarter of 2024 were \$130 million, reflecting an increase of 4% in both U.S. dollars and local currency terms, compared to the third quarter of 2023, following a reallocation of an immaterial business within our other activities, in line with our intention to divest our API business.
| \$ billions, except EPS or as noted |
November 2024 Outlook |
July 2024 Outlook | February 2024 Outlook |
|---|---|---|---|
| Revenues* | \$16.1 - \$16.5 | \$16.0 - \$16.4 | \$15.7 - \$16.3 |
| AUSTEDO (\$m)* | ~1,600 | ~1,600 | ~1,500 |
| AJOVY (\$m)* | ~500 | ~500 | ~500 |
| UZEDY (\$m)* | ~100 | ~80 | ~80 |
| COPAXONE (\$m)* | ~500 | ~450 | ~400 |
| Operating Income | 4.2 - 4.5 | 4.1 - 4.5 | 4.0 - 4.5 |
| Adjusted EBITDA | 4.7 - 5.0 | 4.6 - 5.0 | 4.5 - 5.0 | |
|---|---|---|---|---|
| Finance Expenses (\$m) | ~1,000 | ~1,000 | ~1,000 | |
| Tax Rate | 14% - 17% | 14% - 17% | 14% - 17% | |
| Diluted EPS (\$) | 2.40 - 2.50 | 2.30 - 2.50 | 2.20 - 2.50 | |
| Free Cash Flow** | 1.7 - 2.0 | 1.7 - 2.0 | 1.7 - 2.0 | |
| CAPEX* | ~0.5 | ~0.5 | ~0.5 | |
| Foreign Exchange | Volatile swings in FX can negatively impact revenue and income |
* Revenues and CAPEX presented on a GAAP basis.
** Free Cash Flow includes cash flow generated from operating activities net of capital expenditures and deferred purchase price cash component collected for securitized trade receivables
Teva will host a conference call and live webcast including a slide presentation on November 6, 2024, at 8:00 a.m. ET to discuss its third quarter 2024 results and overall business environment. A question & answer session will follow.
In order to participate, please register in advance here to obtain a local or toll-free phone number and your personal pin.
A live webcast of the call will be available on Teva's website at https://ir.tevapharm.com/Events-and-Presentations/events-and-presentations/default.aspx
Following the conclusion of the call, a replay of the webcast will be available within 24 hours on Teva's website.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a qlobal pharmaceutical leader with a cateqory-defying portfolio, harnessing our generics expertise and stepping up innovation to continue the momentum behind the discovery, delivery, and expanded development of modern medicine. For over 120 years, Teva's commitment to bettering health has never wavered. Today, the company's global network of capabilities enables its 37,000 employees across 58 markets to push the boundaries of scientific innovation and deliver quality medicines to help improve health outcomes of millions of patients every day. To learn more about how Teva is all in for better health, visit www.tevapharm.com.
Some amounts in this press release may not add up due to rounding. All percentages have been calculated using unrounded amounts.
(Unaudited)
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Net revenues | 4,332 | 3,850 | 12,315 | 11,389 |
| Cost of sales | 2,183 | 1,999 | 6,372 | 6,159 |
| Gross profit | 2,148 | 1,851 | 5,943 | 5,230 |
| Research and development expenses | 240 | 253 | 751 | 726 |
| Selling and marketing expenses | 626 | 576 | 1,891 | 1,726 |
| General and administrative expenses | 298 | 268 | 859 | 870 |
| Intangible assets impairments | 28 | 47 | 169 | 289 |
| Goodwill impairment | 600 | - | 1,000 | 700 |
| Other asset impairments, restructuring and other items | (23) | 57 | 931 | 276 |
| Legal settlements and loss contingencies | 450 | 314 | 638 | 1,009 |
| Other loss (income) | (21) | (9) | (22) | (43) |
| Operating income (loss) | (51) | 344 | (274) | (323) |
| Financial expenses, net | 272 | 280 | 763 | 808 |
| Income (loss) before income taxes | (324) | 64 | (1,037) | (1,131) |
| Income taxes (benefit) | 69 | (12) | 648 | (48) |
| Share in (profits) losses of associated companies, net | (3) | § | (1) | (1) |
| Net income (loss) | (390) | 77 | (1,684) | (1,082) |
| Net income (loss) attributable to non-controlling interests | 47 | 8 | (262) | (60) |
| Net income (loss) attributable to Teva | (437) | 69 | (1,422) | (1,022) |
| Earnings (loss) per share attributable to Teva: | Basic (\$) | (0.39) | 0.06 | (1.26) | (0.91) |
|---|---|---|---|---|---|
| Diluted (\$) | (0.39) | 0.06 | (1.26) | (0.91) | |
| Weighted average number of shares (in millions): | Basic | 1,133 | 1,121 | 1,130 | 1,119 |
| Diluted | 1,133 | 1,135 | 1,130 | 1,119 | |
| Non-GAAP net income attributable to Teva for diluted earnings per share:* | 798 | 677 | 2,043 | 1,762 | |
| Non-GAAP earnings per share attributable to Teva:* | Diluted (\$) | 0.69 | 0.60 | 1.78 | 1.56 |
| Non-GAAP average number of shares (in millions): | Diluted | 1,155 | 1,135 | 1,148 | 1,131 |
Amounts may not add up due to rounding.
§ Represents an amount less than \$0.5 million.
* See reconciliation attached.
| September 30, 2024 |
December 31, 2023 |
||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | ನ | 3,319 | \$ | 3,226 | |
| Accounts receivables, net of allowance for credit losses of \$91 million and \$95 | |||||
| million as of September 30, 2024 and December 31, 2023 | 3,462 | 3,408 | |||
| Inventories | 3,959 | 4,021 | |||
| Prepaid expenses | 1,127 | 1,255 | |||
| Other current assets | 445 | 504 | |||
| Assets held for sale | 2 | 70 | |||
| Total current assets | 12,314 | 12,485 | |||
| Deferred income taxes | 2,070 | 1,812 | |||
| Other non-current assets | ਕੰਤਰ | 470 | |||
| Property, plant and equipment, net | 5,672 | 5,750 | |||
| Operating lease right-of-use assets, net | 364 | 397 | |||
| ldentifiable intangible assets, net | 4,756 | 5,387 | |||
| Goodwill | 16,124 | 17,177 | |||
| Total assets | \$ | 41,758 | \$ | 43,479 | |
| LIABILITIES AND EQUITY Current liabilities: Short-term debt Sales reserves and allowances Accounts payables Employee-related obligations Accrued expenses Other current liabilities Liabilities held for sale Total current liabilities |
ನ | 2,580 3,785 2,371 ਦਾਰ 2,984 1,241 216 13,797 |
\$ | 1,672 3,535 2,602 611 2,771 1,044 13 12,247 |
|
| Long-term liabilities: | |||||
| Deferred income taxes | ટે38 | 606 | |||
| Other taxes and long-term liabilities | 4,344 | 4,019 | |||
| Senior notes and loans | 16,400 | 18,161 | |||
| Operating lease liabilities | 295 | 320 | |||
| Total long-term liabilities | 21,578 | 23,106 | |||
| Equity: | |||||
| Teva shareholders' equity: | 6,065 | 7,506 | |||
| Non-controlling interests | 319 | 620 | |||
| Total equity | 6,383 | 8,126 | |||
| Total liabilities and equity | ನ | 41,758 | \$ | 43,479 |
Amounts may not add up due to rounding.
| Three months ended | Nine months ended | ||||
|---|---|---|---|---|---|
| September 30, | September 30, | ||||
| 2024 | 2023 | 2024 | 2023 | ||
| Operating activities: | |||||
| Net income (loss) \$ | (390) | 77 \$ | (1,684) (1,082) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operations: | |||||
| Depreciation and amortization | 259 | 283 | 790 | 887 | |
| Impairment of goodwill | 600 | - | 1,000 | 700 | |
| Impairment of long-lived assets and assets held for sale | (51) | 48 | 758 | 310 | |
| Net change in operating assets and liabilities | 317 | (227) | (190) (364) | ||
| Deferred income taxes – net and uncertain tax positions | (53) (199) | (666) (349) | |||
| Stock-based compensation | 29 | 31 | 89 | 93 | |
| Other items * | 2 | (5) | 597 | 18 | |
| Net loss (gain) from sale of business and long-lived assets | (21) | (3) | (22) | (29) | |
| Net cash provided by (used in) operating activities | 693 | 5 | 672 | 184 | |
| Investing activities: | |||||
| Beneficial interest collected in exchange for securitized account receivables | 339 | 362 | 951 | 1,056 | |
| Purchases of property, plant and equipment and intangible assets | (148) (149) | (369) (407) | |||
| Proceeds from sale of business and long-lived assets | 38 | 10 | 39 | 68 | |
| Acquisition of businesses, net of cash acquired | - | - | (15) | - | |
| Purchases of investments and other assets | (1) | (38) | (56) | (44) | |
| Proceeds from sale of investments | 40 | - | 40 | - | |
| Other investing activities | - | (1) | - | (6) | |
| Net cash provided by (used in) investing activities | 268 | 184 | 590 | 667 | |
| Financing activities: | |||||
| Repayment of senior notes and loans and other long term liabilities | - | (1,000) | (956) (4,152) | ||
| Purchase of shares from non-controlling interests | - | - | (64) | - | |
| Dividends paid to non-controlling interests | - | - | (78) | - | |
| Proceeds from senior notes, net of issuance costs | - | - | - | 2,451 | |
| Proceeds from short term debt | - | 700 | - | 700 | |
| Repayment of short term debt | - | (200) | - | (200) | |
| Other financing activities | - | (76) | (19) (136) | ||
| Net cash provided by (used in) financing activities | - | (576) | (1,117) (1,337) | ||
| Translation adjustment on cash and cash equivalents | 100 | (33) | (53) | (98) | |
| Net change in cash, cash equivalents and restricted cash | 1,061 | (420) | 92 | (584) | |
| Balance of cash, cash equivalents and restricted cash at beginning of period | 2,258 | 2,670 | 3,227 | 2,834 | |
| Balance of cash, cash equivalents and restricted cash at end of period \$ | 3,319 | 2,250 | 3,319 | 2,250 | |
| Cash and cash equivalents | 3,319 | 2,249 | 3,319 | 2,249 | |
| Restricted cash included in other current assets | — | 1 | — | 1 | |
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 3,319 | 2,250 | 3,319 | 2,250 | |
| Non-cash financing and investing activities: | |||||
| Beneficial interest obtained in exchange for securitized accounts receivables | \$ 332 |
376 \$ | 964 | 1,090 | |
| Dividend declared to non-controlling interests | \$ - |
67 \$ | - | 67 |
* Adjustment in the nine-months period ended September 30, 2024 mainly relates to an agreement with the Israeli Tax Authorities to settle certain litigation in an amount of \$495 million relating to taxes payable for the years 2008 through 2020.
The accompanying notes are an integral part of the financial statements. Amounts may not add up due to rounding
| Three months ended September 30, |
Nine months ended September 30, |
|||||
|---|---|---|---|---|---|---|
| (\$ in millions except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||
| Net income (Loss) attributable to Teva(1) | (\$) | (437) | 69 | (\$) | (1,422) | (1,022) |
| Increase (decrease) for excluded items: | ||||||
| Amortization of purchased intangible assets | 146 | 145 | 444 | 471 | ||
| Legal settlements and loss contingencies(2) | 450 | 314 | 638 | 1,009 | ||
| Goodwill impairment(3) | 600 | - | 1,000 | 700 | ||
| Impairment of long-lived assets(4) | (51) | 48 | 758 | 310 | ||
| Restructuring costs | 21 | 27 | 52 | 93 | ||
| Equity compensation | 29 | 31 | 89 | 93 | ||
| Contingent consideration(1)(5) | 34 | 27 | 305 | 140 | ||
| Loss (Gain) on sale of business | (20) | (5) | (21) | (3) | ||
| Accelerated depreciation | 1 | 25 | 8 | 74 | ||
| Financial expenses | 11 | 14 | 35 | 53 | ||
| Items attributable to non-controlling interests(4) | 41 | (1) | (276) | (91) | ||
| Other non-GAAP items(6) | 56 | 64 | 162 | 252 | ||
| Corresponding tax effects and unusual tax items(7) | (83) | (80) | 270 | (315) | ||
| Non-GAAP net income attributable to Teva | (\$) | 798 | 677 | (\$) | 2,043 | 1,762 |
| Non-GAAP tax rate(8) | 16.0% | 9.0% | 15.5% | 13.0% | ||
| GAAP diluted earnings (loss) per share attributable to Teva | (\$) | (0.39) | 0.06 | (\$) | (1.26) | (0.91) |
| EPS difference(9) | 1.08 | 0.54 | 3.04 | 2.47 | ||
| Non-GAAP diluted EPS attributable to Teva(9) | (\$) | 0.69 | 0.60 | (\$) | 1.78 | 1.56 |
| Non-GAAP average number of shares (in millions)(9) | 1,155 | 1,135 | 1,148 | 1,131 |
(1) The data presented for the prior period have been revised to reflect a revision in the presentation of these items in the consolidated financial statements. For additional information see note 1c to our consolidated financial statements included in our 2023 Annual Report on Form 10-K.
(2) Adjustments for legal settlements and loss contingencies in the third quarter of 2024 were mainly related to a provision of \$350 million recorded in connection with a decision by the European Commission in its antitrust investigation into COPAXONE® , and to an update to the estimated settlement provision of \$121 million for the opioid cases (mainly related to the settlement agreement with the city of Baltimore and the effect of the passage of time on the net present value of the discounted payments). Adjustments for legal settlements and loss contingencies in the third quarter of 2023 were mainly related to a provision of \$270 million in connection with the U.S. DOJ patient assistance program litigation.
Adjustments for legal settlements and loss contingencies in the nine months ended September 30, 2024 were mainly related to a provision of \$350 million recorded in connection with a decision by the European Commission in its antitrust investigation into COPAXONE, and to an update to the estimated settlement provision of \$239 million for the opioid cases (mainly the effect of the passage of time on the net present value of the discounted payments and the settlement agreement with the city of Baltimore). Adjustments for legal settlements and loss contingencies in the nine months ended September 30, 2023 were mainly related to an update to the estimated provision of \$370 million related to the DOJ patient assistance program litigation, an update to the estimated settlement provision of \$248 million related to the remaining opioid cases, the provision of \$204 million relating to the U.S. DOJ criminal antitrust charges on the marketing and pricing of certain Teva USA generic products and the provision of \$100 million related to the settlement of the reverse-payment antitrust litigation over certain HIV medicines.
| (Unaudited) | ||||||
|---|---|---|---|---|---|---|
| Three months ended | Nine months ended | |||||
| September 30, | September 30, | |||||
| (\$ in millions) | 2024 | 2023 | 2024 | 2023 | ||
| Gross profit | \$ | 2,148 | 1,851 | \$ | 5,943 | 5,230 |
| Gross profit margin | 49.6% | 48.1% | 48.3% | 45.9% | ||
| Increase (decrease) for excluded items: (1) | ||||||
| Amortization of purchased intangible assets | 136 | 130 | 409 | 420 | ||
| Equity compensation | 5 | 5 | 17 | 15 | ||
| Accelerated depreciation | 1 | 25 | 8 | 74 | ||
| Other non-GAAP items | 37 | 48 | 117 | 140 | ||
| Non-GAAP gross profit | \$ | 2,327 | 2,060 | \$ | 6,495 | 5,878 |
| Non-GAAP gross profit margin (2) | 53.7% | 53.5% | 52.7% | 51.6% |
(1) For further explanations, refer to the footnotes under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
(2) Non-GAAP gross profit margin is non-GAAP gross profit as a percentage of revenue.
| (Unaudited) | ||||||
|---|---|---|---|---|---|---|
| Three months ended | Nine months ended | |||||
| September 30, | September 30, | |||||
| (\$ in millions) | 2024 | 2023 | 2024 | 2023 | ||
| Operating income (loss)(1) | (\$) | (51) | 344 | (\$) | (274) | (323) |
| Operating margin | (1.2%) | 8.9% | (2.2%) | (2.8%) | ||
| Increase (decrease) for excluded items: (2) | ||||||
| Amortization of purchased intangible assets | 146 | 145 | 444 | 471 | ||
| Legal settlements and loss contingencies | 450 | 314 | 638 | 1,009 | ||
| Goodwill impairment | 600 | - | 1,000 | 700 | ||
| Impairment of long-lived assets | (51) | 48 | 758 | 310 | ||
| Restructuring costs | 21 | 27 | 52 | 93 | ||
| Equity compensation | 29 | 31 | 89 | 93 | ||
| Contingent consideration(1) | 34 | 27 | 305 | 140 | ||
| Loss (gain) on sale of business | (20) | (5) | (21) | (3) | ||
| Accelerated depreciation | 1 | 25 | 8 | 74 | ||
| Other non-GAAP items | 56 | 64 | 162 | 252 | ||
| Non-GAAP operating income (loss) | (\$) | 1,214 | 1,020 | (\$) | 3,162 | 2,816 |
| Non-GAAP operating margin(3) | (\$) | 28.0% | 26.5% | (\$) | 25.7% | 24.7% |
(1) The data presented for the prior period have been revised to reflect a revision in the presentation of these items in the consolidated financial statements. For additional information see note 1c to our consolidated financial statements included in our 2023 Annual Report on Form 10-K.
(2) For further explanations, refer to the footnotes under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table.
(3) Non-GAAP operating margin is Non-GAAP operating income as a percentage of revenues.
(Unaudited)
| Three months ended September 30, |
Nine months ended September 30, |
||||||
|---|---|---|---|---|---|---|---|
| (\$ in millions) | 2024 | 2023 | 2024 | 2023 | |||
| Net income (loss)(1) | \$ (390) |
77 | \$ | (1,684) | (1,082) | ||
| Increase (decrease) for excluded items:(2) | |||||||
| Financial expenses | 272 | 280 | 763 | 808 | |||
| Income taxes | 69 | (12) | 648 | (48) | |||
| Share in profits (losses) of associated companies –net | (3) | § | (1) | (1) | |||
| Depreciation | 113 | 138 | 346 | 416 | |||
| Amortization | 146 | 145 | 444 | 471 | |||
| EBITDA | 208 | 628 | 515 | 565 | |||
| Legal settlements and loss contingencies | 450 | 314 | 638 | 1,009 | |||
| Goodwill impairment | 600 | - | 1,000 | 700 | |||
| Impairment of long lived assets | (51) | 48 | 758 | 310 | |||
| Restructuring costs | 21 | 27 | 52 | 93 | |||
| Equity compensation | 29 | 31 | 89 | 93 | |||
| Contingent consideration(1) | 34 | 27 | 305 | 140 | |||
| Loss (Gain) on sale of Business | (20) | (5) | (21) | (3) | |||
| Other non-GAAP items | 56 | 64 | 162 | 252 | |||
| Adjusted EBITDA | \$ 1,327 |
1,134 | \$ | 3,500 | 3,158 |
§ Represents an amount less than \$0.5 million.
(2) For further explanations, refer to the footnotes under the "Reconciliation of net income (loss) attributable to Teva to Non-GAAP net income (loss) attributable to Teva" table. (1) The data presented for the prior period have been revised to reflect a revision in the presentation of these items in the consolidated financial statements. For additional information see note 1c to our consolidated financial statements included in our 2023 Annual Report on Form 10-K.
| United States | Europe | International Markets | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended September 30, |
Three months ended September 30, |
Three months ended September 30, |
||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||
| (U.S. \$ in millions) | (U.S. \$ in millions) | (U.S. \$ in millions) | ||||||||||
| Revenues \$ | 2,225 | \$ | 1,896 | \$ | 1,265 | \$ | 1,146 | \$ | 613 | \$ | 591 | |
| Gross profit | 1,265 | 1,060 | 698 | 648 | 306 | 293 | ||||||
| R&D expenses | 151 | 156 | 55 | 62 | 27 | 30 | ||||||
| S&M expenses | 259 | 243 | 203 | 184 | 134 | 116 | ||||||
| G&A expenses | 107 | 93 | 67 | 66 | 36 | 33 | ||||||
| Other loss (income) | § | (2) | 1 | § | § | (2) | ||||||
| Segment profit \$ | 748 | \$ | 571 | \$ | 373 | \$ | 338 | \$ | 109 | \$ | 117 |
§ Represents an amount less than \$0.5 million.
| United States Nine months ended |
Europe | International Markets | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nine months ended | Nine months ended | |||||||||||
| September 30, | September 30, | September 30, | ||||||||||
| 2024 | 2023 | 2024 2023 |
2024 | 2023 | ||||||||
| (U.S. \$ in millions) | (U.S. \$ in millions) | (U.S. \$ in millions) | ||||||||||
| Revenues \$ | 6,060 | \$ | 5,465 | \$ | 3,749 | \$ | 3,493 | \$ 1,802 | \$ | 1,750 | ||
| Gross profit | 3,291 | 2,866 | 2,113 | 1,943 | 889 | 861 | ||||||
| R&D expenses | 475 | 460 | 173 | 168 | 85 | 81 | ||||||
| S&M expenses | 789 | 700 | 605 | 565 | 397 | 353 | ||||||
| G&A expenses | 300 | 289 | 197 | 196 | 109 | 105 | ||||||
| Other loss (income) | (1) | (3) | 1 | (2) | (1) | (34) | ||||||
| Segment profit \$ | 1,727 | \$ | 1,421 | \$ | 1,137 | \$ | 1,017 | \$ | 299 | \$ | 356 |
| Three months ended September 30, |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| (U.S.\$ in millions) | |||||
| United States profit | \$ | 748 | \$ | 571 | |
| Europe profit | 373 | 338 | |||
| International Markets profit | 109 | 117 | |||
| Total reportable segment profit | 1,230 | 1,025 | |||
| Profit (loss) of other activities | (16) | (5) | |||
| 1,214 | 1,020 | ||||
| Amounts not allocated to segments: | |||||
| Amortization | 146 | 145 | |||
| Other asset impairments, restructuring and other items* | (23) | 57 | |||
| Goodwill impairment | 600 | - | |||
| Intangible asset impairments | 28 | 47 | |||
| Legal settlements and loss contingencies | 450 | 314 | |||
| Other unallocated amounts | 64 | 112 | |||
| Consolidated operating income (loss) | (51) | 344 | |||
| Financial expenses - net | 272 | 280 | |||
| Consolidated income (loss) before income taxes* | \$ | (324) | \$ | 64 | |
*The data presented for the prior period have been revised to reflect a revision in the presentation of these items in the consolidated financial statements. For additional information see note 1b to our consolidated financial statements included in our 2023 Annual Report on Form 10-K.
| Nine months ended September 30, |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| (U.S.\$ in millions) | |||||
| United States profit | \$ | 1,727 | 1,421 | ||
| Europe profit | 1,137 | 1,017 | |||
| International Markets profit | 299 | 356 | |||
| Total reportable segment profit | 3,163 | 2,794 | |||
| Profit (loss) of other activities | (1) | 22 | |||
| Total segment profit | 3,162 | 2,816 | |||
| Amounts not allocated to segments: | |||||
| Amortization | 444 | 471 | |||
| Other asset impairments, restructuring and other items* | 931 | 276 | |||
| Goodwill impairment | 1,000 | 700 | |||
| Intangible asset impairments | 169 | 289 | |||
| Legal settlements and loss contingencies | 638 | 1,009 | |||
| Other unallocated amounts | 254 | 394 | |||
| Consolidated operating income (loss)* | (274) | (323) | |||
| Financial expenses - net | 763 | 808 | |||
| Consolidated income (loss) before income taxes | \$ | (1,037) | \$ | (1,131) |
*The data presented for the prior period have been revised to reflect a revision in the presentation of these items in the consolidated financial statements. For additional information see note 1b to our consolidated financial statements included in our 2023 Annual Report on Form 10-K.
| Three months ended | ||||
|---|---|---|---|---|
| September 30, | Percentage Change |
|||
| 2024 | 2023 | 2023-2024 | ||
| (U.S.\$ in millions) | ||||
| United States segment | ||||
| Generic products | \$ 1,094 |
\$ | 839 | 30% |
| AJOVY | 58 | 56 | 4% | |
| AUSTEDO | 435 | 339 | 28% | |
| BENDEKA/TREANDA | 40 | 56 | (28%) | |
| COPAXONE | 69 | 98 | (30%) | |
| UZEDY | 35 | 2 | N/A | |
| Anda | 380 | 367 | 3% | |
| Other | 115 | 140 | (18%) | |
| Total | 2,225 | 1,896 | 17% |
| Three months ended | ||||
|---|---|---|---|---|
| September 30, | Percentage Change |
|||
| 2024 2023 |
2023-2024 | |||
| (U.S.\$ in millions) | ||||
| Europe segment | ||||
| Generic products | \$ 973 |
\$ | 886 | 10% |
| AJOVY | 56 | 41 | 37% | |
| COPAXONE | 53 | 55 | (5%) | |
| Respiratory products | 60 | 61 | (1%) | |
| Other* | 124 | 104 | 19% | |
| Total | 1,265 | 1,146 | 10% |
* Other revenues in the third quarter of 2024 include the sale of certain product rights.
| Three months ended | Percentage Change 2023-2024 |
|||
|---|---|---|---|---|
| September 30, | ||||
| 2024 2023 |
||||
| (U.S.\$ in millions) | ||||
| International Markets segment | ||||
| Generic products | \$ 477 |
\$ | 470 | 1% |
| AJOVY | 24 | 18 | 35% | |
| COPAXONE | 13 | 16 | (18%) | |
| Other* | 99 | 87 | 14% | |
| Total | 613 | 591 | 4% |
* Other revenues in the third quarter of 2024 include the sale of certain product rights.
| Nine months ended | ||||
|---|---|---|---|---|
| September 30, | Percentage Change |
|||
| 2024 | 2023 | 2024-2023 | ||
| (U.S.\$ in millions) | ||||
| United States segment | ||||
| Generic products | \$ 2,924 |
\$ | 2,471 | 18% |
| AJOVY | 144 | 154 | (6%) | |
| AUSTEDO | 1,124 | 817 | 38% | |
| BENDEKA / TREANDA | 127 | 185 | (31%) | |
| COPAXONE | 179 | 224 | (20%) | |
| UZEDY | 75 | 14 | 433% | |
| Anda | 1,134 | 1,183 | (4%) | |
| Other | 352 | 417 | (16%) | |
| Total | 6,060 | 5,465 | 11% |
| Nine months ended | ||||
|---|---|---|---|---|
| September 30, | Percentage Change |
|||
| 2024 | 2023 | 2024-2023 | ||
| (U.S.\$ in millions) | ||||
| Europe segment | ||||
| Generic products | \$ 2,947 |
\$ | 2,727 | 8% |
| AJOVY | 158 | 115 | 37% | |
| COPAXONE | 163 | 174 | (6%) | |
| Respiratory products | 183 | 195 | (6%) | |
| Other* | 299 | 282 | 6% | |
| Total | 3,749 | 3,493 | 7% |
* Other revenues in the first nine months ended 2024 include the sale of certain product rights.
| Nine months ended | |||||
|---|---|---|---|---|---|
| September 30, | Percentage Change |
||||
| 2024 | 2023 | 2024-2023 | |||
| (U.S.\$ in millions) | |||||
| International Markets segment | |||||
| Generic products | \$ 1,440 |
\$ | 1,425 | 1% | |
| AJOVY | 63 | 45 | 39% | ||
| COPAXONE | 38 | 50 | (23%) | ||
| Other* | 261 | 229 | 14% | ||
| Total | 1,802 | 1,750 | 3% |
* Other revenues in the first nine months ended 2024 include the sale of certain product rights.
(Unaudited)
| Three months ended September 30, | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| (U.S. \$ in millions) | ||||
| Net cash provided by (used in) operating activities | 693 | 5 | ||
| Beneficial interest collected in exchange for securitized account receivables | 339 | 362 | ||
| Purchases of property, plant and equipment and intangible assets | (148) | (149) | ||
| Proceeds from divestitures of businesses and other assets | 38 | 10 | ||
| Free cash flow \$ | 922 | \$ | 229 |
| Nine months ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | ||
| (U.S. \$ in millions) | |||
| Net cash provided by (used in) operating activities | 672 | 184 | |
| Beneficial interest collected in exchange for securitized account receivables | 951 | 1,056 | |
| Purchases of property, plant and equipment and intangible assets | (369) | (407) | |
| Proceeds from sale of business and long lived assets | 39 | 68 | |
| Acquisition of subsidiary, net of cash acquired | (15) | - | |
| Free cash flow \$ | 1,278 | \$ 902 |
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