StockSelector.com
  Research, Select, & Monitor Sunday, September 23, 2018 11:19:15 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Teva Pharmaceutical Industries, Ltd$24.36($.47)(1.89%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Teva Reports Full Year 2015 and Fourth Quarter Financial Results
   Thursday, February 11, 2016 7:00:04 AM ET

Teva Pharmaceutical Industries Ltd. (TEVA ) today reported results for the year and the quarter ended December 31, 2015.

GAAP and non-GAAP earnings include the dilutive impact of the December 2015 equity offerings to finance the Actavis Generics acquisition

                                                                  Q4 2015             FY 2015
                                                                                                   ---------------                                           ---------------
Revenues                                                                                            $ 4,881 million                                           $19,652 million
Non-GAAP EPS                                                                                             $1.28                                                     $5.42
Non-GAAP EPS adjusted to exclude Dec 15 equity offerings                                                 $1.32                                                     $5.46
GAAP EPS                                                                              $0.55                                                     $1.82


-- Exchange rate fluctuations reduced 2015 revenues by $1.3 billion but non-GAAP operating income by $163 million, reflecting Teva’s balanced global business model.

-- First quarter 2016 revenues expected to be $4.7-$4.9 billion; non-GAAP EPS, adjusted to exclude the impact of the December 2015 equity offerings, is expected to be $1.32-$1.36.

"2015 was a year of exceptional strategic, operational and financial performance for Teva", stated Erez Vigodman, President and CEO of Teva.

"Our strong focus on solidifying the foundation of Teva and improving the fundamentals of our business is manifesting itself in the consistent improvement of our operating and financial results.

Once the company was put on solid footing, we took the offensive and through a series of compelling acquisitions, partnerships and bold strategic moves, we are transforming Teva.

We are building a new company with a solid foundation, significantly enhanced financial profile, excellent generic business, promising specialty franchises and pipeline and diversified net revenues and profit streams. We are positioned to offer top line and bottom line growth and to continue the transformation of our business model, serving hundreds of millions of patients in the world on a daily basis and unlocking significant value for our shareholders."

Vigodman continued, "In 2016, our main focus will be closing and integrating the Actavis Generics, Rimsa and Takeda BV deals, fully capturing first year synergies, and continuing to deliver on the promise in our specialty pipeline through launches, submissions and other important clinical milestones, in conjunction with potential measures we will take to further augment our core therapeutic areas.

Teva is well positioned to become a pharmaceutical company that can truly make a difference in our world."

Full Year 2015 Results

Revenues in 2015 amounted to $19.7 billion, down 3% compared to 2014. Excluding the impact of foreign exchange fluctuations, revenues increased 4%.

Exchange rate differences (net of profits from certain hedging transactions) between 2015 and 2014 decreased our revenues by $1.3 billion, our non-GAAP operating income by $163 million and our GAAP operating income by $95 million.

Non-GAAP gross profit was $12.2 billion in 2015, up 1% compared to 2014. Non-GAAP gross profit margin was 62.2% in 2015, compared to 59.9% in 2014. GAAP gross profit was $11.4 billion in 2015, up 3% compared to 2014. GAAP gross profit margin was 57.8% in 2015, compared to 54.5% in 2014.

Research and Development (R&D) expenditures (excluding equity compensation expenses, purchase of in-process R&D and certain other items) in 2015 amounted to $1.4 billion, up 3% compared to 2014. R&D expenses were 7.3% of revenues, compared to 6.9% in 2014. R&D expenses related to our generic medicines segment amounted to $513 million, compared to $512 million in 2014. In local currency terms, expenses increased 4%. R&D expenses related to our specialty medicines segment amounted to $918 million, compared to $872 million in 2014. In local currency terms, expenses increased 7%.

Selling and Marketing (S&M) expenditures (excluding amortization of purchased intangible assets, equity compensation expenses and certain other items) amounted to $3.4 billion, or 17.4% of revenues, in 2015, compared to $3.8 billion, or 18.6% of revenues, in 2014. S&M expenses related to our generic medicines segment amounted to $1.3 billion, compared to $1.6 billion in 2014. In local currency terms, S&M expenses related to our generics medicines segment decreased 6%. S&M expenses related to our specialty medicines segment amounted to $1.9 billion, compared to $2.0 billion in 2014. In local currency terms, S&M expenses related to our specialty medicines segment increased 2%.

General and Administrative (G&A) expenditures (excluding equity compensation expenses) amounted to $1.2 billion in 2015, or 6.0% of revenues, compared to $1.2 billion, or 5.8% of revenues, in 2014.

Non-GAAP operating income was $6.2 billion, up 6% compared to 2014. GAAP operating income was $3.4 billion in 2015, a decrease of 15% compared to 2014.

We calculate EBITDA as non-GAAP operating income (which excludes amortization and certain other items) plus depreciation expenses for the period. In 2015, depreciation amounted to $447 million, compared to $452 million in 2014. EBITDA for 2015 amounted to $6.6 billion, up 6% compared to $6.3 billion in 2014.

Non-GAAP financial expenses amounted to $223 million in 2015, compared to $306 million in 2014. GAAP financial expenses for 2015 amounted to $1.0 billion, compared to $313 million in 2014.

Non-GAAP income taxes for 2015 amounted to $1.3 billion on pre-tax non-GAAP income of $6.0 billion, for an annual tax rate of 21%. Non-GAAP income taxes in 2014 were $1.1 billion on pre-tax non-GAAP income of $5.5 billion, for an annual tax rate of 20%. GAAP income taxes for 2015 amounted to $634 million, or 27% on pre-tax income of $2.4 billion. In 2014, income taxes amounted to $591 million, or 16%, on pre-tax income of $3.6 billion.

Non-GAAP net income attributable to Teva was $4.7 billion, up 6% compared to $4.4 billion in 2014. GAAP net income attributable to Teva was $1.6 billion in 2015, compared to $3.1 billion in 2014.

The weighted average outstanding shares for 2015 for the fully diluted earnings per share calculation on a non-GAAP basis was 867 million. Excluding the impact of the December 2015 equity offerings to finance the Actavis Generics acquisition, the weighted average outstanding shares for the fully diluted earnings per share calculation on a non-GAAP basis was 860 million. The weighted average outstanding shares for the fully diluted earnings per share calculation on a GAAP basis was 864 million.

Non-GAAP diluted EPS, excluding the impact of the December 2015 equity offerings, was $5.46, up 6% compared to non-GAAP diluted EPS of $5.14 in 2014. Non-GAAP diluted EPS was $5.42 in 2015. GAAP diluted EPS was $1.82 in 2015, compared to $3.56 in 2014.

Cash flow from operations generated during 2015 amounted to $5.5 billion, compared to $5.1 billion in 2014, up 8%. Free cash flow, excluding net capital expenditures, amounted to $4.9 billion compared to $4.3 billion in 2014, an increase of 15%.

Cash and investments at December 31, 2015 increased to $8.4 billion, compared to $2.0 billion at September 30, 2015 and $2.6 billion at December 31, 2014, mainly due to proceeds from the December 2015 equity offerings to finance the Actavis Generics acquisition.

Shareholders’ equity was $29.9 billion at December 31, 2015, compared to $22.9 billion at September 30, 2015 and $23.4 billion at December 31, 2014

At December 31, 2015, the fully diluted share count for calculating Teva’s market capitalization was approximately 991 million.

Non-GAAP information: Net non-GAAP adjustments in 2015 amounted to $3.1 billion. Non-GAAP net income and non-GAAP EPS for the year were adjusted to exclude the following items:

-- Amortization of purchased intangible assets totaling $838 million, of which $808 million is included in cost of goods sold and the remaining $30 million in selling and marketing expenses;

-- Financial expenses of $777 million, mainly reflecting the decline in the price of our Mylan shares during the third quarter of 2015;

-- Legal settlements and loss contingencies of $631 million, mainly related to the modafinil settlement;

-- Contingent consideration of $399 million, mainly related to the positive trial results of TEV-48125 in both chronic and episodic migraine prevention and to the FDA approval of Bendeka(TM);

-- Impairment of long-lived assets of $361 million;

-- Acquisition expenses of $211 million;

-- Restructuring expenses of $183 million;

-- Equity compensation of $112 million;

-- Costs related to regulatory actions taken in facilities of $36 million;

-- Purchase of in process R&D and other items of $51 million;

-- Related tax benefit of $631 million; and

-- Net impairment of equity investment and minority interest changes of $140 million, mainly related to the impairment of our investment in Mesoblast.

Teva believes that excluding such items facilitates investors’ understanding of its business. See the attached tables for a reconciliation of the U.S. GAAP results to the adjusted non-GAAP figures.

Fourth Quarter 2015 Results

Revenues in the fourth quarter of 2015 amounted to $4.9 billion, down 6% compared to the fourth quarter of 2014. Excluding the impact of foreign exchange fluctuations, revenues declined 1%.

Exchange rate differences (net of profits from certain hedging transactions) between the fourth quarter of 2015 and the fourth quarter of 2014 decreased our revenues by $259 million, our non-GAAP operating income by $44 million and our GAAP operating income by $33 million.

Non-GAAP gross profit was $3.1 billion in the fourth quarter of 2015, down 4% from the fourth quarter of 2014. Non-GAAP gross profit margin was 62.6% in the fourth quarter of 2015, compared to 61.3% in the fourth quarter of 2014. GAAP gross profit was $2.8 billion in the fourth quarter of 2015, down 1% compared to the fourth quarter of 2014. GAAP gross profit margin was 58.3% in the quarter, compared to 55.9% in the fourth quarter of 2014.

Research and Development (R&D) expenditures (excluding equity compensation expenses, purchase of in-process R&D and certain other items) in the fourth quarter of 2015 amounted to $395 million, an increase of 14% compared to $347 million in the fourth quarter of 2014. R&D expenses were 8.1% of revenues in the quarter, compared to 6.7% in the fourth quarter of 2014. R&D expenses related to our generic medicines segment amounted to $136 million, compared to $131 million in the fourth quarter of 2014. In local currency terms, expenses increased 6% as a result of additional development activities of complex products for the U.S. market. R&D expenses related to our specialty medicines segment amounted to $263 million, compared to $214 million in the fourth quarter of 2014. In local currency terms, expenses increased 24%, mainly as a result of investments in the assets acquired via the Labrys and Auspex deals and due to a milestone payment which was received in the comparable quarter of 2014.

Selling and Marketing (S&M) expenditures (excluding amortization of purchased intangible assets, equity compensation expenses and certain other items) amounted to $898 million, or 18.4% of revenues, in the fourth quarter of 2015, compared to $990 million, or 19.2% of revenues, in the fourth quarter of 2014. S&M expenses related to our generic medicines segment amounted to $300 million, a decrease of 22% compared to $383 million in the fourth quarter of 2014. In local currency terms, S&M expenses decreased 12% mainly due to lower royalties related to our sales of budesonide (Pulmicort(R)) in the United States. S&M expenses related to our specialty medicines segment amounted to $561 million, an increase of 4% compared to $542 million in the fourth quarter of 2014. In local currency terms, S&M expenses increased 7%. The higher expenses related to our specialty medicines were mainly due to launch preparation and support for several new products.

General and Administrative (G&A) expenditures (excluding equity compensation expenses) amounted to $280 million in the fourth quarter of 2015, or 5.7% of revenues, compared to $310 million and 6.0% in the fourth quarter of 2014. In local currency terms, G&A expenses decreased 3%.

Quarterly non-GAAP operating income was $1.5 billion, down 3% compared to the fourth quarter of 2014. Quarterly GAAP operating income was $0.9 billion in the fourth quarter of 2015, a decrease of 1% compared to the fourth quarter of 2014.

We calculate EBITDA as non-GAAP operating income (which excludes amortization and certain other items) plus depreciation expenses for the period. In the fourth quarter of 2015, depreciation amounted to $116 million, compared to $112 million in the fourth quarter of 2014. EBITDA for the fourth quarter of 2015 amounted to $1.6 billion, down 2% compared to the fourth quarter of 2014.

Non-GAAP financial expenses amounted to $68 million in the fourth quarter of 2015, compared to $69 million in the fourth quarter of 2014. GAAP financial expenses for the fourth quarter of 2015 amounted to $70 million, as in the fourth quarter of 2014.

Non-GAAP income taxes for the fourth quarter of 2015 amounted to $289 million on pre-tax non-GAAP income of $1.4 billion, for a quarterly tax rate of 21%. Non-GAAP income taxes in the fourth quarter of 2014 were $308 million on pre-tax non-GAAP income of $1.5 billion, for a quarterly tax rate of 21%. GAAP income taxes for the fourth quarter of 2015 amounted to $249 million, or 29%, on pre-tax income of $861 million. In the fourth quarter of 2014, income taxes amounted to $186 million, or 21%, on pre-tax income of $0.9 billion.

Non-GAAP net income attributable to Teva was $1.1 billion, down 1% compared to the fourth quarter of 2014. GAAP net income attributable to Teva was $500 million in the fourth quarter of 2015, compared to $687 million in the fourth quarter of 2014.

For the fourth quarter of 2015, the weighted average outstanding shares for the fully diluted earnings per share calculation on a non-GAAP basis was 888 million. Excluding the impact of the December 2015 equity offerings to finance the Actavis Generics acquisition, the weighted average outstanding shares for the fully diluted earnings per share calculation on a non-GAAP basis was 861 million. The weighted average outstanding shares for the fully diluted earnings per share calculation on a GAAP basis was 875 million.

Excluding the impact of the December 2015 equity offerings, non-GAAP diluted EPS was $1.32, compared to $1.33 in the fourth quarter of 2014. Quarterly Non-GAAP diluted EPS was $1.28. GAAP diluted EPS was $0.55 in the fourth quarter of 2015, compared to $0.80 in the fourth quarter of 2014.

Cash flow from operations generated during the fourth quarter of 2015 amounted to $1.6 billion, compared to $1.8 billion in the fourth quarter of 2014, a decrease of 8%. The decrease was mainly due to lower GAAP net income. Free cash flow, excluding net capital expenditures, amounted to $1.4 billion compared to $1.5 billion in the fourth quarter of 2014, a decrease of 8%.

Non-GAAP information: Net non-GAAP adjustments in the fourth quarter of 2015 amounted to $636 million. Non-GAAP net income and non-GAAP EPS for the quarter were adjusted to exclude the following items:

-- Amortization of purchased intangible assets totaling $201 million, of which $194 million is included in cost of goods sold and the remaining $7 million in selling and marketing expenses;

-- Legal settlements and loss contingencies of $100 million;

-- Contingent consideration of $70 million;

-- Restructuring expenses of $62 million;

-- Equity compensation of $30 million;

-- Impairment of long-lived assets of $28 million;

-- Acquisition expenses of $17 million;

-- Costs associated with cancellation of R&D projects and other items of $44 million;

-- Related tax benefit of $40 million; and

-- Net impairment of equity investment of $124 million, mainly related to the impairment of our investment in Mesoblast.

Teva believes that excluding such items facilitates investors’ understanding of its business. See the attached tables for a reconciliation of the U.S. GAAP results to the adjusted non-GAAP figures.

Segment Results for the Fourth Quarter 2015

Generic Medicines Segment
                     
                                                                                                                 Three Months Ended December 31,
                                                                               ---------------------------------------------------------------------------------------------------
                                                                                                2015                                     2014
                                                                               ---------------------------------------                     ---------------------------------------
                                                                                                            U.S.$ in millions / % of Segment Revenues
                                                                                                                                    
Revenues                                                                          $ 2,257                      100.0%                         $ 2,469                      100.0%
Gross profit                                                                        1,012                       44.8%                           1,083                       43.9%
R&D expenses                                                                          136                        6.0%                             131                        5.3%
S&M expenses                                                                          300                       13.3%                             383                       15.5%
                                                                                    -----                      ------                           -----                      ------
Segment profit*                                                                   $   576                       25.5%                         $   569                       23.0%
________
* Segment profit consists of gross profit for the segment, less R&D
and S&M expenses related to the segment. Segment profit does not
include G&A expenses, amortization and certain other items.
 
Beginning in 2015, expenses related to equity compensation are
excluded from our segment results. The data presented have been
conformed to reflect the exclusion of equity compensation expenses
for all periods.
 

Generic Medicines Revenues

Generic medicines revenues in the fourth quarter of 2015 amounted to $2.3 billion, a decrease of 9% compared to the fourth quarter of 2014. In local currency terms, revenues decreased 3%.

Generic revenues consisted of:

-- U.S. revenues of $1.0 billion, a decrease of 15% compared to the fourth quarter of 2014. The decrease resulted mainly from a decline in sales of omega-3-acid ethyl esters (Lovaza(R)), budesonide (Pulmicort(R)) and capecitabine (Xeloda(R)).

-- European revenues of $700 million, a decrease of 8%, but an increase of 2% in local currency terms, compared to the fourth quarter of 2014. The increase in local currency terms resulted mainly from our strategy of pursuing profitable and sustainable business in the region, with increases in France, Switzerland and Germany partially offset by decreases in Spain, the U.K. and Italy. This strategy continues to lead to notable improvements in the profitability of our European generics business.

-- ROW revenues of $561 million, an increase of 5%, or 18% in local currency terms, compared to the fourth quarter of 2014. The increase in local currency terms was mainly due to higher revenues in Russia and Latin America, which were partially offset by lower revenues in Canada and Japan.

-- API sales to third parties of $202 million (which are included in the revenues by market above), an increase of 13%, compared to the fourth quarter of 2014. The increase is due to higher sales across all regions.

Generic medicines revenues comprised 46% of our total revenues in the quarter, compared to 48% in the fourth quarter of 2014.

Generic Medicines Gross Profit

Gross profit from our generic medicines segment in the fourth quarter of 2015 amounted to $1.0 billion, a decrease of 7% compared to the fourth quarter of 2014. The lower gross profit was mainly a result of lower sales of budesonide (Pulmicort(R)) in the United States. In addition, exchange rate movements in our ROW and European markets had a negative impact on our gross profit. This decrease was partially offset by higher gross profit of our API business.

Gross profit margin for our generic medicines segment in the fourth quarter of 2015 increased to 44.8%, from 43.9% in the fourth quarter of 2014.

Generic Medicines Profit

Our generic medicines segment generated profit of $576 million in the fourth quarter of 2015, an increase of 1% compared to the fourth quarter of 2014. Generic medicines profitability as a percentage of generic medicines revenues was 25.5% in the fourth quarter of 2015, up from 23.0% in the fourth quarter of 2014. The increase was primarily due to the reduction in S&M expenses, partially offset by lower gross profit.

Specialty Medicines Segment
                     
                                                                                                                 Three Months Ended December 31,
                                                                               ---------------------------------------------------------------------------------------------------
                                                                                                2015                                     2014
                                                                               ---------------------------------------                     ---------------------------------------
                                                                                                            U.S.$ in millions / % of Segment Revenues
                                                                                                                                    
Revenues                                                                          $ 2,114                      100.0%                         $ 2,243                      100.0%
Gross profit                                                                        1,855                       87.7%                           1,956                       87.2%
R&D expenses                                                                          263                       12.4%                             214                        9.5%
S&M expenses                                                                          561                       26.5%                             542                       24.2%
                                                                                    -----                      ------                           -----                      ------
Segment profit*                                                                   $ 1,031                       48.8%                         $ 1,200                       53.5%
________
* Segment profit is comprised of gross profit for the segment, less
R&D and S&M expenses related to the segment. Segment profit does not
include G&A expenses, amortization and certain other items.
 
Beginning in 2015, expenses related to equity compensation are
excluded from our segment results. The data presented have been
conformed to reflect the exclusion of equity compensation expenses
for all periods.
 

Specialty Medicines Revenues

Specialty medicines revenues in the fourth quarter of 2015 amounted to $2.1 billion, down 6% compared to the fourth quarter of 2014. In local currency terms, revenues decreased 3%. U.S. specialty medicines revenues amounted to $1.6 billion, up 1% compared to the fourth quarter of 2014. European specialty medicines revenues amounted to $366 million, a decrease of 18%, or 8% in local currency terms, compared to the fourth quarter of 2014. ROW specialty revenues amounted to $108 million, down 35%, or 21% in local currency terms, compared to the fourth quarter of 2014.

Specialty medicines revenues comprised 44% of our total revenues in the quarter, similar to the fourth quarter of 2014.

The decrease in specialty medicines revenues compared to the fourth quarter of 2014 was primarily due to lower sales of Copaxone(R) and Azilect(R), which were partially offset by higher revenues of our respiratory products.

The following table presents revenues by therapeutic area and key products for our specialty medicines segment for the three months ended December 31, 2015 and 2014:

                                                               Three Months Ended                                    Percentage
                                                                                                        December 31,                                                            Change
                                                                         ----------------------------------------------------------------------
                                                                                    2015                         2014                                      2015 - 2014
                                                                         ---------------------------                     ---------------------------                     --------------------
                                                                                                     U.S. $ in millions
CNS                                                                                         $ 1,274                                         $ 1,451                                     (12%)
    Copaxone(R)                                                                  960                                           1,121                                     (14%)
    Azilect(R)                                                                    80                                             108                                     (26%)
    Nuvigil(R)                                                                   100                                             105                                      (5%)
Respiratory                                                                                     326                                             252                                       29%
    ProAir(R)                                                                    148                                             120                                       23%
    QVAR(R)                                                                      119                                              77                                       55%
Oncology                                                                                        318                                             335                                      (5%)
    Treanda(R)                                                                   198                                             226                                     (12%)
Women’s Health                                                                                  107                                             115                                      (7%)
Other Specialty                                                               89                           90                                      (1%)
                                                                         -------------------- -----                      -------------------- -----
Total Specialty Medicines                                                                   $ 2,114                                         $ 2,243                                      (6%)
                                                                                                                                                                          

Global sales of Copaxone(R) (20 mg/mL and 40 mg/mL), the leading multiple sclerosis therapy in the U.S. and globally, amounted to $1.0 billion, a decrease of 14% compared to the fourth quarter of 2014.

In the United States, sales of Copaxone(R) amounted to $760 million, a decrease of 9% compared to the fourth quarter of 2014. The decrease was mainly due to lower sales volume partially offset by favorable pricing fluctuations. At the end of the fourth quarter of 2015, according to December 2015 IMS data, our U.S. market shares for the Copaxone(R) products in terms of new and total prescriptions were 26.5% and 30.0%, respectively. Copaxone(R) 40 mg/mL accounted for 78% of total Copaxone(R) prescriptions in the U.S.

Sales of Copaxone(R) outside the United States amounted to $200 million, a decrease of 30%, or 18% in local currency terms, compared to the fourth quarter of 2014. The decrease in local currency terms was due to smaller tender volumes in Russia as well as lower volumes sold in Europe due to increased competition.

Our global Azilect(R) revenues amounted to $80 million, a decrease of 26% compared to the fourth quarter of 2014. In local currency terms, sales decreased 25%. Global in-market sales amounted to $129 million, down 9% due to generic competition in Europe, as well as in preparation for the return of marketing rights to Teva from Lundbeck.

Sales of our respiratory products amounted to $326 million, up 29% compared to the fourth quarter of 2014. ProAir(R) revenues in the quarter amounted to $148 million, up 23% compared to the fourth quarter of 2014, due to volume growth and positive price effects. QVAR(R) global revenues amounted to $119 million in the fourth quarter of 2015, up 55% compared to the fourth quarter of 2014, due to volume growth and positive price effects.

Sales of our oncology products amounted to $318 million in the fourth quarter of 2015, down 5% from the fourth quarter of 2014. Sales of Treanda(R) amounted to $198 million, a decrease of 12% compared to the fourth quarter of 2014, which was partially offset by higher sales of our G-CSF products.

Specialty Medicines Gross Profit

Gross profit from our specialty medicines segment amounted to $1.9 billion, a decrease of $101 million compared to the fourth quarter of 2014. Gross profit margin for our specialty medicines segment in the fourth quarter of 2015 was 87.7%, compared to 87.2% in the fourth quarter of 2014.

Specialty Medicines Profit

Our specialty medicines segment profit amounted to $1.0 billion in the fourth quarter of 2015, down 14% compared to the fourth quarter of 2014, due to lower gross profit, higher R&D expenses and higher S&M expenses.

Specialty medicines profit as a percentage of segment revenues was 48.8% in the fourth quarter of 2015, down from 53.5% in the fourth quarter of 2014.

The following tables present details of our multiple sclerosis specialty franchise and of our other specialty medicines for the three months ended December 31, 2015 and 2014:

                                                                           MS Specialty
                                                                 ------------------------------------------------------------------------------------------------------------
                                                                                                        Three months ended December 31,
                                                                 ------------------------------------------------------------------------------------------------------------
                                                                                 2015                                          2014
                                                                 -------------------------------------                     --------------------------------------------------
                                                                                                     U.S.$ in millions / % of MS Revenues
                                                                                                                                                         
Revenues                                                                            $     960  100.0%                                         $   1,121               100.0%
Gross profit                                                                              866   90.2%                                             1,002                89.4%
R&D expenses                                                                               32    3.3%                                                32                 2.9%
S&M expenses                                                           121   12.6%                            125                11.2%
                                                                 -------------------- ------- -------                      -------------------- ------- --------------------
MS profit                                                                           $     713   74.3%                                         $     845                75.4%
                                                                 ==================== ======= =======                      ==================== ======= ====================
                                                                  
                                                                                                                Other Specialty
                                                                 ------------------------------------------------------------------------------------------------------------
                                                                                                        Three months ended December 31,
                                                                 ------------------------------------------------------------------------------------------------------------
                                                                                 2015                                                             2014
                                                                 -------------------------------------                     --------------------------------------------------
                                                                                               U.S.$ in millions / % of Other Specialty Revenues
                                                                                                                                                         
Revenues                                                                            $   1,154  100.0%                                         $   1,122               100.0%
Gross profit                                                                              989   85.7%                                               954                85.0%
R&D expenses                                                                              231   20.0%                                               182                16.2%
S&M expenses                                                           440   38.1%                            417                37.2%
                                                                 -------------------- ------- -------                      -------------------- ------- --------------------
Other Specialty profit                                                              $     318   27.6%                                         $     355                31.6%
                                                                 ==================== ======= =======                      ==================== ======= ====================
 
Beginning in 2015, expenses related to our equity compensation are
excluded from our franchise results. The data presented have been
conformed to reflect the exclusion of equity compensation expenses
for all periods.
 

Other Activities

Our OTC revenues related to PGT amounted to $316 million, an increase of 39% compared to $228 million in the fourth quarter of 2014. In local currency terms, revenues increased 54%. The increase in local currency terms was mainly due to higher sales in Latin America. PGT’s in-market sales amounted to $450 million in the fourth quarter of 2015, an increase of 21%, or 40% in local currency terms, compared to the fourth quarter of 2014.

Other revenues amounted to $194 million in the fourth quarter of 2015, mostly from the distribution of third-party products in Israel and Hungary, compared to revenues of $228 million, in the fourth quarter of 2014.

Financial Outlook

Pending the closing of the Actavis Generics acquisition, we are providing revenue and non-GAAP EPS guidance for the first quarter 2016. Full year 2016 guidance will be provided shortly after the Actavis Generics closing.

We continue to work toward satisfying all conditions in order to complete the acquisition by the end of the first quarter of 2016; however, it is possible that closing may be slightly delayed.

-- We expect revenues for the first quarter of 2016 to be $4.7-$4.9 billion.

-- Non-GAAP EPS is expected to be $1.16-1.20. Excluding the impact of the December 2015 equity offerings, non-GAAP EPS is expected to be $1.32-$1.36.

-- Cash flow from operating activities for the first quarter of 2016 is expected to be $1.2-$1.3 billion.

These estimates reflect management`s current expectations for Teva’s performance in 2016. Actual results may vary, whether as a result of exchange rate differences, market conditions or other factors. In addition, the non-GAAP figures exclude the amortization of purchased intangible assets, costs related to certain regulatory actions, inventory step-up, legal settlements and reserves, impairments and related tax effects. The non-GAAP data presented by Teva are the results used by Teva’s management and board of directors to evaluate the operational performance of the company, to compare against the company’s work plans and budgets, and ultimately to evaluate the performance of management. Teva provides such non-GAAP data to investors as supplemental data and not in substitution or replacement for GAAP results, because management believes such data provides useful information to investors.

Dividend

On February 8, 2016, the Board of Directors declared a cash dividend of $0.34 for the fourth quarter of 2015. For holders of our ordinary shares that are traded on the Tel Aviv Stock Exchange, the dividend will be converted into new Israeli shekels based on the official exchange rate as of February 11, 2016.

The record date will be February 29, 2016, and the payment date will be March 14, 2016. Tax will be withheld at a rate of 15%.

Conference Call

Teva will host a conference call and live webcast along with a slide presentation on Thursday, February 11, 2016, at 8:00 a.m. ET to discuss fourth quarter and full year 2015 results and the overall business environment. A Question & Answer session will follow this discussion.

In order to participate, please dial the following numbers (at least 10 minutes before the scheduled start time): United States 1-866-926-5708; Canada 1-866-925-0823 or International +44(0) 1452-560304; passcode: 23023582. For a list of other international toll-free numbers, click here.

A live webcast of the call will also be available on Teva’s website at: www.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. The replay can also be accessed until March 12, 2016, 10:00 a.m. ET by calling United States 1-866-247-4222; Canada 1-866-878-9237 or International +44(0) 1452-550000; passcode: 23023582.

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading global pharmaceutical company that delivers high-quality, patient-centric healthcare solutions used by millions of patients every day. Headquartered in Israel, Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva has a world-leading position in innovative treatments for disorders of the central nervous system, including pain, as well as a strong portfolio of respiratory products. Teva integrates its generics and specialty capabilities in its global research and development division to create new ways of addressing unmet patient needs by combining drug development capabilities with devices, services and technologies. Teva’s net revenues in 2015 amounted to $19.7 billion. For more information, visit www.tevapharm.com.

Teva’s Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995:

This release contains forward-looking statements, which are based on management’s current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to develop and commercialize additional pharmaceutical products; competition for our specialty products, especially Copaxone(R) (including competition from orally-administered alternatives, as well as from generic equivalents such as the recently launched Sandoz product) and our ability to continue to migrate users to our 40 mg/mL version and maintain patients on that version; our ability to identify and successfully bid for suitable acquisition targets or licensing opportunities (such as our pending acquisition of Allergan’s generics business and Rimsa), or to consummate and integrate acquisitions; the possibility of material fines, penalties and other sanctions and other adverse consequences arising out of our ongoing FCPA investigations and related matters; our ability to achieve expected results from the research and development efforts invested in our pipeline of specialty and other products; our ability to reduce operating expenses to the extent and during the timeframe intended by our cost reduction program; the extent to which any manufacturing or quality control problems damage our reputation for quality production and require costly remediation; increased government scrutiny in both the U.S. and Europe of our patent settlement agreements; our exposure to currency fluctuations and restrictions as well as credit risks; the effectiveness of our patents, confidentiality agreements and other measures to protect the intellectual property rights of our specialty medicines; the effects of reforms in healthcare regulation and pharmaceutical pricing, reimbursement and coverage; governmental investigations into sales and marketing practices, particularly for our specialty pharmaceutical products; adverse effects of political or economic instability, major hostilities or acts of terrorism on our significant worldwide operations; interruptions in our supply chain or problems with internal or third-party information technology systems that adversely affect our complex manufacturing processes; significant disruptions of our information technology systems or breaches of our data security; competition for our generic products, both from other pharmaceutical companies and as a result of increased governmental pricing pressures; competition for our specialty pharmaceutical businesses from companies with greater resources and capabilities; the impact of continuing consolidation of our distributors and customers; decreased opportunities to obtain U.S. market exclusivity for significant new generic products; potential liability in the U.S., Europe and other markets for sales of generic products prior to a final resolution of outstanding patent litigation; our potential exposure to product liability claims that are not covered by insurance; any failure to recruit or retain key personnel, or to attract additional executive and managerial talent; any failures to comply with complex Medicare and Medicaid reporting and payment obligations; significant impairment charges relating to intangible assets, goodwill and property, plant and equipment; the effects of increased leverage and our resulting reliance on access to the capital markets; potentially significant increases in tax liabilities; the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits, or of a change in our business; variations in patent laws that may adversely affect our ability to manufacture our products in the most efficient manner; environmental risks; and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2015 and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"). Forward-looking statements speak only as of the date on which they are made and we assume no obligation to update or revise any forward-looking statements or other information, whether as a result of new information, future events or otherwise.

                                                                                                                                                                                                      
                                                                                                                                                                     Consolidated Statements of Income
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                (U.S. dollars in millions, except share and
                                                                                                                                                                              per share data)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                    
                                                                                                                   Three months ended                                                                                                                              Year ended
                                                                                                                      December 31,                                                                                                                                December 31,
                                                                                                        -----------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                           2015                           2014                                                                  2015                                                                                                         2014
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
                                                                                                         Unaudited                      Unaudited                        Audited                          Audited  
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Net revenues                                                                                                4,881                          5,168                                                                                                       19,652                                                                                                       20,272
Cost of sales                                                                                               2,034                          2,279                                                                                                        8,296                                                                                                        9,216
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Gross profit                                                                                                2,847                          2,889                                                                                                       11,356                                                                                                       11,056
Research and development expenses                                                                             446                            379                                                                                                        1,525                                                                                                        1,488
Selling and marketing expenses                                                                                916                          1,006                                                                                                        3,478                                                                                                        3,861
General and administrative expenses                                                                           291                            320                                                                                                        1,239                                                                                                        1,217
Impairments, restructuring and others                                                                         163                            286                                                                                                        1,131                                                                                                          650
Legal settlements and loss contingencies                                                                      100                           (44)                                                                                                          631                                                                                                        (111)
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Operating income                                                                                              931                            942                                                                                                        3,352                                                                                                        3,951
Financial expenses - net                                                                          70                             70                                                                                                        1,000                                                                                                          313
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Income before income taxes                                                                                    861                            872                                                                                                        2,352                                                                                                        3,638
Income taxes                                                                                                  249                            186                                                                                                          634                                                                                                          591
Share in (income) losses of associated companies - net                                           114                            (8)                                                                                                          121                                                                                                            5
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Net income                                                                                                    498                            694                                                                                                        1,597                                                                                                        3,042
Net income (loss) attributable to non-controlling interests                                                   (2)                              7                                                                                                            9                                                                                                         (13)
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Net income attributable to Teva                                                                               500                            687                                                                                                        1,588                                                                                                        3,055
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Accrued dividends on preferred shares                                                                          15                              -                                                                                                           15                                                                                                            -
                                                                                                        ---------                      ---------                      ---------------------------------------------------------------------------------------                      ---------------------------------------------------------------------------------------
Net income attributable to ordinary shareholders                                                              485                            687                                                                                                        1,573                                                                                                        3,055
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
Earnings per share attributable to ordinary shareholders:            Basic ($)                               0.56                           0.80                                                                                                         1.84                                                                                                         3.58
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                     Diluted ($)                             0.55                           0.80                                                                                                         1.82                                                                                                         3.56
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
Weighted average number of shares (in millions):                     Basic                                    866                            854                                                                                                          855                                                                                                          853
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                     Diluted                                  875                            861                                                                                                          864                                                                                                          858
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
Non-GAAP net income attributable to ordinary shareholders:*                                                 1,121                          1,144                                                                                                        4,681                                                                                                        4,413
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
Non-GAAP earnings per share attributable to ordinary                 Basic ($)                               1.29                           1.34                                                                                                         5.48                                                                                                         5.17
shareholders:*
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                     Diluted ($)**                           1.28                           1.33                                                                                                         5.42                                                                                                         5.14
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
Weighted average number of shares (in millions):                     Basic                                    866                            854                                                                                                          855                                                                                                          853
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                     Diluted                                  888                            861                                                                                                          867                                                                                                          858
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                    
Non-GAAP earnings per share adjusted to exclude Dec 15 equity        Diluted ($)                             1.32                           1.33                                                                                                         5.46                                                                                                         5.14
offerings
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
Weighted average number of shares adjusted to exclude Dec 15         Diluted                                  861                            861                                                                                                          860                                                                                                          858
equity offerings (in millions)
                                                                                                        =========                      =========                      =======================================================================================                      =======================================================================================
                                                                                                                                                                                                                                                                                    
* See reconciliation attached.
** For the calculation of the 2015 diluted non-GAAP earnings per
share attributable to ordinary shareholders, $15 million were added
back to the Non-GAAP net income attributable to ordinary
shareholders since they had a dilutive effect.
 
                                                                                                                             Condensed Consolidated Balance Sheets
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  (U.S. dollars in millions)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                           (Audited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                
                                                                                                                                                                                         December 31,
                                                                                                -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  2015                          2014  
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
ASSETS
-----------------------------------------------------
Current assets:
Cash and cash equivalents                                                                                                                                                      6,946                                                                                                     2,226
Accounts receivable                                                                                                                                                            5,350                                                                                                     5,408
Inventories                                                                                                                                                                    3,966                                                                                                     4,371
Deferred income taxes                                                                                                                                                            735                                                                                                       993
Other current assets                                                                                                                                                           1,401                                                                                                     1,398
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
Total current assets                                                                                                                                                          18,398                                                                                                    14,396
Other non-current assets                                                                                                                                                       2,616                                                                                                     1,569
Property, plant and equipment, net                                                                                                                                             6,544                                                                                                     6,535
Identifiable intangible assets, net                                                                                                                                            7,675                                                                                                     5,512
Goodwill                                                                                                                                                                      19,025                                                                                                    18,408
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
Total assets                                                                                                                                                                  54,258                                                                                                    46,420
                                                                                                ====================================================================================                      ====================================================================================
                                                                                                                                                                                                           
                                                                                                                                                                                                           
LIABILITIES AND EQUITY
-----------------------------------------------------
Current liabilities:
Short-term debt                                                                                                                                                                1,585                                                                                                     1,761
Sales reserves and allowances                                                                                                                                                  6,601                                                                                                     5,849
Accounts payable and accruals                                                                                                                                                  3,594                                                                                                     3,171
Other current liabilities                                                                                                                                                      1,225                                                                                                     1,508
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
Total current liabilities                                                                                                                                                     13,005                                                                                                    12,289
Long-term liabilities:
Deferred income taxes                                                                                                                                                          1,748                                                                                                     1,101
Other taxes and long-term liabilities                                                                                                                                          1,195                                                                                                     1,109
Senior notes and loans                                                                                                                                                         8,383                                                                                                     8,566
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
Total long-term liabilities                                                                                                                                                   11,326                                                                                                    10,776
Equity:
Teva shareholders’ equity:                                                                                                                         29,769                                                                                                    23,313
Non-controlling interests                                                                                                                                                        158                                                                                                        42
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
Total equity                                                                                                                                                                  29,927                                                                                                    23,355
                                                                                                ------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
Total liabilities and equity                                                                                                                                                  54,258                                                                                                    46,420
                                                                                                ====================================================================================                      ====================================================================================
                                                                                                                                                                                                           
 
                                                                                                                                        Condensed Consolidated Cash Flow
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                           (U.S. Dollars in millions)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                   
                                                                                                                  Three months ended                                                                                                            Year ended
                                                                                                                     December 31,                                                                                                              December 31,
                                                                                 -------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------
                                                                                               2015                                                 2014                                                         2015                                                                 2014
                                                                                 --------------------------------                     --------------------------------                     ------------------------------------------------                     ------------------------------------------------
                                                                                             Unaudited                                            Unaudited                                  Audited                        Audited 
                                                                                 ------------------------------                       ------------------------------                       ----------------------------------------------                       ----------------------------------------------
Operating activities:
   Net income                                                                           498                                                  694                                                             1,597                                                                3,042
   Net change in operating assets and liabilities                                       264                                                  507                                                               967                                                                  290
   Items not involving cash flow                                                        853                               551                                          2,978                                             1,795  
                                                                                 ---------- --------------------                      ---------- --------------------                      ----------------------- -----------------------                      ----------------------- -----------------------
Net cash provided by operating activities                                             1,615                                                1,752                                                             5,542                                                                5,127
                                                                                                                                                                                                                                                                 
Net cash used in investing activities                                                  (293 )                                               (347 )                                                          (5,565 )                                                             (1,450 )
                                                                                                                                                                                                                                                                 
Net cash provided by (used in) financing activities                                   4,715                                                 (593 )                                                           4,805                                                               (2,375 )
                                                                                                                                                                                                                                                                 
Translation adjustment on cash and cash equivalents                                     (19 )                                                (59 )                                                             (62 )                                                               (114 )
                                                                                                                                                                                                        
                                                                                 --------------------------------                     --------------------------------                     ------------------------------------------------                     ------------------------------------------------
Net change in cash and cash equivalents                                               6,018                                                  753                                                             4,720                                                                1,188
                                                                                                                                                                                                                                                                 
Balance of cash and cash equivalents at beginning of period                             928                                                1,473                                                             2,226                                                                1,038
                                                                                                                                                                                                        
                                                                                 --------------------------------                     --------------------------------                     ------------------------------------------------                     ------------------------------------------------
Balance of cash and cash equivalents at end of period                                 6,946                             2,226                                          6,946                                             2,226  
                                                                                 ========== ====================                      ========== ====================                      ======================= =======================                      ======================= =======================
                                                                                                                                                                                                                                                                                         
 
                                                                                                                  Non GAAP reconciliation items
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   (U.S. Dollars in millions)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
                                                                                        Three months ended                                                                                      Year ended
                                                                                           December 31,                                                                                        December 31,
                                                                             -----------------------------------------                     ---------------------------------------------------------------------------------------------------------------------
                                                                                2015                           2014                                              2015                                                                 2014
                                                                             ----------                     ----------                     ------------------------------------------------                     ------------------------------------------------
                                                                              Unaudited                      Unaudited                       Audited                        Audited 
                                                                             --------                       --------                       ----------------------------------------------                       ----------------------------------------------
Amortization of purchased intangible assets                                   201                            253                                               838                                                                1,036
Legal settlements and loss contingencies                                      100                            (44 )                                             631                                                                 (111 )
Contingent consideration                                                       70                              6                                               399                                                                  (20 )
Restructuring expenses                                                         62                             80                                               183                                                                  246
Equity compensation                                                            30                             24                                               112                                                                   78
Impairment of long-lived assets                                                28                            179                                               361                                                                  387
Other expenses                                                                 23                             21                                                16                                                                   76
Acquisition expenses                                                           17                              2                                               211                                                                   13
Costs associated with cancellation of R&D projects                             14                             27                                                14                                                                   79
Costs related to regulatory actions taken in facilities                         8                             30                                                36                                                                   75
Purchase of research and development in process                                (3 )                            -                                                21                                                                    -
Financial expense                                                               2                              1                                               777                                                                    7
Corresponding tax effect                                                      (40 )                         (122 )                                            (631 )                                                               (508 )
Impairment of equity investment-net                                124                              -                                               124                                                                    -
Minority interest changes                                                       -                              -                                                16                                                                    -
                                                                                                                                                                                                                                         
                                                                                             
                                                                                                                                                                           Reconciliation between net income
                                                                                                                                                             attributable to ordinary shareholders and earnings per share
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                       as reported under US GAAP to non-GAAP net
                                                                                                                                                          income attributable to ordinary shareholders and earnings per share
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        
                                                                                                                                              Year ended December 31, 2015                                                                                                                            Year ended December 31, 2014
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                          U.S. dollars and shares in millions (except per share amounts)
                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                             GAAP                             Non-GAAP Adjustments                           Non-GAAP                       % of Net Revenues                      GAAP                             Non-GAAP Adjustments                           Non-GAAP                        % of Net Revenues
                                                                                            ------                      --------------------------------                     --------                      ------------------                     ------                      --------------------------------                     --------                      ---------------------
                                                                                                                                                                                                                                                                                                                                                                  
                         Gross profit (1)                                                   11,356                             859                                             12,215                            62 %                             11,056                           1,093                                             12,149                              60 %
                         Operating income (1)(2)                                             3,352                           2,822                                              6,174                            31 %                              3,951                           1,859                                              5,810                              29 %
                         Net income attributable to ordinary shareholders (1)(2)(3)(4)       1,573                           3,108                                              4,696                            24 %                              3,055                           1,358                                              4,413                              22 %
                         Earnings per share attributable to ordinary shareholders - diluted   1.82                            3.60                                               5.42                                                               3.56                            1.58                                               5.14
                         (5)
                                                                                                                                                                                                                                                                                                                                                                  
                          
                         ------------------------------------------------------------------
(1)                      Amortization of purchased intangible assets                                                           808                                                                                                                                                 1,000
                         Costs related to regulatory actions taken in facilities                                                36                                                                                                                                                    75
                         Equity compensation                                                                                    13                                                                                                                                                     6
                         Other COGS related adjustments                                                                          2                                                                                                                                 12  
                                                                                                                        ---------- --------------------                                                                                                                       ---------- --------------------
                         Gross profit adjustments                                                                              859                                                                                                                                                 1,093
                                                                                                                                                                                                                                                                                                                                                                  
(2)                      Impairment of long-lived assets                                                                       361                                                                                                                                                   387
                         Restructuring expenses                                                                                183                                                                                                                                                   246
                         Legal settlements and loss contingencies                                                              631                                                                                                                                                  (111 )
                         Contingent consideration                                                                              399                                                                                                                                                   (20 )
                         Acquisition expenses                                                                                  211                                                                                                                                                    13
                         Equity compensation                                                                                    99                                                                                                                                                    72
                         Amortization of purchased intangible assets                                                            30                                                                                                                                                    36
                         Other operating related expenses                                                                       49                                                                                                                                143  
                                                                                                                        ---------- --------------------                                                                                                                       ---------- --------------------
                                                                                                                             1,963                                                                                                                                766  
                                                                                                                        ---------- --------------------                                                                                                                       ---------- --------------------
                         Operating income adjustments                                                                        2,822                                                                                                                              1,859  
                                                                                                                        ---------- --------------------                                                                                                                       ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                  
(3)                      Financial expense                                                                                     777                                                                                                                                                     7
                         Tax effect                                                                                           (631 )                                                                                                                                                (508 )
                         Impairment of equity investment-net                                                        124                                                                                                                                                     -
                         Changes in minority interest                                                                           16                                                                                                                                  -  
                                                                                                                        ---------- --------------------                                                                                                                       ---------- --------------------
                         Net income adjustments                                                                              3,108                                                                                                                              1,358  
                                                                                                                        ========== ====================                                                                                                                       ========== ====================
                          
(4)   Non-GAAP net income attributable to ordinary shareholders for the
                         year ended December 31, 2015 includes an add back of $15 million
                         accrued dividends on preferred shares since they had a dilutive
                         effect on earnings per share.
                          
(5)                      The non-GAAP weighted average number of shares was 867 and 858
                         million for the years ended December 31, 2015 and 2014,
                         respectively. Non-GAAP earnings per share can be reconciled with
                         GAAP earnings per share by dividing each of the amounts included in
                         footnotes 1-3 above by the applicable weighted average share number.
                          
  *                      Beginning in 2015, expenses related to our equity compensation are
                         excluded from our non-GAAP results.
                         The data presented have been conformed to reflect the exclusion of
                         equity compensation expenses for all periods.
                          
                                                                                                                                                                                                      
                                                                                                                                                                          Reconciliation between net income
                                                                                                                                                            attributable to ordinary shareholders and earnings per share
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                      as reported under US GAAP to non-GAAP net
                                                                                                                                                         income attributable to ordinary shareholders and earnings per share
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                          Three months ended December 31, 2015                                                                                                                  Three months ended December 31, 2014
                                                                                            -----------------------------------------------------------------------------------------------------------------------                              --------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                         U.S. dollars and shares in millions (except per share amounts)
                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                             GAAP                            Non-GAAP Adjustments                           Non-GAAP                       % of Net Revenues                      GAAP                            Non-GAAP Adjustments                           Non-GAAP                        % of Net Revenues
                                                                                            -----                      --------------------------------                     --------                      ------------------                     -----                      --------------------------------                     --------                      ---------------------
                                                                                                                                                                                                                                                                                                                                                                
                         Gross profit (1)                                                   2,847                             207                                              3,054                            63 %                             2,889                             278                                              3,167                              61 %
                         Operating income (1)(2)                                              931                             550                                              1,481                            30 %                               942                             578                                              1,520                              29 %
                         Net income attributable to ordinary shareholders (1)(2)(3)(4)        485                             636                                              1,136                            23 %                               687                             457                                              1,144                              22 %
                         Earnings per share attributable to ordinary shareholders - diluted  0.55                            0.73                                               1.28                                                              0.80                            0.53                                               1.33
                         (5)
                                                                                                                                                                                                                                                                                                                                                                
                          
                         ------------------------------------------------------------------
(1)                      Amortization of purchased intangible assets                                                          194                                                                                                                                                  244
                         Costs related to regulatory actions taken in facilities                                                8                                                                                                                                                   30
                         Equity compensation                                                                                    5                                                                                                                                                    2
                         Other COGS related adjustments                                                                         -                                                                                                                                 2  
                                                                                                                       ---------- --------------------                                                                                                                      ---------- --------------------
                         Gross profit adjustments                                                                             207                                                                                                                                                  278
                                                                                                                                                                                                                                                                                                                                                                
(2)                      Impairment of long-lived assets                                                                       28                                                                                                                                                  179
                         Restructuring expenses                                                                                62                                                                                                                                                   80
                         Legal settlements and loss contingencies                                                             100                                                                                                                                                  (44 )
                         Contingent consideration                                                                              70                                                                                                                                                    6
                         Acquisition expenses                                                                                  17                                                                                                                                                    2
                         Equity compensation                                                                                   25                                                                                                                                                   22
                         Amortization of purchased intangible assets                                                            7                                                                                                                                                    9
                         Other operating related expenses                                                                      34                                                                                                                                46  
                                                                                                                       ---------- --------------------                                                                                                                      ---------- --------------------
                                                                                                                              343                                                                                                                               300  
                                                                                                                       ---------- --------------------                                                                                                                      ---------- --------------------
                         Operating profit adjustments                                                                         550                                                                                                                               578  
                                                                                                                       ---------- --------------------                                                                                                                      ---------- --------------------
(3)                      Finance expense                                                                                        2                                                                                                                                                    1
                         Tax effect                                                                                           (40 )                                                                                                                                               (122 )
                         Impairment of equity investment-net                                    124                                                                                                                                 -  
                                                                                                  -------------------- ---------- --------------------                                                                                                                      ---------- --------------------
                         Net income adjustments                                                                               636                                                                                                                               457  
                                                                                                                       ========== ====================                                                                                                                      ========== ====================
                                                                                                                                                                                                                                                                                                                                                                
(4)   Non-GAAP net income attributable to ordinary shareholders for the
                         three months ended December 31, 2015 includes an add back of $15
                         million accrued dividends on preferred shares since they had a
                         dilutive effect on earnings per share.
                          
(5)                      The non-GAAP weighted average number of shares was 888 and 861
                         million for the three months ended December 31, 2015 and 2014,
                         respectively. Non-GAAP earnings per share can be reconciled with
                         GAAP earnings per share by dividing each of the amounts included in
                         footnotes 1-3 above by the applicable weighted average share number.
                          
  *                      Beginning in 2015, expenses related to our equity compensation are
                         excluded from our non-GAAP results.
                         The data presented have been conformed to reflect the exclusion of
                         equity compensation expenses for all periods.
                          
 
                                                                                                Segment Information
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       
                                                                                                                   Generic Medicines
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       Three months ended December 31,                                                                         Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------
                                                              2015                                                                        2014                                                    2015 - 2014
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                                 Unaudited, U.S.$ in millions / % of Segment Revenues
                                                                                                                                                                                              
Revenues                                                  2,257                      100.0%                                           2,469                      100.0%                                      (9%)
Gross Profit                                              1,012                       44.8%                                           1,083                       43.9%                                      (7%)
R&D Expenses                                                136                        6.0%                                             131                        5.3%                                        4%
S&M Expenses                                                300                       13.3%                                             383                       15.5%                                     (22%)
Segment Profit*                                             576                       25.5%                                             569                       23.0%                                        1%
                                                                                                                                                                                              
                                                                                                                  Specialty Medicines
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       Three months ended December 31,                                                                         Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------
                                                              2015                                                                        2014                                                    2015 - 2014
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                                 Unaudited, U.S.$ in millions / % of Segment Revenues
                                                                                                                                                                                              
Revenues                                                  2,114                      100.0%                                           2,243                      100.0%                                      (6%)
Gross Profit                                              1,855                       87.7%                                           1,956                       87.2%                                      (5%)
R&D Expenses                                                263                       12.4%                                             214                        9.5%                                       23%
S&M Expenses                                                561                       26.5%                                             542                       24.2%                                        4%
Segment Profit*                                           1,031                       48.8%                                           1,200                       53.5%                                     (14%)
                                                                                                                                                                                              
 
----------------------------------
* Segment profit consists of gross profit, less R&D and S&M expenses
related to the segment. Segment profit does not include G&A
expenses, amortization and certain other items. Beginning in 2015,
expenses related to Teva’s equity compensation are excluded from its
segment results. The data presented has been conformed to reflect
the exclusion of equity compensation expenses for all periods.
 
 
                                                                                                Segment Information
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       
                                                                                                                   Generic Medicines
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           Year ended December 31,                                                                             Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------
                                                              2015                                                                        2014                                                    2015 - 2014
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                                  Audited, U.S.$ in millions / % of Segment Revenues
                                                                                                                                                                                              
Revenues                                                  9,546                      100.0%                                           9,814                      100.0%                                      (3%)
Gross Profit                                              4,499                       47.1%                                           4,253                       43.3%                                        6%
R&D Expenses                                                513                        5.4%                                             512                        5.2%                                         A
S&M Expenses                                              1,304                       13.6%                                           1,575                       16.0%                                     (17%)
Segment Profit*                                           2,682                       28.1%                                           2,166                       22.1%                                       24%
                                                                                                                                                                                              
                                                                                                                  Specialty Medicines
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           Year ended December 31,                                                                             Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------
                                                              2015                                                                        2014                                                    2015 - 2014
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                                  Audited, U.S.$ in millions / % of Segment Revenues
                                                                                                                                                                                              
Revenues                                                  8,338                      100.0%                                           8,560                      100.0%                                      (3%)
Gross Profit                                              7,200                       86.3%                                           7,457                       87.1%                                      (3%)
R&D Expenses                                                918                       11.0%                                             872                       10.2%                                        5%
S&M Expenses                                              1,921                       23.0%                                           1,990                       23.2%                                      (3%)
Segment Profit*                                           4,361                       52.3%                                           4,595                       53.7%                                      (5%)
                                                                                                                                                                                              
 
----------------------------------
* Segment profit consists of gross profit, less R&D and S&M expenses
related to the segment. Segment profit does not include G&A
expenses, amortization and certain other items. Beginning in 2015,
expenses related to Teva’s equity compensation are excluded from its
segment results. The data presented has been conformed to reflect
the exclusion of equity compensation expenses for all periods.
Less than 0.5%.
 
                                                            
                                                                                       Additional information
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                
                                                                                                       MS Specialty
                       -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         Three months ended December 31,                                                                         Percentage Change
                       -----------------------------------------------------------------------------------------------------------------------------------
                                                2015                                                                        2014                                                    2015 - 2014
                       -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                 Unaudited, U.S.$ in millions / % of MS Specialty Revenues
                                                                                                                                                                                
Revenues                                      960                      100.0%                                           1,121                      100.0%                                     (14%)
Gross profit                                  866                       90.2%                                           1,002                       89.4%                                     (14%)
R&D expenses                                   32                        3.3%                                              32                        2.9%                                         A
S&M expenses                                  121                       12.6%                                             125                       11.2%                                      (3%)
MS profit                                     713                       74.3%                                             845                       75.4%                                     (16%)
                                                                                                                                                                                
                                                                                                                                                                                
                                                                                                      Other Specialty
                       -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         Three months ended December 31,                                                                         Percentage Change
                       -----------------------------------------------------------------------------------------------------------------------------------
                                                2015                                                                        2014                                                    2015 - 2014
                       -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                  Unaudited, U.S.$ in millions / % of Specialty Revenues
                                                                                                                                                                                
Revenues                                    1,154                      100.0%                                           1,122                      100.0%                                        3%
Gross profit                                  989                       85.7%                                             954                       85.0%                                        4%
R&D expenses                                  231                       20.0%                                             182                       16.2%                                       27%
S&M expenses                                  440                       38.1%                                             417                       37.2%                                        6%
Other Specialty profit                        318                       27.6%                                             355                       31.6%                                     (10%)
 
----------------------------------
Less than 0.5%.
                                    
* Beginning in 2015, expenses related to our equity compensation are
excluded from our franchise results. The data presented have been
conformed to reflect the exclusion of equity compensation expenses
for all periods.
 
 
                                                                                       Additional information
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            
                                                                                                       MS Specialty
                       -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             Year ended December 31,                                                                             Percentage Change
                       -----------------------------------------------------------------------------------------------------------------------------------
                                                2015                                                                        2014                                                    2015 - 2014
                       -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                  Audited, U.S.$ in millions / % of MS Specialty Revenues
                                                                                                                                                                                
Revenues                                    4,023                      100.0%                                           4,237                      100.0%                                      (5%)
Gross profit                                3,618                       89.9%                                           3,794                       89.5%                                      (5%)
R&D expenses                                  101                        2.5%                                              97                        2.3%                                        4%
S&M expenses                                  432                       10.7%                                             514                       12.1%                                     (16%)
MS profit                                   3,085                       76.7%                                           3,183                       75.1%                                      (3%)
                                                                                                                                                                                
                                                                                                                                                                                
                                                                                                      Other Specialty
                       -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             Year ended December 31,                                                                             Percentage Change
                       -----------------------------------------------------------------------------------------------------------------------------------
                                                2015                                                                        2014                                                    2015 - 2014
                       -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                   Audited, U.S.$ in millions / % of Specialty Revenues
                                                                                                                                                                                
Revenues                                    4,315                      100.0%                                           4,323                      100.0%                                         A
Gross profit                                3,582                       83.0%                                           3,663                       84.7%                                      (2%)
R&D expenses                                  817                       18.9%                                             775                       17.9%                                        5%
S&M expenses                                1,489                       34.5%                                           1,476                       34.1%                                        1%
Other Specialty profit                      1,276                       29.6%                                           1,412                       32.7%                                     (10%)
 
----------------------------------
Less than 0.5%.
                                    
* Beginning in 2015, expenses related to our equity compensation are
excluded from our franchise results. The data presented have been
conformed to reflect the exclusion of equity compensation expenses
for all periods.
 
 
                                                                         Reconciliation of our segment profit
                                                                      to consolidated income before income taxes
                                                                          
                                                                                                              Three months ended December 31,
                                                                   --------------------------------------------------------------------------------------------------------------------
                                                                                      2015                                                                2014
                                                                   ------------------------------------------                     -----------------------------------------------------
                                                                                                               Unaudited, U.S.$ in millions
Generic medicine profit                                                                                  576                                                  569
Specialty medicine profit                                                           1,031                             1,200  
                                                                   -------------------- --------------------                      -------------------- ---------- --------------------
Total segment profit                                                                                   1,607                                                1,769
Profit of other activities                                                            154                                61  
                                                                   -------------------- --------------------                      -------------------- ---------- --------------------
Total profit                                                                                           1,761                                                1,830
Amounts not allocated to segments:
     Amortization                                                                                        201                                                  253
     General and administrative expenses                                                                 291                                                  320
     Impairments, restructuring and others                                                               163                                                  286
     Legal settlements and loss contingencies                                                            100                                                  (44 )
     Other unallocated amounts                                                                            75                                                   73
                                                                                               
                                                                   -------------------- --------------------                      -------------------- --------------------------------
Consolidated operating income                                                         931                               942  
                                                                   -------------------- --------------------                      -------------------- ---------- --------------------
Financial expenses - net                                                               70                                70  
                                                                   -------------------- --------------------                      -------------------- ---------- --------------------
Consolidated income before income taxes                                               861                               872  
                                                                   ==================== ====================                      ==================== ========== ====================
                                                                                                                                                        
 
                                                                                     Reconciliation of our segment profit
                                                                                  to consolidated income before income taxes
                                                                              
                                                                                                                                         Year ended December 31,
                                                                                          --------------------------------------------------------------------------------------------------------------------
                                                                                                             2015                                                                2014
                                                                                          ------------------------------------------                     -----------------------------------------------------
                                                                                                                                       Audited, U.S.$ in millions
Generic medicines profit                                                                                                      2,682                                                2,166
Specialty medicines profit                                                                                 4,361                             4,595  
                                                                                          -------------------- --------------------                      -------------------- ---------- --------------------
Total segment profit                                                                                                          7,043                                                6,761
Profit of other activities                                                                                   318                               226  
                                                                                          -------------------- --------------------                      -------------------- ---------- --------------------
Total profit                                                                                                                  7,361                                                6,987
Amounts not allocated to segments:
       Amortization                                                                                                             838                                                1,036
       General and administrative expenses                                                                                    1,239                                                1,217
       Impairments, restructuring and others                                                                                  1,131                                                  650
       Legal settlements and loss contingencies                                                                                 631                                                 (111 )
       Other unallocated amounts                                                                                                170                                                  244
                                                                                                                      
                                                                                          -------------------- --------------------                      -------------------- --------------------------------
Consolidated operating income                                                                              3,352                             3,951  
                                                                                          -------------------- --------------------                      -------------------- ---------- --------------------
Financial expenses - net                                                                                   1,000                               313  
                                                                                          -------------------- --------------------                      -------------------- ---------- --------------------
Consolidated income before income taxes                                                                    2,352                             3,638  
                                                                                          ==================== ====================                      ==================== ========== ====================
                                                                                                                                                                               
 
                                                                                              Revenues by Activity and Geographical Area
                                                                                                              (Unaudited)
                                                         
                                                                                                   Three Months Ended                                                             Percentage                           Percentage
                                                                                                      December 31,                                                                  Change                               Change
                                                                                 --------------------------------------------------
                                                                                  2015                                 2014                                                       2015 - 2014                          2015 - 2014
                                                                                 -----                      ---------------------------                                          -----------                      --------------------
                                                                                                   U.S. $ in millions                                                                                              in local currencies
Generic Medicines
                     United States                                                 996                                           1,178                                                 (15%)                                     (15%)
                     Europe*                                                       700                                             759                                                  (8%)                                        2%
                     Rest of the World                                             561                          532                                                    5%                                       18%
                                                                                 -----                      -------------------- -----                                           -----------                      --------------------
Total Generic Medicines                                                          2,257                                           2,469                                                  (9%)                                      (3%)
Specialty Medicines
                     United States                                               1,640                                           1,628                                                    1%                                        1%
                     Europe*                                                       366                                             448                                                 (18%)                                      (8%)
                     Rest of the World                                             108                          167                                                 (35%)                                     (21%)
                                                                                 -----                      -------------------- -----                                           -----------                      --------------------
Total Specialty Medicines                                                        2,114                                           2,243                                                  (6%)                                      (3%)
Other Revenues
                     United States                                                   6                                               2                                                  200%                                      200%
                     Europe*                                                       158                                             180                                                 (12%)                                         A
                     Rest of the World                                             346                          274                                                   26%                                       35%
                                                                                 -----                      -------------------- -----                                           -----------                      --------------------
Total Other Revenues                                                               510                          456                                                   12%                                       22%
                                                                                 -----                      -------------------- -----
Total Revenues                                                                   4,881                        5,168                                                  (6%)                                      (1%)
                                                                                 =====                      ==================== =====
                                                                                                                                                                                                                   
  * All members of the European Union, Switzerland, Norway, Albania
  and the countries of former Yugoslavia.
  Less than 0.5%.
                                   
 
                                                                                                 Revenues by Activity and Geographical Area
                                                                                                                  (Audited)
                                           Year Ended December 31,                       Percentage        Percentage
                                                                                                                                                                                          Change                               Change
                                                                                 --------------------------------------------------------
                                                                                   2015         2014                                              2015 - 2014                          2015 - 2014
                                                                                 --------                                           --------                                           -----------                      --------------------
                                                                                                      U.S. $ in millions                                                                                                 in local currencies
Generic Medicines
                     United States                                                $ 4,793                                            $ 4,418                                                    8%                                        8%
                     Europe*                                                        2,706                                              3,148                                                 (14%)                                      (1%)
                     Rest of the World                                              2,047                                              2,248                                                  (9%)                                        6%
                                                                                 --------                                           --------                                           -----------                      --------------------
Total Generic Medicines                                                             9,546                                              9,814                                                  (3%)                                        5%
Specialty Medicines
                     United States                                                  6,442                                              6,110                                                    5%                                        5%
                     Europe*                                                        1,518                                              1,898                                                 (20%)                                      (5%)
                     Rest of the World                                                378                                                552                                                 (32%)                                     (16%)
                                                                                 --------                                           --------                                           -----------                      --------------------
            Total Specialty                                                         8,338                                              8,560                                                  (3%)                                        2%
Other Revenues
                     United States                                                     14                                                106                                                 (87%)                                     (87%)
                     Europe*                                                          666                                                777                                                 (14%)                                        2%
                     Rest of the World                                              1,088                           1,015                                                    7%                                       18%
                                                                                 --------                      -------------------- --------                                           -----------                      --------------------
Total Other Revenues                                                                1,768                                              1,898                                                  (7%)                                        5%
                                                                                 --------                                           --------
Total Revenues                                                                   $ 19,652                                           $ 20,272                                                  (3%)                                        4%
                                                                                 ========                                           ========
                                                                                                                                                                                                                         
 
---------------------------------
 * All members of the European Union, Switzerland, Norway, Albania
 and the countries of former Yugoslavia.
 
                                                                                                                                                     
                                                                                                   Revenues by Product line
                                                                                                          (Unaudited)
                                                                                                                 
                                                                                                     Three Months Ended                                                                                  Percentage
                                                                                                        December 31,                                                                                       Change
                                                                         ----------------------------------------------------------------------
                                                                                    2015                                            2014                                                                 2015 - 2014
                                                                         ---------------------------                     ---------------------------                                          --------------------------------
                                                                                                     U.S. $ in millions
                                                                                                                                                                                               
Generic Medicines                                                                           $ 2,257                                         $ 2,469                                                   (9 %)
API                                                                                             202                                             178                                                   13 %
Specialty Medicines                                                                           2,114                                           2,243                                                   (6 %)
CNS                                                                                           1,274                                           1,451                                                  (12 %)
    Copaxone(R)                                                                  960                                           1,121                                                  (14 %)
    Azilect(R)                                                                    80                                             108                                                  (26 %)
    Nuvigil(R)                                                                   100                                             105                                                   (5 %)
Respiratory                                                                                     326                                             252                                                   29 %
    ProAir(R)                                                                    148                                             120                                                   23 %
    Qvar(R)                                                                      119                                              77                                                   55 %
Oncology                                                                                        318                                             335                                                   (5 %)
    Treanda(R)                                                                   198                                             226                                                  (12 %)
Women’s Health                                                                                  107                                             115                                                   (7 %)
Other Specialty                                                                                  89                                              90                                                   (1 %)
All Others                                                                                      510                                             456                                                   12 %
OTC                                                                                             316                                             228                                                   39 %
Other Revenues                                                               194                          228                                                  (15 %)
                                                                         -------------------- -----                      -------------------- -----
Total                                                                                       $ 4,881                                         $ 5,168                                                   (6 %)
                                                                         ==================== =====                      ==================== =====
                                                                                                                                                                                                          
                                                                                                                                  
                                                                                    Revenues by Product line
                                                                                            (Audited)
                                                                                              
                                                                               Year Ended December 31,                                                                          Percentage
                                                                                                                                                                                  Change
                                                    ------------------------------------------------------------------------
                                                                2015                                             2014                                                           2015 - 2014
                                                    ----------------------------                     ----------------------------                                          ---------------------
                                                                                 U.S. $ in millions
                                                                                                                                                                            
Generic Medicines                                                      $  9,546                                         $  9,814                                                   (3 %)
API                                                                         748                                              724                                                    3 %
Specialty Medicines                                                       8,338                                            8,560                                                   (3 %)
CNS                                                                       5,213                                            5,575                                                   (6 %)
    Copaxone(R)                                            4,023                                            4,237                                                   (5 %)
    Azilect(R)                                               384                                              428                                                  (10 %)
    Nuvigil(R)                                               373                                              388                                                   (4 %)
Respiratory                                                               1,129                                              957                                                   18 %
    ProAir(R)                                                549                                              478                                                   15 %
    Qvar(R)                                                  392                                              286                                                   37 %
Oncology                                                                  1,201                                            1,180                                                    2 %
    Treanda(R)                                               741                                              767                                                   (3 %)
Women’s Health                                                              461                                              504                                                   (9 %)
Other Specialty                                                             334                                              344                                                   (3 %)
All Others                                                                1,768                                            1,898                                                   (7 %)
OTC                                                                         994                                              996
Other Revenues                                           774                           902                                                  (14 %)
                                                    -------------------- ------                      -------------------- ------                                           ---------- ---------
Total                                                                  $ 19,652                                         $ 20,272                                                   (3 %)
                                                    ==================== ======                      ==================== ======                                           ========== =========
                                                                                                                                                                            
Less than 0.5%.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160211005585r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160211005585/en/

SOURCE: Teva Pharmaceutical Industries Ltd.

Teva Pharmaceutical Industries Ltd. 
IR Contacts: 
Kevin C. Mannix, United States, 215-591-8912 
Ran Meir, United States, 215-591-3033 
Tomer Amitai, Israel, 972-3-926-7656 
or 
PR Contact: 
Iris Beck Codner, Israel, 972-3-926-7246 
Denise Bradley, United States, 215-591-8974


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.