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 Teva Reports Third Quarter 2017 Financial Results
   Thursday, November 02, 2017 7:00:05 AM ET

--Cash flow from operations of $1.1 billion

--GAAP EPS of $0.52

--Non-GAAP EPS of $1.00

--Teva announces third quarter 2017 dividend of 8.5 cents

--2017 outlook revised to non-GAAP EPS of $3.77 - $3.87

Teva Pharmaceutical Industries Ltd. (TEVA, TASE: TEVA ) today reported results for the quarter ended September 30, 2017.

Revenues in the third quarter of 2017 were $5.6 billion, up 1% compared to the third quarter of 2016. Excluding the impact of foreign exchange fluctuations, revenues increased 4%.

Exchange rate differences between the third quarter of 2017 and the third quarter of 2016 reduced revenues by $169 million, GAAP operating income by $32 million and non-GAAP operating income by $17 million.



Adjustments of the exchange rates used for the Venezuelan bolivar resulted in a decrease of $243 million in revenues, a decrease of $25 million in GAAP operating income and a decrease of $15 million in non-GAAP operating income, compared to results in the third quarter of 2016. In light of the political and economic conditions in Venezuela, we exclude the quarterly changes in revenues and operating profit in Venezuela from any discussion of local currency results.

GAAP gross profit was $2.6 billion in the third quarter of 2017, down 6% compared to the third quarter of 2016. GAAP gross profit margin was 47.1% in the third quarter of 2017, compared to 50.4% in the third quarter of 2016. Non-GAAP gross profit was $3.0 billion in the third quarter of 2017, a decline of 12% from the third quarter of 2016. Non-GAAP gross profit margin was 53.0% in the third quarter of 2017, compared to 61.0% in the third quarter of 2016. The decrease in gross profit margin, on both a GAAP and a non-GAAP basis, was the result of lower gross profit and profitability of both our generic medicines and our specialty medicines businesses, as well as the addition of the low-margin Anda distribution business. GAAP results were impacted by lower inventory step-up expenses and lower amortization expenses, which mitigated some of the decrease.

Research and Development (R&D) expenses for the third quarter of 2017 amounted to $545 million, down 18% compared to the third quarter of 2016 due to lower expenditure related both to generic and specialty medicines as well as lower other R&D expenses. R&D expenses excluding equity compensation expenses and other R&D expenses were $381 million, or 6.8% of quarterly revenues in the third quarter of 2017, compared to $406 million, or 7.3%, in the third quarter of 2016. R&D expenses related to our generic medicines segment were $162 million, a decrease of 12% compared to $185 million in the third quarter of 2016, mainly due to portfolio optimization and various efficiency measures. R&D expenses related to our specialty medicines segment were $217 million, a decrease of 5% compared to $228 million in the third quarter of 2016, mainly due to portfolio optimization activities which compensated for the increased expenses related to our late-stage product candidates.

Selling and Marketing (S&M) expenses in the third quarter of 2017 amounted to $860 million, a decrease of 9% compared to the third quarter of 2016. S&M expenses excluding amortization of purchased intangible assets and equity compensation expenses were $805 million, or 14.3% of revenues, in the third quarter of 2017, compared to $889 million, or 16.0% of revenues, in the third quarter of 2016. S&M expenses related to our generic medicines segment were $377 million, a decrease of 11% compared to $423 million in the third quarter of 2016, mainly due to lower expenses in Venezuela following exchange rate adjustments as well as certain efficiency measures, partially offset by the inclusion of the S&M expenses of the Actavis Generics business for a full quarter. S&M expenses related to our specialty medicines segment were $388 million, down 15% compared to $458 million in the third quarter of 2016, mainly due to cost reduction and efficiency measures in our commercial operations, aligning with the life cycle of our product portfolio.

General and Administrative (G&A) expenses in the third quarter of 2017 amounted to $330 million, compared to $310 million in the third quarter of 2016. G&A expenses excluding equity compensation expenses were $318 million in the third quarter of 2017, or 5.7% of quarterly revenues, compared to $304 million, or 5.5% in the third quarter of 2016.

GAAP operating income in the third quarter of 2017 was $378 million, compared to operating income of $765 million in the third quarter of 2016. Non-GAAP operating income in the third quarter of 2017 was $1.5 billion, a decrease of 18% compared to the third quarter of 2016. Non-GAAP operating margin was 26.2% in the third quarter of 2017 compared to 32.2% in the third quarter of 2016.

EBITDA (non-GAAP operating income, which excludes amortization and certain other items, as well as excluding depreciation expenses) was $1.6 billion in the third quarter of 2017, down 16% compared to $1.9 billion in the third quarter of 2016.

GAAP financial expenses for the third quarter of 2017 were $259 million, compared to $150 million in the third quarter of 2016. Non-GAAP financial expenses were $229 million in the third quarter of 2017, compared to $151 million in the third quarter of 2016. The increase in our non-GAAP financial expenses is due mainly to higher expenses related to net foreign exchange losses and financial derivatives, as well as higher interest expenses related to the debt raised to finance the acquisition of Actavis Generics.

GAAP income taxes for the third quarter of 2017 amounted to a benefit of $494 million. In the third quarter of 2016, income taxes amounted to $207 million, or 34% on pre-tax income of $615 million. Non-GAAP income taxes for the third quarter of 2017 amounted to $135 million on pre-tax non-GAAP income of $1.2 billion, for a quarterly tax rate of 11%. Non-GAAP income taxes in the third quarter of 2016 amounted to $261 million on pre-tax non-GAAP income of $1.6 billion, for a quarterly tax rate of 16%.

We expect our annual non-GAAP tax rate for 2017 to be 15%, lower than our previous estimates. This is due to changes in the geographical mix of income we expect to generate this year. Our non-GAAP tax rate for 2016 was 17%.

GAAP net income attributable to ordinary shareholders and GAAP diluted EPS were $530 million and $0.52, respectively, in the third quarter of 2017, compared to $348 million and $0.35, respectively, in the third quarter of 2016. Non-GAAP net income attributable to ordinary shareholders for calculating diluted EPS and non-GAAP diluted EPS were $1.0 billion and $1.00, respectively, in the third quarter of 2017, compared to $1.4 billion and $1.31 in the third quarter of 2016.

For the third quarter of 2017, the weighted average outstanding shares for the fully diluted earnings per share calculation on both a GAAP and a non-GAAP basis was 1,017 million. For the third quarter of 2016, this was 984 million shares on a GAAP basis, and 1,044 million shares on a non-GAAP basis. For the three months ended September 30, 2017, the mandatory convertible preferred shares amounting to 59.4 million weighted average shares, had an anti-dilutive effect on earnings per share and were therefore excluded from the outstanding shares calculation.

As of September 30, 2017, the fully diluted share count for calculating Teva’s market capitalization was approximately 1,083 million shares.

Non-GAAP information: Net non-GAAP adjustments in the third quarter of 2017 were $482 million. Non-GAAP net income and non-GAAP EPS for the quarter were adjusted to exclude the following items:

-- Impairment of long-lived assets of $408 million, mainly an impairment of product rights and R&D assets related to the Actavis Generics acquisition;

-- Amortization of purchased intangible assets totaling $357 million, of which $310 million is included in cost of goods sold and the remaining $47 million in selling and marketing expenses;

-- Other R&D expenses of $150 million;

-- Restructuring expenses of $72 million;

-- Acquisition, integration and related expenses, including contingent consideration, of $49 million;

-- Equity compensation expenses of $32 million;

-- Financial expenses of $30 million;

-- Other non-GAAP items of $44 million;

-- Legal settlements and loss contingencies benefit of $20 million;

-- Minority interest adjustment of negative $11 million; and

-- Tax benefit of $629 million, including the effect of a one- time tax benefit associated with the utilization of Actavis Generics historic capital losses.

Teva believes that excluding such items facilitates investors’ understanding of its business. See the attached tables for a reconciliation of the GAAP results to the adjusted non-GAAP figures. Investors should consider non-GAAP financial measures in addition to, and not as replacement for, or superior to, measures of financial performance prepared in accordance with GAAP.

Cash flow from operations generated during the third quarter of 2017 was $1.1 billion, compared to $1.5 billion in the third quarter of 2016. The decrease was mainly due to the impact of changes in working capital which increased by $0.3 billion.

Free cash flow, excluding net capital expenditures, was $0.9 billion, compared to $1.2 billion in the third quarter of 2016.

Total balance sheet assets amounted to $86.1 billion as of September 30, 2017, compared to $86.4 billion as of June 30, 2017.

As of September 30, 2017, our debt was $34.7 billion, compared to $35.1 billion at June 30, 2017. The decrease was mainly due to $0.6 billion of debt repayments of our 5 year term loan, our revolving credit facility and other short term loans, partially offset by foreign exchange fluctuations of $0.2 billion. The portion of total debt classified as short-term at September 30, 2017 was 8%.

Total shareholders’ equity was $30.3 billion as of September 30, 2017, compared to $29.6 billion as of June 30, 2017.

Segment Results for the Third Quarter 2017

Beginning in the fourth quarter of 2016, our OTC business, conducted primarily through PGT, is included in our generic medicines segment. This segment also includes chemical and therapeutic equivalents of originator medicines in a variety of dosage forms and our API manufacturing business.

All data presented has been conformed to the new segment structure.

Generic Medicines Segment

                 
                                                                      Three Months Ended September 30,
                                     ---------------------------------------------------------------------------------------------------
                                                      2017                                     2016
                                     ---------------------------------------                     ---------------------------------------
                                                                 U.S. $ in millions / % of Segment Revenues
                                                                                          
Revenues                                $ 3,007                      100.0%                         $ 3,259                      100.0%
Gross profit                              1,158                       38.5%                           1,590                       48.8%
R&D expenses                                162                        5.4%                             185                        5.7%
S&M expenses                                377                       12.5%                             423                       13.0%
                                          -----                      ------                           -----                      ------
Segment profit*                         $   619                       20.6%                         $   982                       30.1%
__________
* 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.
 

Generic Medicines Revenues

Generic medicines revenues in the third quarter of 2017 were $3.0 billion, a decrease of 8% compared to the third quarter of 2016.

Generic revenues consisted of:

-- U.S. revenues of $1.2 billion, down 9% compared to the third quarter of 2016, mainly due to challenging market dynamics including pricing declines resulting from customer consolidation into larger buying groups and accelerated FDA approvals for additional generic versions of competing off-patent medicines, partially offset by the inclusion of three months of Actavis Generics revenues in this quarter, compared to two months in the third quarter of 2016.

-- European revenues of $985 million, an increase of 6%, or 1% in local currency terms, compared to the third quarter of 2016, mainly due to the inclusion of three months of Actavis Generics revenues, compared to two months only in the third quarter of 2016.

-- ROW revenues of $843 million, a decrease of 18% compared to the third quarter of 2016. In local currency terms, revenues increased 5%, mainly due to the inclusion of three months of Actavis Generics revenues, compared to two months only in the third quarter of 2016.

-- OTC revenues (which are included in the market revenues above) were $306 million, down 22% compared to the third quarter of 2016. In local currency terms, revenues increased 15%, mainly due to the inclusion of three months of Actavis Generics revenues, compared to two months only in the third quarter of 2016. In-market sales of our joint venture, PGT Healthcare, were $372 million in the third quarter of 2017, down 25% compared to the third quarter of 2016, due to the reduction of sales in Venezuela.

-- API sales to third parties (which are included in the market revenues above) were $171 million, down 10% compared to the third quarter of 2016.

Generic medicines revenues comprised 54% of our total revenues in the quarter, compared to 59% in the third quarter of 2016.

Generic Medicines Gross Profit

Gross profit of our generic medicines segment in the third quarter of 2017 was $1.2 billion, a decrease of 27% compared to the third quarter of 2016. The lower gross profit was mainly due to higher production expenses, market dynamics in the United States and lower revenues in Venezuela following the currency devaluation.

Gross profit margin for our generic medicines segment in the third quarter of 2017 decreased to 38.5% from 48.8% in the third quarter of 2016.

The decrease in gross profit margin was due to lower profitability in our U.S. and ROW markets, partially offset by improved profitability of our European markets.

Generic Medicines Profit

Our generic medicines segment generated profit of $619 million in the third quarter of 2017, a decrease of 37% compared to the third quarter of 2016. Generic medicines profitability as a percentage of generic medicines revenues was 20.6% in the third quarter of 2017, down from 30.1% in the third quarter of 2016.

Specialty Medicines Segment

                 
                                                                      Three Months Ended September 30,
                                     ---------------------------------------------------------------------------------------------------
                                                      2017                                     2016
                                     ---------------------------------------                     ---------------------------------------
                                                                 U.S. $ in millions / % of Segment Revenues
                                                                                          
Revenues                                $ 2,034                      100.0%                         $ 2,048                      100.0%
Gross profit                              1,757                       86.4%                           1,783                       87.1%
R&D expenses                                217                       10.7%                             228                       11.1%
S&M expenses                                388                       19.1%                             458                       22.4%
                                          -----                      ------                           -----                      ------
Segment profit*                         $ 1,152                       56.6%                         $ 1,097                       53.6%
__________
* 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.
 

Specialty Medicines Revenues

Specialty medicines revenues in the third quarter of 2017 were $2.0 billion, down 1% compared to the third quarter of 2016. U.S. specialty medicines revenues were $1.5 billion, down 4% compared to the third quarter of 2016. European specialty medicines revenues were $447 million, an increase of 10%, or 5% in local currency terms, compared to the third quarter of 2016. ROW specialty revenues were $94 million, up 12%, in both dollar and local currency terms, compared to the third quarter of 2016.

Specialty medicines revenues comprised 36% of our total revenues in the quarter, compared to 37% in the third quarter of 2016.

The decrease in specialty medicines revenues compared to the third quarter of 2016 was primarily due to lower sales of our CNS products, which were largely offset by higher sales in all other therapeutic areas.

The following table presents revenues by therapeutic area and key products for our specialty medicines segment for the three months ended September 30, 2017 and 2016:

                                                                                                                                          
                                                                                                             Three Months Ended                                                         Change
                                                                                                                September 30,
                                                                                 ----------------------------------------------------------------------
                                                                                            2017                         2016                                      2017 - 2016
                                                                                 ---------------------------                     ---------------------------                     --------------------
                                                                                                             U.S. $ in millions
CNS                                                                                                 $ 1,146                                         $ 1,302                                     (12%)
    Copaxone(R)                                                                          987                                           1,061                                      (7%)
    Azilect(R)                                                                            36                                             101                                     (64%)
    Nuvigil(R)                                                                            21                                              21                                        0%
Respiratory                                                                                             351                                             270                                       30%
    ProAir(R)                                                                            155                                             118                                       31%
    QVAR(R)                                                                               95                                              96                                      (1%)
Oncology                                                                                                302                                             269                                       12%
    Treanda(R) and Bendeka(R)                                             181                                             149                                       21%
Women’s Health                                                                                          119                                             109                                        9%
Other Specialty                                                                      116                           98                                       18%
                                                                                 -------------------- -----                      -------------------- -----
    Total Specialty Medicines                                                                       $ 2,034                                         $ 2,048                                      (1%)
                                                                                                                                                                                  

Global revenues of Copaxone(R) (20 mg/mL and 40 mg/mL), the leading multiple sclerosis therapy in the U.S. and globally, were $1.0 billion, a decrease of 7% compared to the third quarter of 2016.

In October 2017, the FDA approved a generic version of Copaxone(R) 40 mg /mL and an additional generic version of Copaxone(R) 20 mg/mL. A generic version of Copaxone(R) 40 mg /mL was launched in the U.S. market. In the EU, a hybrid version of Copaxone(R) 40 mg/mL was approved.

Copaxone(R) revenues in the United States, were $802 million, a decrease of 8% compared to the third quarter of 2016, due to lower volumes of Copaxone(R) 20 mg/mL, negative net pricing effects, mainly as a result of an increase in managed care rebate accruals for inventory in the channel following the FDA approvals for additional generic competition, partially offset by a price increase of 7.9% in January 2017 for both the 20 mg/mL and 40 mg/mL versions. At the end of the third quarter of 2017, according to September 2017 IMS data, our U.S. market shares for the Copaxone(R) products in terms of new and total prescriptions were 25.6% and 28.7%, respectively. Copaxone(R) 40 mg/mL accounted for over 85% of total Copaxone(R) prescriptions in the U.S.

Copaxone(R) revenues outside the United States were $185 million, down 1%, compared to the third quarter of 2016. Over 75% of European Copaxone(R) prescriptions are now filled with the 40 mg/mL version.

Our global Azilect(R) revenues were $36 million, a decrease of 64% compared to the third quarter of 2016 following the introduction of generic competition to Azilect(R) in the United States in 2017.

Revenues of our respiratory products were $351 million, up 30% compared to the third quarter of 2016 mainly due to higher sales of ProAir(R) as well as the launches of Braltus(R) and Cinqair(R)/Cinqaero(R). ProAir(R) revenues in the third quarter of 2017 were $155 million, up 31% compared to the third quarter of 2016, mainly due to higher positive net pricing effects and higher volumes sold. QVAR(R) global revenues were $95 million in the third quarter of 2017, down 1% compared to the third quarter of 2016.

Revenues of our oncology products were $302 million in the third quarter of 2017, up 12% compared to the third quarter of 2016. Combined revenues of Treanda(R) and Bendeka(R) were $181 million, up 21% compared to the third quarter of 2016, mainly due to higher volumes sold related to timing of purchases.

During September 2017, we entered into several agreements to sell certain non-core specialty products, including our global women’s health business. On November 1, we announced the completion of the Paragard(R) divestiture to CooperSurgical. The remaining transactions are expected to close during the remainder of 2017 and in 2018.

Specialty Medicines Gross Profit

Gross profit of our specialty medicines segment was $1.8 billion, a decrease of $26 million compared to the third quarter of 2016. Gross profit margin for our specialty medicines segment in the third quarter of 2017 was 86.4%, compared to 87.1% in the third quarter of 2016.

Specialty Medicines Profit

Our specialty medicines segment profit was $1.2 billion in the third quarter of 2017, up 5% compared to the third quarter of 2016.

Specialty medicines profit as a percentage of segment revenues was 56.6% in the third quarter of 2017, compared to 53.6% in the third quarter of 2016.

The increase in profit and profitability was driven by lower S&M and R&D expenses, partially offset by lower gross profit.

The following tables present details of our multiple sclerosis franchise and of our other specialty medicines for the three months ended September 30, 2017 and 2016:

                        
                                                                                                           Multiple Sclerosis
                                            -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Three months ended September 30,
                                            -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     2017                                                            2016
                                            -------------------------------------------------------                     ---------------------------------------------------------------------
                                                                                                  U.S.$ in millions / % of MS Revenues
                                                                                                                                 
Revenues                                                       $   987                      100.0%                                         $ 1,061                                    100.0%
Gross profit                                                       906                       91.8%                                             982                                     92.6%
R&D expenses                                                        16                        1.6%                                              20                                      1.9%
S&M expenses                                     64     6.5%                           76                   7.2%
                                            -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- --------------------
MS profit                                                      $   826    83.7%                                         $   886                  83.5%
                                            ==================== ===== ==================== ======                      ==================== ===== ==================== ====================
                                                                                                                                                                         
                                                                                                                                                                         
                                                                                                             Other Specialty
                                            -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Three months ended September 30,
                                            -------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     2017                                                                               2016
                                            -------------------------------------------------------                     ---------------------------------------------------------------------
                                                                                            U.S.$ in millions / % of Other Specialty Revenues
                                                                                                                                                                         
Revenues                                                       $ 1,047                      100.0%                                         $   987                                    100.0%
Gross profit                                                       851                       81.3%                                             801                                     81.2%
R&D expenses                                                       201                       19.2%                                             208                                     21.1%
S&M expenses                                    324    31.0%                          382                  38.7%
                                            -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- --------------------
Other Specialty profit                                         $   326    31.1%                                         $   211                  21.4%
                                            ==================== ===== ==================== ======                      ==================== ===== ==================== ====================
                                                                                                                                                                         

Other Activities

Other revenues (primarily sales of third-party products for which we act as distributor, mostly in the United States via Anda, contract manufacturing services related to products divested in connection with the Actavis Generics acquisition and other miscellaneous items) were $569 million in the third quarter of 2017, compared to $256 million, in the third quarter of 2016. The increase was mainly related to the inclusion of Anda’s revenues beginning in the fourth quarter of 2016.

Revenues from these other activities comprised 10% of our total revenues in the quarter, compared to 5% in the third quarter of 2016.

Updated 2017 Financial Outlook

                                                             
                                                            FY 2017                                  Implied Q4 2017 Outlook
                                               -------------------------------                      -----------------------
Revenues                                              $22.2-22.3 billion                                $5.3-5.4 billion
                                                (previously $22.8-23.2 billion)
Non-GAAP EPS                                              $3.77-3.87                                       $0.70-0.80
                                                    (previously $4.30-4.50)
Cash flow from operations                              $3.15-3.3 billion                                $0.85-1.0 billion
                                                 (previously $4.4-4.6 billion)
                                                                                                     

Our 2017 financial outlook was lowered to reflect the following:

-- An earlier than expected, at-risk launch of a generic competitor to Copaxone(R) 40 mg/mL, with an expected impact on EPS of approximately 30 cents; and

-- Lower than expected contribution from new generic launches in the U.S. We now project approximately $400 million of revenues from new product launches in the year, compared to the previous projection of $500 million; and

-- Increased price erosion and volume declines in our U.S. Generics business including increased competition to our largest product, the Concerta(R) authorized generic; and

-- Lower cash flow from operations due to a reduction in net income and a delay in the resolution of our working capital dispute with Allergan, which is now scheduled to conclude in 2018.

These estimates reflect management’s current expectations for Teva’s performance in 2017. Actual results may vary, whether as a result of exchange rate differences, market conditions or other factors. In addition, the non-GAAP measures 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.

Dividends

On October 31, 2017, the Board of Directors declared a cash dividend of $0.085 per ordinary share for the third quarter of 2017. 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 November 2, 2017. The record date will be November 28, 2017, and the payment date will be December 12, 2017. Tax will be withheld at a rate of 15%.

On October 31, 2017, the Board of Directors also declared a cash dividend of $17.50 per Mandatory Convertible Preferred Share for the third quarter of 2017. The record date will be December 1, 2017 and the payment date will be December 15, 2017. 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, November 2, 2017 at 8:00 a.m. ET to discuss its third quarter 2017 results and overall business environment. A question & answer session will follow.

In order to participate, please dial the following numbers (at least 10 minutes before the scheduled start time): United States 1-866-869-2321; Canada 1-866-766-8269 or International +44(0) 203 0095710; passcode: 91932782. 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 November 30, 2017, 9:00 a.m. ET by calling United States 1-866-247-4222; Canada 1-866-878-9237 or International +44(0) 1452550000; passcode: 91932782.

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 approximately 200 million patients in 60 markets every day. Headquartered in Israel, Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,800 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva has the world-leading innovative treatment for multiple sclerosis as well as late-stage development programs for other disorders of the central nervous system, including movement disorders, migraine, pain and neurodegenerative conditions, as well as a broad portfolio of respiratory products. Teva is leveraging its generics and specialty capabilities in order to seek new ways of addressing unmet patient needs by combining drug development with devices, services and technologies. Teva’s net revenues in 2016 were $21.9 billion. For more information, visit www.tevapharm.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to:

-- our generics medicines business, including: that we are substantially more dependent on this business, with its significant attendant risks, following our acquisition of Allergan plc’s worldwide generic pharmaceuticals business ("Actavis Generics"); our ability to realize the anticipated benefits of the acquisition (and any delay in realizing those benefits) or difficulties in integrating Actavis Generics; the increase in the number of competitors targeting generic opportunities and seeking U.S. market exclusivity for generic versions of significant products; price erosion relating to our generic products, both from competing products and as a result of increased governmental pricing pressures; and our ability to take advantage of high-value biosimilar opportunities;

-- our specialty medicines business, including: competition for our specialty products, especially Copaxone(R), our leading medicine, which faces competition from existing and potential additional generic versions and orally-administered alternatives; our ability to achieve expected results from investments in our product pipeline; competition from companies with greater resources and capabilities; and the effectiveness of our patents and other measures to protect our intellectual property rights;

-- our substantially increased indebtedness and significantly decreased cash on hand, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments, and may result in a downgrade of our credit ratings;

-- our business and operations in general, including: uncertainties relating to our recent senior management changes; our ability to develop and commercialize additional pharmaceutical products; manufacturing or quality control problems, which may damage our reputation for quality production and require costly remediation; interruptions in our supply chain, including due to labor unrest; disruptions of our or third party information technology systems or breaches of our data security; the failure to recruit or retain key personnel, including those who joined us as part of the Actavis Generics acquisition; the restructuring of our manufacturing network, including potential related labor unrest or workers’ strikes; the impact of continuing consolidation of our distributors and customers; variations in patent laws that may adversely affect our ability to manufacture our products; our ability to consummate dispositions on terms acceptable to us; adverse effects of political or economic instability, major hostilities or terrorism on our significant worldwide operations; and our ability to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and integrate acquisitions;

-- compliance, regulatory and litigation matters, including: costs and delays resulting from the extensive governmental regulation to which we are subject; the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; potential additional adverse consequences following our resolution with the U.S. government of our Foreign Corrupt Practices Act investigation; governmental investigations into sales and marketing practices; potential liability for sales of generic products prior to a final resolution of outstanding patent litigation; product liability claims; increased government scrutiny of our patent settlement agreements; failure to comply with complex Medicare and Medicaid reporting and payment obligations; and environmental risks;

-- other financial and economic risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; the significant increase in our intangible assets, which may result in additional substantial impairment charges; potentially significant increases in tax liabilities; and the effect on our overall effective tax rate of the termination or expiration of governmental programs or tax benefits, or of a change in our business;

and other factors discussed in our Annual Report on Form 20-F for the year ended December 31, 2016, including in the section captioned "Risk Factors," and in our other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov and www.tevapharm.com. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

                                                                                                                                                                                                                      
                                                                                                                                               Consolidated Statements of Income
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                         (Unaudited, U.S. dollars in millions, except
                                                                                                                                                   share and per share data)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                  
                                                                                                                                                                 Three months ended                                                                                         Nine months ended
                                                                                                                                                                    September 30,                                                                                             September 30,
                                                                                                                                -------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------
                                                                                                                                              2017                                                 2016                                                 2017                                                 2016
                                                                                                                                --------------------------------                     --------------------------------                     --------------------------------                     --------------------------------
Net revenues                                                                                                                         5,610                                                5,563                                               16,926                                               15,411
Cost of sales                                                                                                                        2,967                             2,762                             8,643                             6,942  
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Gross profit                                                                                                                         2,643                                                2,801                                                8,283                                                8,469
Research and development expenses                                                                                                      545                                                  663                                                1,488                                                1,427
Selling and marketing expenses                                                                                                         860                                                  940                                                2,791                                                2,731
General and administrative expenses                                                                                                    330                                                  310                                                  838                                                  925
Impairments, restructuring and others                                                                                                  550                                                 (410 )                                              1,209                                                  421
Legal settlements and loss contingencies                                                                                               (20 )                                                533                                                  324                                                  674
Goodwill impairment charge                                                                                                               -                                 -                             6,100                                 -  
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Operating (loss) income                                                                                                                378                                                  765                                               (4,467 )                                              2,291
Financial expenses - net                                                                                                  259                               150                               704                               553  
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Income (loss) before income taxes                                                                                                      119                                                  615                                               (5,171 )                                              1,738
Income taxes (benefit)                                                                                                                (494 )                                                207                                                 (462 )                                                464
Share in (profits) losses of associated companies, net                                                                                   3                                (2 )                                                 10                               (11 )
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Net income (loss)                                                                                                                      610                                                  410                                               (4,719 )                                              1,285
Net Income (loss) attributable to non-controlling interests                                                                             15                                (2 )                                                 11                               (17 )
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Net income (loss) attributable to Teva                                                                                                 595                               412                            (4,730 )                                              1,302  
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Dividends on preferred shares                                                                                                           65                                64                               195                               196  
                                                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
Net income (loss) attributable to Teva’s ordinary shareholders                                                                         530                               348                            (4,925 )                                              1,106  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                  
---------------------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
Earnings (loss) per share attributable to ordinary shareholders:                      Basic ($)                                       0.52                              0.35                             (4.85 )                                               1.18  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                      Diluted ($)                                     0.52                              0.35                             (4.85 )                                               1.17  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
Weighted average number of shares (in millions):                                      Basic                                          1,017                               979                             1,016                               935  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                      Diluted                                        1,017                               984                             1,016                               942  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                     
---------------------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- --------------------------------                     ---------------------------------------------------- --------------------------------
                                                                                                                     
---------------------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- --------------------------------                     ---------------------------------------------------- --------------------------------
Non-GAAP net income attributable to ordinary shareholders:*                                                                          1,012                             1,300                             3,126                             3,568  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
Non-GAAP net income attributable to ordinary shareholders for                                                                        1,012                             1,364                             3,126                             3,764  
diluted earnings per share:**
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                
Non-GAAP earnings per share attributable to ordinary                                  Basic ($)                                       1.00                              1.33                              3.08                              3.81  
shareholders:*
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                      Diluted ($)**                                   1.00                              1.31                              3.07                              3.76  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                
Non-GAAP average number of shares (in millions):                                      Basic                                          1,017                               979                             1,016                               935  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                      Diluted                                        1,017                             1,044                             1,017                             1,001  
                                                                                                                                ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                  
---------------------------------------------------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
* See reconciliation attached.
**Dividends on the mandatory convertible preferred shares of $196
and $64 million for the nine months and the three months ended
September 30, 2016, respectively, are added back to non-GAAP net
income attributable to ordinary shareholders, since such preferred
shares had a dilutive effect on non-GAAP earnings per share.
                                                      
                                               Condensed Consolidated Balance Sheets
-----------------------------------------------------------------------------------------------------------------------------
                                                    (U.S. dollars in millions)
-----------------------------------------------------------------------------------------------------------------------------
                                                            (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------
                                                                                         
                                                                           September 30,                         December 31,
                                                                               2017                                  2016
                                                                          -------------                      --------------------
ASSETS
----------------------------------------------------
Current assets:
Cash and cash equivalents                                                           680                                       988
Trade receivables                                                                 7,424                                     7,523
Inventories                                                                       5,060                                     4,954
Prepaid expenses                                                                  1,203                                     1,629
Other current assets                                                                581                                     1,293
Assets held for sale                                                              1,278                                       841
                                                                          -------------                      --------------------
Total current assets                                                             16,226                                    17,228
Deferred income taxes                                                               536                                       625
Other non-current assets                                                          1,049                                     1,235
Property, plant and equipment, net                                                8,001                                     8,073
Identifiable intangible assets, net                                              20,878                                    21,487
Goodwill                                                                         39,392                                    44,409
                                                                          -------------                      --------------------
Total assets                                                                     86,082                                    93,057
                                                                          =============                      ====================
                                                                                                              
LIABILITIES AND EQUITY
----------------------------------------------------
Current liabilities:
Short-term debt                                                                   2,731                                     3,276
Sales reserves and allowances                                                     7,662                                     7,839
Trade payables                                                                    2,370                                     2,157
Employee-related obligations                                                        718                                       859
Accrued expenses                                                                  2,577                                     3,405
Other current liabilities                                                           847                                       836
Liabilities held for sale                                                            38                                       116
                                                                          -------------                      --------------------
Total current liabilities                                                        16,943                                    18,488
                                                                                                              
Long-term liabilities:
Deferred income taxes                                                             4,914                                     5,413
Other taxes and long-term liabilities                                             1,959                                     1,639
Senior notes and loans                                                           31,971                                    32,524
                                                                          -------------                      --------------------
Total long-term liabilities                                                      38,844                                    39,576
Equity:
Teva shareholders’ equity                             28,671                                    33,337
Non-controlling interests                                                         1,624                                     1,656
                                                                          -------------                      --------------------
Total equity                                                                     30,295                                    34,993
                                                                          -------------                      --------------------
Total liabilities and equity                                                     86,082                                    93,057
                                                                          =============                      ====================
 
                                                                                                                        Condensed Consolidated Cash Flow
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (Unaudited, U.S. Dollars in millions)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                   
                                                                                                                  Three months ended                                                                                         Nine months ended
                                                                                                                     September 30,                                                                          September 30,
                                                                                 --------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------
                                                                                               2017                                                 2016                                                 2017                                                 2016
                                                                                 --------------------------------                     --------------------------------                     --------------------------------                     --------------------------------
Operating activities:
  Net income (loss)                                                                     610                                                  410                                               (4,719 )                                              1,285
  Net change in operating assets and liabilities                                        (44 )                                              1,047                                                 (755 )                                              1,100
  Items not involving cash flow                                                         551                                                    4                                                7,802                                                1,415
                                                                                                                                                                                        
                                                                                 --------------------------------                     --------------------------------                     --------------------------------                     --------------------------------
Net cash provided by operating activities                                             1,117                                                1,461                                                2,328                                                3,800
                                                                                                                                                                                                                                                 
Net cash provided by (used in) investing activities                                    (218 )                                            (32,301 )                                                572                                              (34,943 )
                                                                                                                                                                                                                                                 
Net cash provided by (used in) financing activities                                    (825 )                                             25,372                                               (3,244 )                                             25,918
                                                                                                                                                                                                                                                 
Translation adjustment on cash and cash equivalents                                       7                                                   41                                                   36                                                 (164 )
                                                                                                                                                                                        
                                                                                 --------------------------------                     --------------------------------                     --------------------------------                     --------------------------------
Net change in cash and cash equivalents                                                  81                                               (5,427 )                                               (308 )                                             (5,389 )
                                                                                                                                                                                                                                                 
Balance of cash and cash equivalents at beginning of period                             599                                                6,984                                                  988                                                6,946
                                                                                                                                                                                        
                                                                                 --------------------------------                     --------------------------------                     --------------------------------                     --------------------------------
Balance of cash and cash equivalents at end of period                                   680                             1,557                               680                             1,557  
                                                                                 ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                            
                                                                                 Non GAAP reconciliation items
                                                                             (Unaudited, U.S. Dollars in millions)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          
                                                                                                                                                                          
                                                                                       Three Months Ended                                                  Nine Months Ended
                                                                                          September 30,                                                      September 30,
                                                                             ----------------------------------                          ------------------------------------------------
                                                                               2017                          2016                           2017                                 2016
                                                                             ---------                     ---------                     -----------                     ---------------------
                                                                                                                           (U.S. $ in millions)
                                                                                                                                                                          
Gain on sales of business and long-lived assets                                 -                          (693 )                             -                                (693 )
Amortization of purchased intangible assets                                   357                           429                           1,088                                 811
Restructuring expenses                                                         72                           115                             300                                 154
Inventory step-up                                                               -                           152                              67                                 243
Equity compensation expenses                                                   32                            31                             103                                  83
Costs related to regulatory actions taken in facilities                        (1 )                          46                              48                                 123
Acquisition, integration and related expenses                                  31                            85                              87                                 184
Other R&D expenses                                                            150                           252                             176                                 262
Contingent consideration                                                       18                            34                             179                                  85
Legal settlements and loss contingencies                                      (20 )                         533                             324                                 674
Goodwill impairment charge                                                                                    -                           6,100                                   -
Impairment of long-lived assets                                               408                            29                             564                                 614
Other non-GAAP items                                                           45                            16                             121                                  75
Financial expense (income)                                                     30                            (1 )                             5                                 344
Minority interest                                                             (11 )                         (22 )                           (44 )                               (65 )
Tax benefit                                                                  (629 )                         (54 )                        (1,067 )                              (432 )
                                                                                                                                                                                                                                 
                                                                                                                                                                         Three Months Ended September 30, 2017                                                                                                                                                Three Months Ended September 30, 2016
                                                                                                                 -----------------------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                            U.S. dollars and shares in millions (except per share amounts)
                                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  GAAP                               Non-GAAP                               Dividends on                      Non-GAAP                      % of Net                        GAAP                               Non-GAAP                               Dividends on                      Non-GAAP                      % of Net
                                                                                                                                                    Adjustments                               Preferred                                                     Revenues                                                          Adjustments                               Preferred                                                     Revenues
                                                                                                                                                                                               Shares                                                                                                                                                                    Shares
                                                                                                                 -----                      -------------------------                       ------------                      --------                      --------                       -----                      -------------------------                       ------------                      --------                      ------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                       
                         Gross profit (1)                                                                        2,643                        331                                                                                2,974                        53 %                         2,801                        592                                                                                3,393                              61 %
                         Operating income (loss) (1)(2)                                                            378                      1,092                                                                                1,470                        26 %                           765                      1,029                                                                                1,794                              32 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                         Net income attributable to ordinary shareholders (1)(2)(3)(4)                             530                        482                                                                                1,012                        18 %                           348                        952                                                     64                         1,364                              25 %
                         Earnings per share attributable to ordinary shareholders - diluted                       0.52                       0.48                                                                                 1.00                                                      0.35                       0.96                                                                                 1.31
                         (5)
                          
                         ------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                       
(1)                      Amortization of purchased intangible assets                                                                          310                                                                                                                                                                       387
                         Inventory step-up                                                                                                      -                                                                                                                                                                       152
                         Costs related to regulatory actions taken in facilities                                                               (1 )                                                                                                                                                                      46
                         Equity compensation expenses                                                                                           6                                                                                                                                                                         4
                         Other COGS related adjustments                                                                                        16                                                                                                                                                      3  
                                                                                                                                            ----- --------------------                                                                                                                                                ----- --------------------
                         Gross profit adjustments                                                                                             331                                                                                                                                                                       592
                                                                                                                                                                                                                                                                                                                                                                                                                                       
(2)                      Restructuring expenses                                                                                                72                                                                                                                                                                       115
                         Amortization of purchased intangible assets                                                                           47                                                                                                                                                                        42
                         Equity compensation expenses                                                                                          26                                                                                                                                                                        27
                         Acquisition, Integration and related expenses                                                                         31                                                                                                                                                                        85
                         Other R&D expenses                                                                                                   150                                                                                                                                                                       252
                         Contingent consideration                                                                                              18                                                                                                                                                                        34
                         Legal settlements and loss contingencies                                                                             (20 )                                                                                                                                                                     533
                         Impairment of long-lived assets                                                                                      408                                                                                                                                                                        29
                         Gain on sales of business and long-lived assets                                                                        -                                                                                                                                                                      (693 )
                         Other operating related adjustments                                                                                   29                                                                                                                                                     13  
                                                                                                                                            ----- --------------------                                                                                                                                                ----- --------------------
                                                                                                                                              761                                                                                                                                                    437  
                                                                                                                                            ----- --------------------                                                                                                                                                ----- --------------------
                         Operating income adjustments                                                                                       1,092                                                                                                                                                  1,029  
                                                                                                                                            ----- --------------------                                                                                                                                                ----- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                       
(3)                      Financial expense (income)                                                                                            30                                                                                                                                                                        (1 )
                         Tax effect                                                                                                          (629 )                                                                                                                                                                     (54 )
                         Minority interest                                                                                                    (11 )                                                                                                                                                                     (22 )
                                                                                                                                            ----- --------------------                                                                                                                                                ----- --------------------
                         Net income adjustments                                                                                               482                                                                                                                                                    952  
                                                                                                                                            ===== ====================                                                                                                                                                ===== ====================
     
(4)                      For the three months ended September 30, 2017, no account was taken
                         of the potential dilution of the accrued dividend to preferred
                         shares amounting to $65 million, since it had an anti-dilutive
                         effect on loss per share. Dividends on the mandatory convertible
                         preferred shares of $64 million for the three months ended September
                         30, 2016, are added back to non-GAAP net income attributable to
                         ordinary shareholders, since such preferred shares had a dilutive
                         effect on non-GAAP earnings per share.
                          
(5)                      The non-GAAP weighted average number of shares was 1,017 and 979
                         million for the three months ended September 30, 2017 and 2016,
                         respectively. For the three months ended September 30, 2017, the
                         mandatory convertible preferred shares amounting to 59.4 million
                         weighted average shares had an anti-dilutive effect on earnings per
                         share and were therefore excluded from the outstanding shares
                         calculation. Non-GAAP earnings per share can be reconciled with GAAP
                         earnings per share by dividing each of the amounts included in
                         footnotes 1-4 above by the applicable weighted average share number.
                                                                                                                                                                                                                            
                                                                                                                                                                              Nine Months Ended September 30, 2017                                                                                                                                               Nine Months Ended September 30, 2016
                                                                                                                   -----------------------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                            U.S. dollars and shares in millions (except per share amounts)
                                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      GAAP                                   Non-GAAP                               Dividends on   Non-GAAP                      % of Net     GAAP                               Non-GAAP            Dividends on   Non-GAAP   % of Net
                                                                                                                                                            Adjustments                               Preferred                                                     Revenues                                                          Adjustments                               Preferred                                                     Revenues
                                                                                                                                                                                                       Shares                                                                                                                                                                    Shares
                                                                                                                   ---------                       --------------------------                       ------------ -------------------- --------                      --------  -------------------- -----                      -------------------------  -------------------- ------------ -------------------- -------- -------------------- -------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                               
                         Gross profit (1)                                                                           8,283                           1,114                                                                                9,397                        56 %                         8,469                      1,090                                                                                9,559                              62 %
                         Operating income (loss) (1)(2)                                                            (4,467 )                         9,155                                                                                4,688                        28 %                         2,291                      2,612                                                                                4,903                              32 %
                         Net income (loss) attributable to ordinary shareholders (1)(2)(3)(4)                      (4,925 )                         8,051                                                                                3,126                        18 %                         1,106                      2,462                                                    196                         3,764                              24 %
                                                                                                                                                                                                                                                                                                                                                                                                                                               
                         Earnings (loss) per share attributable to ordinary shareholders -                          (4.85 )                          7.92                                                                                 3.07                                                      1.17                       2.59                                                                                 3.76
                         diluted (5)
                                                                                                                                                                                                                                                                                                                                                                                                                                               
                          
                         --------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                               
(1)                      Amortization of purchased intangible assets                                                                                  944                                                                                                                                                                       711
                         Inventory step-up                                                                                                             67                                                                                                                                                                       243
                         Costs related to regulatory actions taken in facilities                                                                       48                                                                                                                                                                       123
                         Equity compensation expenses                                                                                                  18                                                                                                                                                                        10
                         Other COGS related adjustments                                                                                                37                                                                                                                                                      3  
                                                                                                                                                   ------ --------------------                                                                                                                                                ----- --------------------
                         Gross profit adjustments                                                                                                   1,114                                                                                                                                                                     1,090
                                                                                                                                                                                                                                                                                                                                                                                                                                               
(2)                      Legal settlements and loss contingencies                                                                                     324                                                                                                                                                                       674
                         Contingent consideration                                                                                                     179                                                                                                                                                                        85
                         Acquisition and related expenses                                                                                              87                                                                                                                                                                       184
                         Other R&D expenses                                                                                                           176                                                                                                                                                                       262
                         Equity compensation expenses                                                                                                  85                                                                                                                                                                        73
                         Restructuring expenses                                                                                                       300                                                                                                                                                                       154
                         Goodwill impairment charge                                                                                                 6,100                                                                                                                                                                         -
                         Impairment of long-lived assets                                                                                              564                                                                                                                                                                       614
                         Amortization of purchased intangible assets                                                                                  144                                                                                                                                                                       100
                         Gain on sales of business and long-lived assets                                                                                -                                                                                                                                                                      (693 )
                         Other operating related expenses (income)                                                                                     82                                                                                                                                                     69  
                                                                                                                                                   ------ --------------------                                                                                                                                                ----- --------------------
                                                                                                                                                    8,041                                                                                                                                                  1,522  
                                                                                                                                                   ------ --------------------                                                                                                                                                ----- --------------------
                         Operating income adjustments                                                                                               9,155                                                                                                                                                  2,612  
                                                                                                                                                   ------ --------------------                                                                                                                                                ----- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                               
(3)                      Financial expense                                                                                                              5                                                                                                                                                                       344
                         Tax effect                                                                                                                (1,067 )                                                                                                                                                                    (432 )
                         Impairment of equity investment--net                                                                               2                                                                                                                                                                         3
                         Minority interest                                                                                                            (44 )                                                                                                                                                                     (65 )
                                                                                                                                                   ------ --------------------                                                                                                                                                ----- --------------------
                         Net income adjustments                                                                                                     8,051                                                                                                                                                  2,462  
                                                                                                                                                   ====== ====================                                                                                                                                                ===== ====================
     
(4)                      For the nine months ended September 30, 2017, no account was taken
                         of the potential dilution of the accrued dividend to preferred
                         shares amounting to $195 million, since it had an anti-dilutive
                         effect on loss per share. Dividends on the mandatory convertible
                         preferred shares of $196 million for the nine months ended September
                         30, 2016 are added back to non-GAAP net income attributable to
                         ordinary shareholders, since such preferred shares had a dilutive
                         effect on non-GAAP earnings per share.
                          
(5)                      The non-GAAP weighted average number of shares was 1,016 and 935
                         million for the nine months ended September 30, 2017 and 2016,
                         respectively. For the nine months ended September 30, 2017, the
                         mandatory convertible preferred shares amounting to 59.4 million
                         weighted average shares had an anti-dilutive effect on earnings per
                         share and were therefore excluded from the outstanding shares
                         calculation. Non-GAAP earnings per share can be reconciled with GAAP
                         earnings per share by dividing each of the amounts included in
                         footnotes 1-4 above by the applicable weighted average share number.
                                                                                             
                                                                                                                  Segment Information
                                                                                                                                                                                              
                                                                                                                       Generics
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      Three months ended September 30,                                                                         Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                              2017                                                                        2016                                                    2017 - 2016
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                 (U.S.$ in millions / % of Segment Revenues)
                                                                                                                                                                                              
Revenues                                                $ 3,007                      100.0%                                         $ 3,259                      100.0%                                      (8%)
Gross Profit                                              1,158                       38.5%                                           1,590                       48.8%                                     (27%)
R&D Expenses                                                162                        5.4%                                             185                        5.7%                                     (12%)
S&M Expenses                             377    12.5%                          423    13.0%                                     (11%)
                                     -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Segment Profit*                                         $   619    20.6%                                         $   982    30.1%                                     (37%)
                                     ==================== ===== ==================== ======                      ==================== ===== ==================== ======
                                                                                                                                                                                              
                                                                                                                       Specialty
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      Three months ended September 30,                                                                         Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                              2017                                                                        2016                                                    2017 - 2016
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                 (U.S.$ in millions / % of Segment Revenues)
                                                                                                                                                                                              
Revenues                                                $ 2,034                      100.0%                                         $ 2,048                      100.0%                                      (1%)
Gross Profit                                              1,757                       86.4%                                           1,783                       87.1%                                      (1%)
R&D Expenses                                                217                       10.7%                                             228                       11.1%                                      (5%)
S&M Expenses                             388    19.1%                          458    22.4%                                     (15%)
                                     -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Segment Profit*                                         $ 1,152    56.6%                                         $ 1,097    53.6%                                        5%
                                     ==================== ===== ==================== ======                      ==================== ===== ==================== ======
 
* 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 the fourth quarter of 2016, our OTC business is
included in our generics medicines segment. The data presented have
been conformed to reflect these changes for all relevant periods.
                                                                                                                
                                                                                                                  Segment Information
                                                                                                                                             
                                                                                                                       Generics
                                     -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       Nine months ended September 30,                                                                         Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                              2017                                                                        2016                                                    2017 - 2016
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                 (U.S.$ in millions / % of Segment Revenues)
                                                                                                                                                                                              
Revenues                                                $ 9,143                      100.0%                                         $ 8,274                      100.0%                                       11%
Gross Profit                                              3,844                       42.0%                                           3,861                       46.7%                                        0%
R&D Expenses                                                553                        6.1%                                             448                        5.4%                                       23%
S&M Expenses                           1,202    13.1%                        1,178    14.3%                                        2%
                                     -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Segment Profit*                                         $ 2,089    22.8%                                         $ 2,235    27.0%                                      (7%)
                                     ==================== ===== ==================== ======                      ==================== ===== ==================== ======
                                                                                                                                                                                              
                                                                                                  Specialty                                                                
                                     ------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                       Nine months ended September 30,                                                                         Percentage Change
                                     -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                              2017                                                                        2016                                                    2017 - 2016
                                     -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                 (U.S.$ in millions / % of Segment Revenues)
                                                                                                                                                                                              
Revenues                                                $ 6,119                      100.0%                                         $ 6,471                      100.0%                                      (5%)
Gross Profit                                              5,362                       87.6%                                           5,632                       87.0%                                      (5%)
R&D Expenses                                                722                       11.8%                                             702                       10.8%                                        3%
S&M Expenses                           1,288    21.0%                        1,393    21.5%                                      (8%)
                                     -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Segment Profit*                                         $ 3,352    54.8%                                         $ 3,537    54.7%                                      (5%)
                                     ==================== ===== ==================== ======                      ==================== ===== ==================== ======
 
* 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 the fourth quarter of 2016, our OTC business is
included in our generics medicines segment. The data presented have
been conformed to reflect these changes for all relevant periods.
                                                                                                   
                                                                                                 Additional information
                                                                                                                                                                                                    
                                                                                                   Multiple Sclerosis
                                                                                            Three months ended September 30,                                                                         Percentage Change
                                           -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                                    2017                                                                        2016                                                    2017 - 2016
                                           -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                      (U.S. $ in millions / % of Segment Revenues)
                                                                                                                                                                                                    
Revenues                                                      $   987                      100.0%                                         $ 1,061                      100.0%                                      (7%)
Gross profit                                                      906                       91.8%                                             982                       92.6%                                      (8%)
R&D expenses                                                       16                        1.6%                                              20                        1.9%                                     (20%)
S&M expenses                                    64     6.5%                           76     7.2%                                     (16%)
                                           -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Segment profitability                                         $   826    83.7%                                         $   886    83.5%                                      (7%)
                                           ==================== ===== ==================== ======                      ==================== ===== ==================== ======
                                                                                                                                                                                                    
                                                                                                     Other Specialty
                                           -----------------------------------------------------------------------------------------------------------------------------------
                                                                                            Three months ended September 30,                                                                         Percentage Change
                                           -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                                    2017                                                                        2016                                                    2017 - 2016
                                           -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                      (U.S. $ in millions / % of Segment Revenues)
                                                                                                                                                                                                    
Revenues                                                      $ 1,047                      100.0%                                         $   987                      100.0%                                        6%
Gross profit                                                      851                       81.3%                                             801                       81.2%                                        6%
R&D expenses                                                      201                       19.2%                                             208                       21.1%                                      (3%)
S&M expenses                                   324    31.0%                          382    38.7%                                     (15%)
                                           -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Segment profitability                                         $   326    31.1%                                         $   211    21.4%                                       55%
                                           ==================== ===== ==================== ======                      ==================== ===== ==================== ======
                                                                                                    
                                                                                                 Additional information
                                                                                                                                                                                                     
                                                                                                    Multiple Sclerosis                                                            
                                            ------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                              Nine months ended September 30,                                                                         Percentage Change
                                            -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                                     2017                                                                        2016                                                    2017 - 2016
                                            -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                          (U.S. $ in millions / % of MS Revenues)
                                                                                                                                                                                                     
Revenues                                                       $ 2,980                      100.0%                                         $ 3,208                      100.0%                                      (7%)
Gross profit                                                     2,731                       91.6%                                           2,930                       91.3%                                      (7%)
R&D expenses                                                        58                        1.9%                                              65                        2.0%                                     (11%)
S&M expenses                                    280     9.4%                          246     7.7%                                       14%
                                            -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
MS profit                                                      $ 2,393    80.3%                                         $ 2,619    81.6%                                      (9%)
                                            ==================== ===== ==================== ======                      ==================== ===== ==================== ======
                                                                                                                                                                                                     
                                                                                                                                                                                                     
                                                                                                      Other Specialty                                                             
                                            ------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                              Nine months ended September 30,                                                                         Percentage Change
                                            -----------------------------------------------------------------------------------------------------------------------------------                     --------------------
                                                                     2017                                                                        2016                                                    2017 - 2016
                                            -------------------------------------------------------                     -------------------------------------------------------                     --------------------
                                                                                   (U.S. $ in millions / % of Other Specialty Revenues)
                                                                                                                                                                                                     
Revenues                                                       $ 3,139                      100.0%                                         $ 3,263                      100.0%                                      (4%)
Gross profit                                                     2,631                       83.8%                                           2,702                       82.8%                                      (3%)
R&D expenses                                                       664                       21.2%                                             637                       19.5%                                        4%
S&M expenses                                  1,008    32.0%                        1,147    35.2%                                     (12%)
                                            -------------------- ----- -------------------- ------                      -------------------- ----- -------------------- ------
Other Specialty profit                                         $   959    30.6%                                         $   918    28.1%                                        4%
                                            ==================== ===== ==================== ======                      ==================== ===== ==================== ======
                                                                                                                   
                                                                                   Reconciliation of our segment profit
                                                                                to consolidated income before income taxes
                                                                                                                                      Three months ended
                                                                                    -----------------------------------------------------------------------------------------------------------------------
                                                                                                                                         September 30,
                                                                                    -----------------------------------------------------------------------------------------------------------------------
                                                                                       2017                            2016   
                                                                                    -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                                                     (U.S. $ in millions)
                                                                                                                                                           
Generic medicines profit                                                                               $    619                                                              $    982
Specialty medicines profit                                                             1,152                           1,097  
                                                                                    -------------------- ------ --------------------                      -------------------- ------ --------------------
Total segment profit                                                                                      1,771                                                                 2,079
Profit of other activities                                                                17                              19  
                                                                                    -------------------- ------ --------------------                      -------------------- ------ --------------------
                                                                                                          1,788                                                                 2,098
Amounts not allocated to segments:
       Amortization                                                                                         357                                                                   429
       General and administrative expenses                                                                  330                                                                   310
       Impairments, restructuring and others                                                                550                                                                  (410 )
       Inventory step-up                                                                                      -                                                                   152
       Other R&D expenses                                                                                   150                                                                   252
       Costs related to regulatory actions taken in facilities                                               (1 )                                                                  46
       Legal settlements and loss contingencies                                                             (20 )                                                                 533
       Other unallocated amounts                                                                             44                                                                    21
                                                                                                                                        
                                                                                    -------------------------------------------------                     -------------------------------------------------
Consolidated operating income                                                            378                             765  
                                                                                    -------------------- ------ --------------------                      -------------------- ------ --------------------
Financial expenses - net                                                                 259                             150  
                                                                                    -------------------- ------ --------------------                      -------------------- ------ --------------------
Consolidated income before income taxes                                                                $    119                                           $    615  
                                                                                    ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                   
                                                                                     Reconciliation of our segment profit
                                                                               to Teva’s consolidated income before income taxes
                                                                                                                                         Nine months ended
                                                                                    ---------------------------------------------------------------------------------------------------------------------------
                                                                                                                                           September 30,
                                                                                    ---------------------------------------------------------------------------------------------------------------------------
                                                                                       2017                              2016
                                                                                    -------------------- ------ --------------------                      -------------------- ----------
                                                                                                                             (U.S. $ in millions)
                                                                                                                                                                                           
Generic medicines profit                                                                               $  2,089                                                              $      2,235
Specialty medicines profit                                                             3,352                               3,537  
                                                                                    -------------------- ------ --------------------                      -------------------- ---------- --------------------
Total segment profit                                                                                      5,441                                                                     5,772
Profit of other activities                                                                61                                  28  
                                                                                    -------------------- ------ --------------------                      -------------------- ---------- --------------------
                                                                                                          5,502                                                                     5,800
Amounts not allocated to segments:
       Amortization                                                                                       1,088                                                                       811
       General and administrative expenses                                                                  838                                                                       925
       Goodwill impairment charge                                                                         6,100                                                                         -
       Impairments, restructuring and others                                                              1,209                                                                       421
       Inventory step-up                                                                                     67                                                                       243
       Other R&D expenses                                                                                   176                                                                       262
       Costs related to regulatory actions taken in facilities                                               48                                                                       123
       Legal settlements and loss contingencies                                                             324                                                                       674
       Other unallocated amounts                                                                            119                                                                        50
                                                                                                                                                     
                                                                                    -------------------------------------------------                     ----------------------------------------------------
Consolidated operating income (loss)                                                  (4,467 )                                                2,291  
                                                                                    -------------------- ------ --------------------                      -------------------- ---------- --------------------
Financial expenses - net                                                                 704                                 553  
                                                                                    -------------------- ------ --------------------                      -------------------- ---------- --------------------
Consolidated income (loss) before income taxes                                                         $ (5,171 )                                                            $      1,738  
                                                                                    ==================== ====== ====================                      ==================== ========== ====================
                                                                                                           
                                                                                           Revenues by Activity and Geographical Area
                                                                                                           (Unaudited)
                                                                                                                                                                                                            
                                                                           Three Months Ended                                                                        Percentage Change                       Percentage Change
                                                                              September 30,
                                               ----------------------------------------------------------------------
                                                          2017                                            2016                                                          2017 - 2016                             2017 - 2016
                                               ---------------------------                     ---------------------------                                          -----------------                      --------------------
                                                                          (U.S. $ in millions)                                                                                                              in local currencies
Generic Medicines
        United States                                             $ 1,179                                         $ 1,293                                                        (9%)                                      (9%)
        Europe                                                        985                                             933                                                          6%                                        1%
        Rest of the World                          843                        1,033                                                       (18%)                                        5%
                                               -------------------- -----                      -------------------- -----                                           -----------------                      --------------------
Total Generic Medicines                                             3,007                                           3,259                                                        (8%)                                      (2%)
Specialty Medicines
        United States                                               1,493                                           1,558                                                        (4%)                                      (4%)
        Europe                                                        447                                             406                                                         10%                                        5%
        Rest of the World                           94                           84                                                         12%                                       12%
                                               -------------------- -----                      -------------------- -----                                           -----------------                      --------------------
Total Specialty Medicines                                           2,034                                           2,048                                                        (1%)                                      (2%)
Other Revenues
        United States                                                 317                                              12                                                         n/a                                       n/a
        Europe                                                         80                                              71                                                         13%                                        6%
        Rest of the World                          172                          173                                                        (1%)                                      (6%)
                                               -------------------- -----                      -------------------- -----                                           -----------------                      --------------------
Total Other Revenues                               569                          256                                                        122%                                      117%
                                               -------------------- -----                      -------------------- -----                                           -----------------                      --------------------
Total Revenues                                                    $ 5,610                                         $ 5,563                                                          1%                                        4%
                                               ==================== =====                      ==================== =====                                           =================                      ====================
 
 *In light of the political and economic conditions in Venezuela,
 we exclude the quarterly changes in revenues and operating profit
 in Venezuela from any discussion of local currency results.
                                                                                                               
                                                                                                      Revenues by Activity and Geographical Area
                                                                                                                      (Unaudited)
                                                                                                  Nine Months Ended                                                                         Percentage Change                       Percentage Change
                                                                                                    September 30,
                                                                    ------------------------------------------------------------------------                                               -----------------                      -------------------
                                                                                2017                                             2016                                                          2017 - 2016                             2017 - 2016
                                                                    ----------------------------                     ----------------------------                                          -----------------                      -------------------
                                                                                                (U.S. $ in millions)                                                                                                               in local currencies
Generic Medicines
        United States                                                                  $  3,850                                         $  3,161                                                         22%                                      22%
        Europe                                                                            2,930                                            2,494                                                         17%                                      19%
        Rest of the World                                              2,363                         2,619                                                       (10%)                                      14%
                                                                    -------------------- ------                      -------------------- ------                                           -----------------                      -------------------
Total Generic Medicines                                                                   9,143                                            8,274                                                         11%                                      18%
Specialty Medicines
        United States                                                                     4,521                                            5,007                                                       (10%)                                    (10%)
        Europe                                                                            1,304                                            1,214                                                          7%                                       9%
        Rest of the World                                                294                           250                                                         18%                                      18%
                                                                    -------------------- ------                      -------------------- ------                                           -----------------                      -------------------
Total Specialty                                                                           6,119                                            6,471                                                        (5%)                                      -5%
Other Revenues
        United States                                                                       941                                               19                                                         n/a                                      n/a
        Europe                                                                              237                                              176                                                         35%                                      35%
        Rest of the World                                                486        471                                                          3%                                     (2%)
                                                                    -------------------- ------ -------------------- -------------------- ------                                           -----------------                      -------------------
Total Other Revenues                                                   1,664                           666                                                        150%                                     146%
                                                                    -------------------- ------                      -------------------- ------                                           -----------------                      -------------------
Total Revenues                                                                         $ 16,926                                         $ 15,411                                                         10%                                      14%
                                                                    ==================== ======                      ==================== ======                                           =================                      ===================
 *In light of the political and economic conditions in Venezuela,
 we exclude the quarterly changes in revenues and operating profit
 in Venezuela from any discussion of local currency results.
                                                                                          
                                                                                                                                          Revenues by Product line
                                                                                                                                                 (Unaudited)
                                                                                                                                                               
                                                                                                             Three Months Ended                                                                         Percentage Change
                                                                                                                September 30,
                                                                                 ----------------------------------------------------------------------
                                                                                            2017                                            2016                                                           2017 - 2016
                                                                                 ---------------------------                     ---------------------------                                          --------------------
                                                                                                            (U.S. $ in millions)
                                                                                                                                                                                                       
Generic Medicines                                                                                   $ 3,007                                         $ 3,259                                                           (8%)
OTC                                                                                                     306                                             391                                                          (22%)
API                                                                                                     171                                             191                                                          (10%)
Specialty Medicines                                                                                   2,034                                           2,048                                                           (1%)
CNS                                                                                                   1,146                                           1,302                                                          (12%)
    Copaxone(R)                                                                          987                                           1,061                                                           (7%)
    Azilect(R)                                                                            36                                             101                                                          (64%)
    Nuvigil(R)                                                                            21                                              21                                                             0%
Respiratory                                                                                             351                                             270                                                            30%
    ProAir(R)                                                                            155                                             118                                                            31%
    QVAR(R)                                                                               95                                              96                                                           (1%)
Oncology                                                                                                302                                             269                                                            12%
    Treanda(R) and Bendeka(R)                                             181                                             149                                                            21%
Women’s Health                                                                                          119                                             109                                                             9%
Other Specialty                                                                                         116                                              98                                                            18%
All Others                                                                           569                          256                                                           122%
                                                                                 -------------------- -----                      -------------------- -----                                           --------------------
Total                                                                                               $ 5,610                                         $ 5,563                                                             1%
                                                                                 ==================== =====                      ==================== =====                                           ====================
                                                                                           
                                                                                                                                           Revenues by Product line
                                                                                                                                                  (Unaudited)
                                                                                                                                                                 
                                                                                                               Nine Months Ended                                                                          Percentage Change
                                                                                                                 September 30,
                                                                                 ------------------------------------------------------------------------
                                                                                             2017                                             2016                                                           2017 - 2016
                                                                                 ----------------------------                     ----------------------------                                          --------------------
                                                                                                             (U.S. $ in millions)
                                                                                                                                                                                                         
Generic Medicines                                                                                   $  9,143                                         $  8,274                                                            11%
OTC                                                                                                      853                                              949                                                          (10%)
API                                                                                                      572                                              595                                                           (4%)
Specialty Medicines                                                                                    6,119                                            6,471                                                           (5%)
CNS                                                                                                    3,442                                            4,040                                                          (15%)
    Copaxone(R)                                                                         2,980                                            3,208                                                           (7%)
    Azilect(R)                                                                            130                                              322                                                          (60%)
    Nuvigil(R)                                                                             52                                              175                                                          (70%)
Respiratory                                                                                              977                                              949                                                             3%
    ProAir(R)                                                                             399                                              426                                                           (6%)
    QVAR(R)                                                                               300                                              346                                                          (13%)
Oncology                                                                                                 852                                              871                                                           (2%)
    Treanda(R) and Bendeka(R)                                              501                                              511                                                           (2%)
Women’s Health                                                                                           358                                              336                                                             7%
Other Specialty*                                                                                         490                                              275                                                            78%
All Others                                                                          1,664                           666                                                           150%
                                                                                 -------------------- ------                      -------------------- ------                                           --------------------
Total                                                                                               $ 16,926                                         $ 15,411                                                            10%
                                                                                 ==================== ======                      ==================== ======                                           ====================
 
* Includes aggregate payments of $150 million related to the
Ninlaro(R) transaction in the first half of 2017.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171102005626r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171102005626/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 Contacts: 
Iris Beck Codner, Israel, 972 (3) 926-7246 
Denise Bradley, United States, 215-591-8974


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