UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 9, 2022

TEVA PHARMACEUTICAL INDUSTRIES LIMITED

(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)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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. ☐

ITEM 2.02 Results of Operations and Financial Condition

On February 9, 2022, Teva Pharmaceutical Industries Ltd. issued a press release announcing its financial results for the period ended December 31, 2021. 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.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description of Document 99.1 Teva Reports 2021 Full year and Fourth Quarter Financial Results

SIGNATURES

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.

TEVA PHARMACEUTICAL INDUSTRIES LIMITED

Date: February 9, 2022 By:/s/ Eli Kalif

Name:Eli Kalif Title: Executive Vice President, Chief Financial Officer

	Q4 2021	FY 2021
Revenues	\$4.1 billion	\$15.9 billion
GAAP diluted EPS	\$(0.14)	50.38
Non-GAAP diluted EPS	50.77	52.58
Cash flow generated from operating activities	\$456 million	\$798 million
Free cash flow	\$716 million	\$2,196 million

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of the solution when addressing the opioids epidemic. While the agreement includes no admission of wrongdoing, it remains in our best interest to put these cases behind us and continue to focus on the patients we serve every day."

2021 Annual Consolidated Results

Revenues in 2021 were \$15,878 million, a decrease of 5%, in U.S. dollars or 6% in local currency terms, compared to 2020, mainly due to lower revenues from COPAXONE®, generic products in the U.S., generic products in Japan resulting from the divestment of a majority of the generic and operational assets of our Japanese business venture and Anda, partially offset by higher revenues from AUSTEDO and AJOVY. Revenues continued to be affected by the ongoing impact of the COVID-19 pandemic on markets and on customer stocking and purchasing patterns.

Exchange rate movements during 2021, including hedging effects, positively impacted revenues by \$232 million, GAAP operating income by \$49 million and non-GAAP operating income by \$55 million, each as compared to 2021.

GAAP gross profit was \$7,594 million in 2021, a decrease of 2% compared to 2020. GAAP gross profit margin was 47.8% in 2021, compared to 46.4% in 2020. Non-GAAP gross profit was \$8,612 million in 2021, a decrease of 1% compared to 2020. Non-GAAP gross profit marqin was 54.2% in 2021, compared to 52.4% in 2020. This increase in both GAAP and non-GAAP gross profit as a percentage of revenues was mainly due to higher profitability in North America, resulting from higher revenues from AUSTEDO and AJOVY and a favorable mix of generic products, as well as higher profitability in Europe and International Markets, partially offset by lower revenues from COPAXONE due to generic competition.

GAAP Research and Development (R&D) expenses in 2021 were \$967 million, a decrease of 3% compared to 2020. Non-GAAP R&D expenses in 2021 were \$933 million, or 5.9% of revenues, compared to \$941 million, or 5.6% of revenues, in 2020. The decrease in non-GAAP R&D expenses in 2021, compared to 2020, was mainly due to a decrease in the pain and neuropsychiatry therapeutic areas, partially offset by higher R&D expenses related to generic products including biosimilars.

GAAP Selling and Marketing (S&M) expenses in 2021 were \$2,429 million, a decrease of 3% compared to 2020. Non-GAAP S&M expenses were \$2,297 million, or 14.5% of revenues, in 2021, compared to \$2,322 million, or 13.9% of revenues, in 2020.

GAAP General and Administrative (G&A) expenses in 2021 were \$1,099 million, a decrease of 6% compared to 2020. Non-GAAP G&A expenses were \$1,029 million in 2021, or 6.5% of revenues, compared to \$1,115 million, or 6.7% of revenues, in 2020.

GAAP other income in 2021 was \$98 million, compared to \$40 million in 2020. Non-GAAP other income in 2021 was \$48 million, compared to \$31 million in 2020.

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GAAP operating income was \$1,716 million in 2021, compared to an operating loss of \$3,572 million in 2020. GAAP operating loss in 2020 was mainly affected by goodwill impairment charges and intangible asset impairments. Non-GAAP operating income was \$4,401 million in 2021, or 27.7% of revenues compared to \$4,388 million, or 26.3% of revenues in 2020.

EBITDA (defined as operating income, excluding amortization and depreciation expenses) was \$3,046 million in 2021, compared to negative EBITDA of \$2,007 million in 2020. Adjusted EBITDA (defined as non-GAAP operating income excluding depreciation expenses) was \$4,911 million in 2021, compared to \$4,912 million in 2020.

In 2021, GAAP financial expenses were \$1,058 million, compared to \$834 million in 2020. Non-GAAP financial expenses were \$930 million in 2021, compared to \$918 million in 2020.

In 2021, we recognized a GAAP tax expense of \$211 million, or 32%, on a pre-tax income of \$658 million. In 2020, we recognized a tax benefit of \$168 million, or 4%, on a pre-tax loss of \$4,406 million. Our tax rate for 2020 was lower than in 2021 mainly due to a goodwill impairment charge that did not have a corresponding tax effect. Non-GAAP income taxes for 2021 were \$570 million on non-GAAP pre-tax income of \$3,471 million. Non-GAAP income taxes in 2020 were \$577 million on non-GAAP pre-tax income of \$3,470 million. The non-GAAP tax rate for 2021 was 16.4%, similar to 16.6% in 2020.

GAAP net income attributable to Teva and GAAP diluted earnings per share in 2021 were \$417 million and \$0.38, respectively, compared to net loss of \$3,990 million and diluted loss per share of \$3.64 in 2020. Non-GAAP net income attributable to Teva and non-GAAP diluted earnings per share in 2021 were \$2,855 million and \$2.58, respectively, compared to \$2,830 million and \$2.57 in 2020.

The weighted average diluted shares outstanding used for the fully diluted share calculation on a GAAP basis for 2021 and 2020 were 1,107 million and 1,095 million shares, respectively. The weighted average diluted outstanding shares used for the fully diluted earnings per share calculation on a non-GAAP basis for 2021 and 2020 were 1,107 million and 1,099 million shares, respectively.

As of December 31, 2021 and 2020, the fully diluted share count for purposes of calculating our market capitalization was approximately 1,128 million and 1,117 million shares, respectively.

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IR Contacts	Ran Meir	(267) 468-4475
	Yael Ashman	+972 (3) 914 8262
PR Contacts	Kelley Dougherty	(973) 832-2810
	Eden Klein	+972 (3) 906 2645

IR Contacts Ran Meir (267) 468-4475 Yael Ashman +972 (3) 914 8262

PR Contacts Kelley Dougherty

(973) 832-2810 +972 (3) 906 2645

neuropsychiatry therapeutic areas, partially offset by higher R&D expenses related to generic products including biosimilars.

GAAP Selling and Marketing (S&M) expenses in the fourth quarter of 2021 were \$632 million, a decrease of 7% compared to the fourth quarter of 2020. Non-GAAP S&M expenses were \$600 million, or 14.6% of quarterly revenues in the fourth quarter of 2021, compared to \$627 million, or 14.1% of quarterly revenues in the fourth quarter of 2020.

GAAP General and Administrative (G&A) expenses in the fourth quarter of 2021 were \$276 million, a decrease of 15% compared to the fourth quarter of 2020. Non-GAAP G&A expenses were \$244 million, or 6% of quarterly revenues in the fourth quarter of 2021, compared to \$312 million, or 7% of quarterly revenues in the fourth quarter of 2020.

GAAP other income in the fourth quarter of 2021 was \$26 million, compared to \$10 million in the fourth quarter of 2020. Non-GAAP other income in the fourth quarter of 2021 was \$19 million, compared to \$5 million in the fourth quarter of 2020.

GAAP operating income in the fourth quarter of 2021 was \$78 million, compared to \$406 million in the fourth quarter of 2020. This decrease was mainly due to higher legal settlements and loss contingencies in the fourth quarter of 2021. Non-GAAP operating income in the fourth quarter of 2021 was \$1,248 million, an increase of 9% compared to the fourth quarter of 2020.

EBITDA (defined as operating income, excluding amortization and depreciation expenses) was \$397 million in the fourth quarter of 2021, compared to EBITDA of \$808 million in the fourth quarter of 2020. Adjusted EBITDA (defined as non-GAAP operating income excluding depreciation expenses) was \$1,373 million in the fourth of 2021, an increase of 8%, compared to \$1,277 million in the fourth quarter of 2020.

GAAP financial expenses for the fourth quarter of 2021 were \$253 million, compared to \$268 million in the fourth quarter of 2020. Non-GAAP financial expenses were \$229 million in the fourth quarter of 2021, compared to \$235 million in the fourth quarter of 2020. Financial expenses in the fourth quarter of 2021 and 2020, were mainly comprised of interest expenses of \$225 million and \$224 million, respectively.

In the fourth quarter of 2021, we recognized a GAAP tax benefit of \$24 million on a pre-tax GAAP loss of \$175 million. In the fourth quarter of 2020, we recognized a GAAP tax benefit of \$22 million on pre-tax GAAP income of \$138 million. Non-GAAP income taxes for the fourth quarter of 2021 were \$153 million, or 15%, on pre-tax non-GAAP income of \$1,019 million. Non-GAAP income taxes in the fourth quarter of 2020 were \$141 million, or 16%, on pre-tax non-GAAP income of \$905 million.

GAAP net loss attributable to Teva and GAAP diluted loss per share in the fourth quarter of 2021 were \$159 million and \$0.14, respectively, compared to GAAP net income attributable to Teva and GAAP diluted earnings per share of \$150 million and \$0.14, respectively, in the fourth quarter of 2020. Non-GAAP net income attributable to Teva and non-GAAP diluted

IR Contacts	Ran Meir	(267) 468-4475
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PR Contacts	Kelley Dougherty	(973) 832-2810
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IR Contacts	Ran Meir	(267) 468-4475
	Yael Ashman	+972 (3) 914 8262

PR Contacts Kelley Dougherty

(973) 832-2810 +972 (3) 906 2645

Cash flow generated from operating activities during the fourth quarter of 2021 was \$456 million, compared to \$331 million in the fourth quarter of 2020. The increase was mainly due to higher profit in the fourth quarter of 2021.

Free cash flow (cash flow generated from operating activities, net of cash used for capital investments and beneficial interest collected in exchange for securitized accounts receivables) was \$716 million in the fourth quarter of 2021, compared to \$471 million in the fourth quarter of 2020. The increase resulted mainly from higher cash flow generated from operating activities.

Segment Results for the Fourth Quarter of 2021

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 December 31, 2021 and 2020:

	Three months ended December 31,
	2021			2020
	(U.S. \$ in millions / % of Segment Revenues)
Revenues 5		2,003	100%	ട്	2,300	100%
Gross profit		1,145	57.2%		1,281	55.7%
R&D expenses		151	7.5%		167	7.2%
S&M expenses		255	12.7%		258	11.2%
G&A expenses		88	4.4%		119	5.2%
Other income		(17)	(0.8%)		(1)	S
Segment profit* \$		668	33.4%	\$	738	32.1%

* Segment profit does not include amortization and certain other items. § Represents an amount less than 0.5%.

Revenues from our North America seqment in the fourth quarter of 2021 were \$2,003 million, a decrease of \$298 million, or 13%, compared to the fourth quarter of 2020, mainly due to lower revenues from generic products and COPAXONE, partially offset by higher revenues from AUSTEDO.

Our North America segment has experienced some reductions in volume due to less physician and hospital activity during the COVID-19 pandemic, but has also experienced increase in demand for certain products related to the treatment of COVID-19 and its symptoms.

Revenues in the United States, our largest market, were \$1,877 million in the fourth quarter of 2021, a decrease of \$294 million, or 14%, compared to the fourth quarter of 2020.

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Eden Klein

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temo

The following table presents revenues for our North America segment by major products and activities for the three months ended December 31, 2021 and 2020:

		Three months ended December 31,	Percentage Change
	2021 2020-2021			2020-2021
		(U.S. \$ in millions)
Generic products		905	ട്	1,206	(25%)
AJOVY		53		36	49%
AUSTEDO		282		185	52%
BENDEKA®/TREANDA		ਰਤੋ		102	(9%)
COPAXONE		129		213	(39%)
ProAir®*		40		67	(40%)
Anda		355		321	11%
Other		146		171	(15%)
Total	후	2,003	S	2,300	(13%)

* Does not include revenues from the ProAir authorized generic, which are included under generic products.

Generic products revenues in our North America segment in the fourth quarter of 2021 decreased by 25% to \$905 million, compared to the fourth quarter of 2020, mainly due to increased competition and lower volumes as well as lower revenues from generic launches in the fourth quarter of 2021.

In the fourth quarter of 2021, our total prescriptions were approximately 76 million representing 8.2% of total U.S. generic prescriptions according to IQVIA data.

AJOVY revenues in our North America segment in the fourth quarter of 2021 were \$53 million compared to \$36 million in the fourth quarter of 2020. This increase was mainly due to growth in volume and favorable net pricing.

AUSTEDO revenues in our North America segment in the fourth quarter of 2021 were \$282 million, compared to \$185 million in the fourth quarter of 2020. This increase was mainly due to growth in volume, an increase in average daily dose of new patients as well as favorable net pricing.

BENDEKA and TREANDA combined revenues in our North America segment in the fourth quarter of 2021 decreased by 9% to \$93 million, compared to the fourth quarter of 2020,

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mainly due to availability of alternative therapies and continued competition from Belrapzo (a ready-to-dilute bendamustine hydrochloride product from Eagle Pharmaceuticals, Inc.).

COPAXONE revenues in our North America seqment in the fourth quarter of 2021 decreased by 39% to \$129 million, compared to the fourth quarter of 2020, mainly due to generic competition in the United States and availability of alternative therapies.

ProAir (HFA and RespiClick) revenues in our North America segment in the fourth quarter of 2021 decreased by 40% to \$40 million, compared to the fourth quarter of 2020. 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 authorized generic are included in "generic products" above.

Anda revenues in our North America segment in the fourth quarter of 2021 increased by 11% to \$355 million, compared to the fourth quarter of 2020.

North America Gross Profit

Gross profit from our North America segment in the fourth quarter of 2021 was \$1,145 million, a decrease of 11% compared to the fourth quarter of 2020. This decrease was mainly due to lower revenues from COPAXONE and generic products, partially offset by higher revenues from AUSTEDO and AJOVY.

Gross profit margin for our North America segment in the fourth quarter of 2021 increased to 57.2%, compared to 55.7% in the fourth quarter of 2020. This increase was mainly due to higher revenues from AUSTEDO.

North America Profit

Profit from our North America segment in the fourth quarter of 2021 was \$668 million, a decrease of 9% compared to \$738 million in the fourth quarter of 2020. Profit decreased mainly due to lower revenues, partially offset by lower operating expenses, as well as higher other income.

Europe Segment

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 December 31, 2021 and 2020:

	Three months ended December 31,
	2021				2020
	(U.S. \$ in millions / % of Segment Revenues)
Revenues S		1,268	100%	S	1,237	100%
Gross profit		760	59.9%		657	53.1%
R&D expenses		60	4.8%		67	5.4%
S&M expenses		218	17.2%		239	19.4%
G&A expenses		64	5.0%		77	6.2%
Other income		(2)	ഗ		ഗ്	ഗ
Segment profit* Ş		420	33.1%	റ	273	22.1%

* Segment profit does not include amortization and certain other items.

§ Represents an amount less than \$1 million or 0.5%, as applicable.

Revenues from our Europe segment in the fourth quarter of 2021 were \$1,268 million, an increase of \$31 million, or 2%, compared to the fourth quarter of 2020. In local currency terms, revenues increased by 4%, mainly due to higher demand for generic, OTC and respiratory products due to the impact the COVID-19 pandemic had on purchasing patterns as well as by increasing revenues from AJOVY.

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 December 31, 2021 and 2020:

	Three months ended December 31,				Percentage Change
	2021			2020	2020-2021
		(U.S. \$ in millions)
Generic products		932	ರ	920	1%
4 0		29		13	121%
COPAXONE ---------------------------------------------------------------------------------------------------------------------------------------------------------------------		તે જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામમાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામમાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધ		106	(10%)
Respiratory products		ਰਤੋ		90	3%
Other		119		107	10%
Total		1,268		1,237	2%

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Generic products revenues in our Europe segment in the fourth quarter of 2021, including OTC products, increased by 1% to \$932 million, compared to the fourth quarter of 2020. In local currency terms, revenues increased by 4%, mainly due to higher demand resulting from the impact the COVID-19 pandemic had on purchasing patterns.

AJOVY revenues in our Europe segment in the fourth quarter of 2021, were \$29 million, compared to \$13 million in the fourth quarter of 2020, mainly due to launches and reimbursements in additional European countries and growth in existing countries.

COPAXONE revenues in our Europe segment in the fourth quarter of 2021 decreased by 10% to \$95 million, compared to the fourth quarter of 2020. In local currency terms, revenues decreased by 7% due to price reductions and a decline in volume resulting from competing glatiramer acetate products.

Respiratory products revenues in our Europe seqment in the fourth quarter of 2021 increased by 3% to \$93 million, compared to the fourth quarter of 2020. In local currency terms, revenues increased by 5% mainly due to higher demand resulting from the impact the COVID-19 pandemic had on purchasing patterns.

Europe Gross Profit

Gross profit from our Europe segment in the fourth quarter of 2021 was \$760 million, an increase of 16% compared to \$657 million in the fourth quarter of 2020. This increase was mainly due to higher revenues, as discussed above.

Gross profit margin for our Europe segment in the fourth quarter of 2021 increased to 59.9%, compared to 53.1% in the fourth quarter of 2020. This increase was mainly due to our network consolidation activities.

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 fourth quarter of 2021 was \$420 million, an increase of 54% compared to \$273 million in the fourth quarter of 2020. This increase was mainly due to higher gross profit as discussed above and lower operating 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 February 1, 2021, we completed the sale of the majority of the qeneric and operational assets of our business venture in Japan.

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		2021			2020
		(U.S. \$ in millions / % of Segment Revenues)
Revenues \$	527	100%	ഗ	572	100%
Gross profit	292	55.3%		268	46.9%
R&D expenses	17	3.2%		19	3.3%
S&M expenses	114	21.6%		115	20.1%
G&A expenses	30	5.7%		40	6.9%
Other income	ഗ്ര	ഗ്ന		(1)	ഗ
Segment profit* \$	131	24.8% - -	ഗ	96	16.8%

	Three months ended December 31.			Percentage Change
		2021	2020		2020-2021
	(U.S. \$ in millions)
Generic products		438	റ	488	(10%)
AJOVY		ঘ		1	321%
COPAXONE		8		15	(45%)
Other		77		67	13%
Total	ഗ	527		572	(8%)

IR Contacts Ran Meir (267) 468-4475 Yael Ashman +972 (3) 914 8262

PR Contacts Kelley Dougherty

(973) 832-2810

+972 (3) 906 2645

IR Contacts Ran Meir (267) 468-4475 Yael Ashman +972 (3) 914 8262

PR Contacts Kelley Dougherty

(973) 832-2810 +972 (3) 906 2645

\$ billions, except EPS	2022 Outlook	2021 Actual
Revenues	15.6 - 16.2	15.9
COPAXONE (Sm)	~850	1,005
AUSTEDO (\$m)	~1,000	808
AJOVY (Şm)	~400	313
Operating Income	4.2-4.5	4.4
EBITDA	4.7-5.0	4.9
EPS (ટે)	2.40-2.60	2.58
Share Count	1,114 million shares	1,107 million shares
Free Cash Flow	1.9 - 2.2	2.2
CAPEX	0.6	0.6
Non-GAAP Tax Rate	18% - 19%	16.4%

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(973) 832-2810 +972 (3) 906 2645

In order to participate, please dial the following numbers:

United States 1-877-870-9135

International +44 (0) 2071 928338 Israel 1-809-213-985

Passcode: 6372826.

A live webcast of the call will be available on Teva's website at: http://ir.tevapharm.com/. Please log in at least 10 minutes prior to the conference call in order to download the applicable audio 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 the following numbers: United States 1-866-331-1332; International +44 (0) 3333 009785; passcode: 6372826.

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 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 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, Adjusted EBITDA, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP financial expenses, non-GAAP income taxes, non-GAAP income (loss) before income taxes, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP net income (loss) attributable to Teva 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 adjusted non-GAAP figures.

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IR Contacts	Ran Meir	(267) 468-4475
	Yael Ashman	+972 (3) 914 8262
PR Contacts	Kelley Dougherty	(973) 832-2810
	Eden Klein	+972 (3) 906 2645

IR Contacts Ran Meir (267) 468-4475

Yael Ashman +972 (3) 914 8262

PR Contacts Kelley Dougherty Eden Klein

(973) 832-2810 +972 (3) 906 2645

Consolidated Statements of Income (Loss)

		(U.S. dollars in millions, except share and per share data)
--	--	-------------------------------------------------------------	--	--	--	--	--	--	--	--	--

	Three months ended		Year ended
	December 31,		December 31,
	2021	2020	2021	2020
	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Net revenues	4,100	4,454	15,878	16,659
Cost of sales	2,049	2,405	8,284	8,933
Gross profit	2,050	2,048	7,594	7,726
Research and development expenses, net	244	293	967	997
Selling and marketing expenses	632	683	2,429	2,498
General and administrative expenses	276	327	1,099	1,173
Intangible assets impairment	129	224	424	1,502
Goodwill impairment	-	-	-	4,628
Other asset impairments, restructuring and other items	113	75	341	479
Legal settlements and loss contingencies	604	50	717	60
Other income	(26)	(10)	(98)	(40)
Operating income (loss)	78	406	1,716	(3,572)
Financial expenses – net	253	268	1,058	834
Income (loss) before income taxes	(175)	138	658	(4,406)
Income taxes (benefit)	(24)	(22)	211	(168)
Share in (profits) losses of associated companies, net	-	(3)	(9)	(138)
Net income (loss)	(151)	162	456	(4,099)
Net income (loss) attributable to non-controlling interests	7	12	39	(109)
Net income (loss) attributable to Teva	(159)	150	417	(3,990)

Earnings (loss) per share attributable to Teva:	Basic (\$)	(0.14)	0.14	0.38	(3.64)
	Diluted (\$)	(0.14)	0.14	0.38	(3.64)
Weighted average number of shares (in millions):	Basic	1,103	1,096	1,102	1,095
	Diluted	1,103	1,100	1,107	1,095
Non-GAAP net income attributable to Teva:* Non-GAAP net income attributable to Teva for diluted earnings per share:		854 854	753 753	2,855 2,855	2,830 2,830
Non-GAAP earnings per share attributable to Teva:*	Basic (\$) Diluted (\$)	0.77 0.77	0.69 0.68	2.59 2.58	2.58 2.57
Non-GAAP average number of shares (in millions):	Basic	1,103	1,096	1,102	1,095
	Diluted	1,108	1,100	1,107	1,099

* See reconciliation attached.

Condensed Consolidated Balance Sheets

(U.S. dollars in millions)

(Audited)

	December 31, 2021	December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	2,165	2,177
Accounts receivables, net of allowance for credit losses of \$90 million and \$126 million as of December 31, 2021 and December 31, 2020	4,529	4,581
Inventories	3,818	4,403
Prepaid expenses	1,075	945
Other current assets	965	710
Assets held for sale	19	189
Total current assets	12,573	13,005
Deferred income taxes	596	695
Other non-current assets	515	538
Property, plant and equipment, net	5,982	6,296
Operating lease right-of-use assets	495	559
Identifiable intangible assets, net	7,466	8,923
Goodwill	20,040	20,624
Total assets	47,666	50,640
LIABILITIES & EQUITY Current liabilities:
Short-term debt	1,426	3,188
Sales reserves and allowances	4,241	4,824
Trade payables	1,686	1,756
Employee-related obligations	563	685
Accrued expenses	2,208	1,780
Other current liabilities	903	933
Total current liabilities	11,027	13,164
Long-term liabilities:
Deferred income taxes	784	964
Other taxes and long-term liabilities	2,578	2,240
Senior notes and loans	21,617	22,731
Operating lease liabilities	416	479
Total long-term liabilities	25,395	26,414
Equity:
Teva shareholders' equity	10,278	10,026
Non-controlling interests	966	1,035
Total equity	11,244	11,061
Total liabilities and equity	47,666	50,640

TEVA PHARMACEUTICAL INDUSTRIES LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in millions)

(Unaudited)

	Year ended				Three months ended
	December 31,				December 31,
	2021		2020	2021	2020
Operating activities:	(Audited)		(Audited)	(Unaudited)	(Unaudited)
Net income (loss) \$	456	\$	(4,099)	\$ (152)	\$ 162
Adjustments to reconcile net income (loss) to net cash provided by operations:
Impairment of goodwill, long-lived assets and assets held for sale	584		6,546	183	232
Depreciation and amortization	1,330		1,557	320	395
Net change in operating assets and liabilities	(1,701)		(2,188)	180	(561)
Deferred income taxes — net and uncertain tax positions	(120)		(696)	(133)	(40)
Stock-based compensation	119		129	33	38
Other items	16		100	20	46
Research and development in process	10		80	10	40
Net loss (gain) from investments and from sale of business and long lived assets	104		(213)	(5)	19
Net cash provided by operating activities	798		1,216	456	331
Investing activities:
Beneficial interest collected in exchange for securitized trade receivables	1,648		1,405	370	303
Proceeds from sale of business and long lived assets	311		67	42	13
Purchases of property, plant and equipment	(562)		(578)	(153)	(176)
Purchases of investments and other assets	(47)		(55)	(11)	(9)
Proceeds from sale of investments	172		12	-	-
Other investing activities	1		12	(2)	10
Net cash provided by investing activities	1,523		863	246	141
Financing activities:
Repayment of senior notes and loans and other long term liabilities	(6,649)		(1,871)	(5,174)	-
Proceeds from senior notes, net of issuance costs	4,974		-	4,974	-
Proceeds from short term debt	700		550	200	319
Repayment of short term debt	(700)		(559)	(500)	(443)
Redemption of convertible debentures	(491)		-	-	-
Other financing activities	(6)		(5)	(1)	(1)
Net cash used in financing activities	(2,172)		(1,885)	(501)	(125)
Translation adjustment on cash and cash equivalents	(128)		8	(48)	3
Net change in cash and cash equivalents and restricted cash \$	21	\$	202	\$ 153	\$ 350
Balance of cash and cash equivalents and restricted cash at beginning of year	2,177		1,975	2,045	1,827
Balance of cash and cash equivalents and restricted cash at end of year	2,198		2,177	2,198	2,177

Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets:
Cash and cash equivalents	2,165		2,177	2,165	2,177
Restricted cash included in other current assets	33		-	33	-

Total cash, cash equivalents and restricted cash shown in the statements of cash flows................................. 2,198 2,177 2,198 2,177

	Three Months Ended December 31, 2021
	U.S. \$ and shares in millions (except per share amounts) Excluded for non GAAP measurement
	GAAP		Legal								Other		Non GAAP
		Amortization of purchased intangible assets	settlements and loss contingencies	Impairment of long-lived assets	Other R&D expenses	Restructuring costs	Costs related to regulatory actions taken in facilities	Equity compensation	Contingent consideration	Gain on sale of business	non GAAP items	Other items
Net revenue	4,100												4,100
Cost of sales Gross profit	2,049 2,050	165 165	-	-	-	-	5 5	6 6	-	-	75 75	-	1,798 2,301
Gross profit margin	50.0%												56.1%
R&D	244				10			5			-		229
S&M	632	24						8			-		600
G&A	276							12			20		244
Other income	(26)									(7)			(19)
Legal settlements and loss contingencies Other asset impairments, restructuring and	604		604										-
other items	113			54		37			14		8		-
Intangible assets impairment	129			129									-
Operating income (loss)	78	188	604	183	10	37	5	32	14	(7)	103	-	1,248
Financial expenses	253											25	229
Income (loss) before income taxes	(175)	188	604	183	10	37	5	32	14	(7)	103	25	1,019
Income taxes	(24)											(178)	153
Net income (loss) Net income (loss) attributable to non	(151)	188	604	183	10	37	5	32	14	(7)	103	(153)	866
controlling interests	7											(5)	12
Net income (loss) attributable to Teva	(159)	188	604	183	10	37	5	32	14	(7)	103	(158)	854


EPS - Basic	(0.14)											0.92	0.77
EPS - Diluted	(0.14)											0.91	0.77

							The non-GAAP diluted weighted average number of shares was 1,108 million for the three months ended December 31, 2021.
							Non-GAAP income taxes for the three months ended December 31, 2021 were 15% on pre-tax non-GAAP income.
							* Other non-GAAP items include other exceptional items that we believe are sufficiently large that their exclusion is important to facilitate an understanding of trends in our
							financial results, such as certain accelerated depreciation expenses and inventory write offs, primarily related to the rationalization of our plants and other unusual events.

Adjusted EBITDA reconciliation
Operating income (loss) Add:	78
Depreciation	132
Amortization	188
EBITDA	397
Legal settlements and loss contingencies	604
Impairment of long lived assets	183
Other R&D expenses	10
Restructuring costs	37
Costs related to regulatory actions taken in
facilities	5 32
Equity compensation Contingent consideration	14
Gain on sale of business	(7)
Other non-GAAP items (excluding
accelerated depreciation of \$4.7 million)*	98
Adjusted EBITDA	1,373

depreciation expenses and inventory write offs, primarily related to the rationalization of our plants and other unusual events.

	Three Months Ended December 31, 2020
	U.S. \$ and shares in millions (except per share amounts) Excluded for non GAAP measurement GAAP
		Amortization of purchased intangible assets	Legal settlements and loss contingencies	Impairment of long-lived assets	Other R&D expenses	Restructuring costs	Costs related to regulatory actions taken in facilities	Equity compensation	Contingent consideration	Gain on sale of business	Other non GAAP items	Other items
Net revenue	4,454												4,454
Cost of sales	2,405	231					7	8			34		2,126
Gross profit	2,048	231	-	-	-	-	7	8	-	-	34	-	2,327
Gross profit margin	46.0%												52.3%
R&D expenses	293				34			6			-		254
S&M expenses	683	31						11			14		627
G&A expenses	327							15			-		312
Other (income) expense	(10)									(5)			(5)
Legal settlements and loss contingencies	50		50										-
Other asset impairments, restructuring and other items	75			8		38			15		14		-
Intangible assets impairment	224			224									-
Operating income (loss)	406	262	50	233	34	38	7	40	15	(5)	62	-	1,140
Financial expenses	268											33	235
Income (loss) before income taxes	138	262	50	233	34	38	7	40	15	(5)	62	33	905
Income taxes	(22)											(162)	141
Share in profits (losses) of associated companies – net	(3)											-	(3)
Net income (loss)	162	262	50	233	34	38	7	40	15	(5)	62	(129)	767
Net income (loss) attributable to non-controlling interests	12											(2)	14
Net income (loss) attributable to Teva	150	262	50	233	34	38	7	40	15	(5)	62	(131)	753
EPS - Basic	0.14											0.55	0.69
EPS - Diluted	0.14											0.55	0.68

Non-GAAP income taxes for the three months ended December 31, 2021 were 16% on pre-tax non-GAAP income. The non-GAAP diluted weighted average number of shares was 1,100 million for the three months ended December 31, 2020.

* Other non-GAAP items include other exceptional items that we believe are sufficiently large that their exclusion is important to facilitate an understanding of trends in our financial results, such as certain accelerated depreciation expenses and inventory write offs, primarily related to the rationalization of our plants and other unusual events.

Adjusted EBITDA reconciliation
Operating income (loss)	406
Add:
Depreciation	140
Amortization	262
EBITDA	808
Legal settlements and loss contingencies	50
Impairment of long lived assets	233
Other R&D expenses	34
Restructuring costs	38
Costs related to regulatory actions taken in facilities	7
Equity compensation	40
Contingent consideration	15
Gain on sale of business	(5)
Other non-GAAP items (excluding accelerated depreciation of \$3 million)*	58
	1,277

inventory write offs, primarily related to the rationalization of our plants and other unusual events.

	Year Ended December 31, 2021 (U.S. \$ and shares in millions, except per share amounts)
	GAAP	Excluded for non-GAAP measurement
		Amortization of purchased intangible assets	Legal settlements and loss contingencies	Impairment of long-lived assets	Other R&D expenses	Restructuring costs	Costs related to regulatory actions taken in facilities	Equity compensation	Contingent consideration	Gain on sale of business	Other non GAAP items Other items
Net revenue	15,878												15,878
Cost of sales	8,284	702					23	23			270		7,266
Gross profit	7,594	702	-	-	-	-	23	23	-	-	270	-	8,612
Gross profit margin	48.0%												54.0%
R&D expenses	967				15			19			-		933
S&M expenses	2,429	99						33			-		2,297
G&A expenses	1,099							43			27		1,029
Other (income) expense	(98)									(51)			(48)
Legal settlements and loss contingencies	717		717										-
Other asset impairments, restructuring and other items	341			160		133			7		40		-
Intangible assets impairment	424			424									-
Operating income (loss)	1,716	802	717	584	15	133	23	118	7	(51)	337	-	4,401
Financial expenses	1,058											128	930
Income (loss) before income taxes	658	802	717	584	15	133	23	118	7	(51)	337	128	3,471
Income taxes	211											(360)	570
Share in profits (losses) of associated companies – net	(9)											(1)	(8)
Net income (loss)	456	802	717	584	15	133	23	118	7	(51)	337	(232)	2,909
Net income (loss) attributable to non-controlling interests	39											(15)	54
Net income (loss) attributable to Teva	417	802	717	584	15	133	23	118	7	(51)	337	(247)	2,855
EPS - Basic	0.38											2.21	2.59
EPS - Diluted	0.38											2.20	2.58

The non-GAAP diluted weighted average number of shares was 1,107 million for the year ended December 31, 2021. Non-GAAP income taxes for the year ended December 31, 2021 were 16% on pre-tax non-GAAP income.

Adjusted EBITDA reconciliation
Operating income (loss)	1,716
Add:
Depreciation	528
Amortization	802
EBITDA	3,046
Legal settlements and loss contingencies	717
Impairment of long lived assets	584
Other R&D costs	15
Restructuring costs	133
Costs related to regulatory actions taken in facilities	23
Equity compensation	118
Contingent consideration	7
Gain on sale of business	(51)
Other non-GAAP items (excluding accelerated depreciation of \$18 million)*	318
Adjusted EBITDA	4,911

expenses and inventory write offs, primarily related to the rationalization of our plants and other unusual events.

	GAAP Excluded for non-GAAP measurement													Non-GAAP
		Amortization of purchased intangible assets	Legal settlements and loss contingencies	Goodwill impairment	Impairment of long-lived assets	Other R&D expenses	Restructuring costs	Costs related to regulatory actions taken in facilities	Equity compensation	Contingent consideration	Gain on sale of business	Other non GAAP items	Other items
Net revenue	16,659													16,659
Cost of sales	8,933	894						23	27			63		7,925
Gross profit	7,726	894						23	27			63		8,734
Gross profit margin	46.4%													52.4%
R&D expenses	997					37			20			-		941
S&M expenses	2,498	126							36			14		2,322
G&A expenses	1,173								46			12		1,115
Other (income) expense	(40)										(8)			(31)
Legal settlements and loss contingencies	60		60											-
Other asset impairments, restructuring and other items	479				416		120			(81)		24		-
Intangible assets impairment	1,502				1,502									-
Goodwill impairment	4,628			4,628										-
Operating income (loss)	(3,572)	1,020	60	4,628	1,918	37	120	23	129	(81)	(8)	114	-	4,388
Financial expenses, net	834												(85)	918
Income (loss) before income taxes	(4,406)	1,020	60	4,628	1,918	37	120	23	129	(81)	(8)	114	(85)	3,470
Income taxes	(168)												(745)	577
Share in profits (losses) of associated companies – net	(138)												(134)	(4)
Net income (loss)	(4,099)	1,020	60	4,628	1,918	37	120	23	129	(81)	(8)	114	(964)	2,897
Net income (loss) attributable to non-controlling interests	(109)												(177)	68
Net income (loss) attributable to Teva	(3,990)	1,020	60	4,628	1,918	37	120	23	129	(81)	(8)	114	(1,140)	2,830
EPS - Basic	(3.64)												6.23	2.58
EPS - Diluted	(3.64)												6.22	2.57

Year ended December 31, 2020 (U.S. \$ and shares in millions, except per share amounts)

The non-GAAP diluted weighted average number of shares was 1,099 million for the year ended December 31, 2020. Non-GAAP income taxes for the year ended December 31, 2020 were 17% on pre-tax non-GAAP income.

Adjusted EBITDA reconciliation
Operating income (loss)	(3,572)
Add:
Depreciation	545
Amortization	1,020
EBITDA	(2,007)
Legal settlements and loss contingencies	60
Goodwill impairment	4,628
Impairment of long lived assets	1,918
Other R&D expenses	37
Restructuring costs	120
Costs related to regulatory actions taken in facilities	23
Equity compensation	129
Contingent consideration	(81)
Gain on sale of business	(8)
Other non-GAAP items (excluding accelerated depreciation of	93
\$21 million)*
Adjusted EBITDA	4,912

plants and other unusual events.

	North America Three months ended December 31,		Europe Three months ended December 31,				International Markets Three months ended December 31,
	2021		2020		2021		2020		2021		2020
		(U.S. \$ in millions)			(U.S. \$ in millions)				(U.S. \$ in millions)
Revenues \$	2,003	\$	2,300	\$	1,268	\$	1,237	\$	527	\$	572
Gross profit	1,145		1,281		760		657		292		268
R&D expenses	151		167		60		67		17		19
S&M expenses	255		258		218		239		114		115
G&A expenses	88		119		64		77		30		40
Other (income) expense	(17)		(1)		(2)		§		§		(1)
Segment profit \$	668	\$	738	\$	420	\$	273	\$	131	\$	96

	North America Year ended December 31,			Europe Year ended December 31,				International Markets
								Year ended December 31,
	2021	2020		2021		2020		2021		2020
	(U.S. \$ in millions)				(U.S. \$ in millions)		(U.S. \$ in millions)
Revenues \$	7,809	\$	8,447	\$	4,886	\$	4,757	\$	2,032	\$	2,154
Gross profit	4,226		4,489		2,823		2,666		1,118		1,096
R&D expenses	618		622		244		247		68		70
S&M expenses	988		1,013		846		830		417		427
G&A expenses	427		443		244		261		109		136
Other (income) expense	(31)		(10)		(5)		(3)		(5)		(11)
Segment profit \$	2,224	\$	2,421	\$	1,494	\$	1,331	\$	529	\$	474

Segment Information

Reconciliation of our segment profit to consolidated income before income taxes

		Three months ended December 31,

		2021		2020
			(U.S.\$ in millions)
North America profit	\$	668	\$	738
Europe profit		420		273
International Markets profit		131		96
Total segment profit		1,219		1,107
Profit of other activities		29		33
Total segment profit		1,248		1,140
Amounts not allocated to segments:
Amortization		188		262
Other asset impairments, restructuring and other items		113		75
Intangible asset impairments		129		224
Legal settlements and loss contingencies		604		50
Other unallocated amounts		136		123
Consolidated operating income (loss)		78		406
Financial expenses - net		253		268
Consolidated income (loss) before income taxes	\$	(175)	\$	138

Reconciliation of our segment profit to consolidated income before income taxes

	Year ended
	December 31,
		2021		2020
				(U.S.\$ in millions)
North America profit	\$	2,224	\$	2,421
Europe profit		1,494		1,331
International Markets profit		529		474
Total segment profit		4,246		4,225
Profit (loss) of other activities		154		163
Total segment profit		4,401		4,388
Amounts not allocated to segments:
Amortization		802		1,020
Other asset impairments, restructuring and other items		341		479
Goodwill impairment		-		4,628
Intangible asset impairments		424		1,502
Legal settlements and loss contingencies		717		60
Other unallocated amounts		402		271
Consolidated operating income (loss)		1,716		(3,572)
Financial expenses - net		1,058		834
Consolidated income (loss) before income taxes	\$	658	\$	(4,406)

Revenues by Activity and Geographical Area

(Unaudited)

	Three months ended
	December 31,	Percentage Change
	2021	2020	2020-2021
	(U.S.\$ in millions)
North America segment
Generics products	\$ 905	\$ 1,206	(25%)
AJOVY	53	36	49%
AUSTEDO	282	185	52%
BENDEKA/TREANDA	93	102	(9%)
COPAXONE	129	213	(39%)
ProAir*	40	67	(40%)
Anda	355	321	11%
Other	146	171	(15%)
Total	2,003	2,300	(13%)

* Does not include revenues from the ProAir authorized generic, which are included under generic products.

		Three months ended December 31,			Percentage Change

		2021		2020	2020-2021
	(U.S.\$ in millions)
Europe segment
Generics products	\$	932	\$	920	1%
AJOVY		29		13	121%
COPAXONE		95		106	(10%)
Respiratory products		93		90	3%
Other		119		107	10%
Total		1,268		1,237	2%

		Three months ended			Percentage Change
		December 31,
		2021		2020	2020-2021
	(U.S.\$ in millions)
International Markets segment
Generics products	\$	438	\$	488	(10%)
AJOVY		4		1	321%
COPAXONE		8		15	(45%)
Other		77		67	13%
Total		527		572	(8%)

Revenues by Activity and Geographical Area

(Unaudited)

		Year ended
		December 31,	Percentage Change
		2021	2020	2020-2021
		(U.S.\$ in millions)
North America segment
Generics products	\$	3,769	4,010	(6%)
AJOVY		176	134	31%
AUSTEDO		802	637	26%
BENDEKA/TREANDA		385	415	(7%)
COPAXONE		577	884	(35%)
ProAir*		180	241	(25%)
Anda		1,323	1,462	(9%)
Other		597	664	(10%)
Total		7,809	8,447	(8%)

* Does not include revenues from the ProAir authorized generic, which are included under generic products.

	Year ended
		December 31,	Percentage Change
		2021 2020			2020-2021
		(U.S.\$ in millions)
Europe segment
Generics products	\$	3,569	\$	3,513	2%
AJOVY		87		31	184%
COPAXONE		391		400	(2%)
Respiratory products		356		353	1%
Other		483		459	5%
Total		4,886		4,757	3%

	Year ended	Percentage Change
	December 31,
	2021		2020	2020-2021
	(U.S.\$ in millions)
International Markets segment
Generics products	\$ 1,649	\$	1,792	(8%)
AJOVY	50		18	179%
COPAXONE	37		53	(29%)
Other	295		291	1%
Total	2,032		2,154	(6%)

Free cash flow reconciliation

(Unaudited)


	2021	2020
	(U.S. \$ in millions)
Net cash provided by operating activities	456		331
Beneficial interest collected in exchange for securitized accounts receivables	370		303
Purchase of property, plant and equipment	(153)		(176)
Proceeds from sale of business and long lived assets	43		13
Free cash flow \$	716	\$	471

Free cash flow reconciliation

(Unaudited)

	Year ended December 31,
	2021	2020
	(U.S. \$ in millions)
Net cash provided by operating activities	798		1,216
Beneficial interest collected in exchange for securitized accounts receivables	1,648		1,405
Purchases of property, plant and equipment	(562)		(578)
Proceeds from sale of business and long lived assets	311		67
Free cash flow \$	2,196	\$	2,110

AI Terminal

Teva Pharmaceutical Industries Ltd.

7082_rns_2022-02-09_46ed32f2-8884-4026-9a19-d4cadf7e0d14.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

CURRENT REPORT

TEVA PHARMACEUTICAL INDUSTRIES LIMITED

ITEM 2.02 Results of Operations and Financial Condition

ITEM 9.01 Financial Statements and Exhibits

SIGNATURES

TEVA PHARMACEUTICAL INDUSTRIES LIMITED

2021 Annual Consolidated Results

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Segment Results for the Fourth Quarter of 2021

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North America Gross Profit

North America Profit

Europe Segment

Revenues by Major Products and Activities

Europe Gross Profit

Europe Profit

International Markets Segment

About Teva

Non-GAAP Financial Measures

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Consolidated Statements of Income (Loss)

Condensed Consolidated Balance Sheets

(U.S. dollars in millions)

TEVA PHARMACEUTICAL INDUSTRIES LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in millions)

Segment Information

Reconciliation of our segment profit to consolidated income before income taxes

Reconciliation of our segment profit to consolidated income before income taxes

Revenues by Activity and Geographical Area

Revenues by Activity and Geographical Area

Free cash flow reconciliation

Free cash flow reconciliation

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