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Name | Symbol | Market | Type |
---|---|---|---|
Teva Pharmaceutical Industries Ltd | NYSE:TEVA | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.08 | 14.16 | 13.96 | 14.15 | 7,051,252 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Israel
|
Not Applicable
|
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer
Identification Number)
|
|
5 Basel Street, Petach Tikva, ISRAEL
|
4951033
|
|
(Address of principal executive offices)
|
(Zip code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
American Depositary Shares, each representing one Ordinary Share
|
TEVA
|
New York Stock Exchange
|
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
PART I.
|
|
|
||||
Item 1.
|
|
|
||||
|
|
|
5
|
|
||
|
|
|
6
|
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||
|
|
|
7
|
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||
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|
|||||
|
|
|
9
|
|
||
|
|
|
10
|
|
||
Item 2.
|
|
|
|
39
|
|
|
Item 3.
|
|
|
|
61
|
|
|
Item 4.
|
|
|
|
61
|
|
|
PART II.
|
|
|
||||
Item 1.
|
|
|
|
62
|
|
|
Item 1A.
|
|
|
|
62
|
|
|
Item 2.
|
|
|
|
62
|
|
|
Item 3.
|
|
|
|
62
|
|
|
Item 4.
|
|
|
|
62
|
|
|
Item 5.
|
|
|
|
62
|
|
|
Item 6.
|
|
|
|
63
|
|
|
|
|
|
64
|
|
• |
our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; consolidation of our customer base and commercial alliances among our customers; delays in launches of new generic products; the increase in the number of competitors targeting generic opportunities and seeking U.S. market exclusivity for generic versions of significant products; our ability to develop and commercialize biopharmaceutical products; competition for our specialty products, including AUSTEDO
®
, AJOVY
®
and COPAXONE
®
; our ability to achieve expected results from investments in our product pipeline; our ability to develop and commercialize additional pharmaceutical products; and the effectiveness of our patents and other measures to protect our intellectual property rights;
|
• |
our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments, may result in a further downgrade of our credit ratings; and our inability to raise debt or borrow funds in amounts or on terms that are favorable to us;
|
• |
our business and operations in general, including: uncertainty regarding the
COVID-19
pandemic and its impact on our business, financial condition, operations, cash flows, and liquidity and on the economy in general; our ability to successfully execute and maintain the activities and efforts related to the measures we have taken or may take in response to the
COVID-19
pandemic and associated costs therewith; effectiveness of our optimization efforts; our ability to attract, hire and retain highly skilled personnel; manufacturing or quality control problems; interruptions in our supply chain; disruptions of information technology systems; breaches of our data security; variations in intellectual property laws; challenges associated with conducting business globally, including political or economic instability, major hostilities or terrorism; costs and delays resulting from the extensive pharmaceutical regulation to which we are subject or delays in governmental processing time due to travel and work restrictions caused by the
COVID-19
pandemic; the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; significant sales to a limited number of customers; our ability to successfully bid for suitable acquisition targets or licensing opportunities, or to consummate and integrate acquisitions; and our prospects and opportunities for growth if we sell assets;
|
• |
compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory environments; increased legal and regulatory action in connection with public concern over the abuse of opioid medications and our ability to reach a final resolution of the remaining opioid-related litigation; scrutiny from competition and pricing authorities around the world, including our ability to successfully defend against the U.S. Department of Justice (“DOJ”) criminal charges of Sherman Act violations; potential liability for patent infringement; product liability claims; failure to comply with complex Medicare and Medicaid reporting and payment obligations; compliance with anti-corruption sanctions and trade control laws; and environmental risks;
|
• |
other financial and economic risks, including: our exposure to currency fluctuations and restrictions as well as credit risks; potential impairments of our intangible assets; potential significant increases in tax liabilities (including as a result of potential tax reform in the United States); 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;
|
March 31,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 1,743 | $ | 2,177 | ||||
Accounts receivables, net of allowance for credit losses of $119 million and $126 million as of March 31, 2021 and December 31, 2020
|
4,572 | 4,581 | ||||||
Inventories
|
4,406 | 4,403 | ||||||
Prepaid expenses
|
942 | 945 | ||||||
Other current assets
|
652 | 710 | ||||||
Assets held for sale
|
87 | 189 | ||||||
|
|
|
|
|||||
Total current assets
|
12,401 | 13,005 | ||||||
Deferred income taxes
|
691 | 695 | ||||||
Other
non-current
assets
|
524 | 538 | ||||||
Property, plant and equipment, net
|
6,112 | 6,296 | ||||||
Operating lease
right-of-use
|
529 | 559 | ||||||
Identifiable intangible assets, net
|
8,445 | 8,923 | ||||||
Goodwill
|
20,302 | 20,624 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 49,004 | $ | 50,640 | ||||
|
|
|
|
|||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Short-term debt
|
$ | 2,697 | $ | 3,188 | ||||
Sales reserves and allowances
|
4,584 | 4,824 | ||||||
Accounts payables
|
1,692 | 1,756 | ||||||
Employee-related obligations
|
526 | 685 | ||||||
Accrued expenses
|
1,851 | 1,780 | ||||||
Other current liabilities
|
739 | 933 | ||||||
|
|
|
|
|||||
Total current liabilities
|
12,089 | 13,164 | ||||||
Long-term liabilities:
|
||||||||
Deferred income taxes
|
991 | 964 | ||||||
Other taxes and long-term liabilities
|
2,220 | 2,240 | ||||||
Senior notes and loans
|
22,288 | 22,731 | ||||||
Operating lease liabilities
|
441 | 479 | ||||||
|
|
|
|
|||||
Total long-term liabilities
|
25,940 | 26,414 | ||||||
|
|
|
|
|||||
Commitments and contingencies
|
||||||||
Total liabilities
|
38,029 | 39,579 | ||||||
|
|
|
|
|||||
Equity:
|
||||||||
Teva shareholders’ equity:
|
||||||||
Ordinary shares of NIS 0.10 par value per share; March 31, 2021 and December 31, 2020: authorized 2,495 million shares; issued 1,208 million shares and 1,202 million shares, respectively
|
57 | 57 | ||||||
Additional
paid-in
capital
|
27,474 | 27,443 | ||||||
Accumulated deficit
|
(10,869 | ) | (10,946 | ) | ||||
Accumulated other comprehensive los
s
|
(2,534 | ) | (2,399 | ) | ||||
Treasury shares as of March
31
, 2021 and December 31, 2020 — 106 million ordinary shares
|
(4,128 | ) | (4,128 | ) | ||||
|
|
|
|
|||||
10,000 | 10,026 | |||||||
|
|
|
|
|||||
Non-controlling
interests
|
975 | 1,035 | ||||||
|
|
|
|
|||||
Total equity
|
10,975 | 11,061 | ||||||
|
|
|
|
|||||
Total liabilities and equity
|
$ | 49,004 | $ | 50,640 | ||||
|
|
|
|
Three months ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Net revenues
|
$ | 3,982 | $ | 4,357 | ||||
Cost of sales
|
2,104 | 2,294 | ||||||
|
|
|
|
|||||
Gross profit
|
1,878 | 2,063 | ||||||
Research and development expenses
|
254 | 221 | ||||||
Selling and marketing expenses
|
585 | 613 | ||||||
General and administrative expenses
|
290 | 304 | ||||||
Intangible assets impairments
|
79 | 649 | ||||||
Other assets impairments, restructuring and other items
|
137 | 121 | ||||||
Legal settlements and loss contingencies
|
104 | (25 | ) | |||||
Other income
|
(5 | ) | (13 | ) | ||||
|
|
|
|
|||||
Operating (loss) income
|
434 | 191 | ||||||
Financial expenses, net
|
290 | 224 | ||||||
|
|
|
|
|||||
Income (loss) before income taxes
|
144 | (33 | ) | |||||
Income taxes (benefit)
|
62 | (59 | ) | |||||
Share in (profits) losses of associated companies, net
|
(3 | ) | 1 | |||||
|
|
|
|
|||||
Net income (loss)
|
84 | 25 | ||||||
Net income (loss) attributable to
non-controlling
interests
|
7 | (44 | ) | |||||
|
|
|
|
|||||
Net income (loss) attributable to Teva
|
77 | 69 | ||||||
|
|
|
|
|||||
Earnings (loss) per share attributable to ordinary shareholders:
|
||||||||
Basic
|
$ | 0.07 | $ | 0.06 | ||||
|
|
|
|
|||||
Diluted
|
$ | 0.07 | $ | 0.06 | ||||
|
|
|
|
|||||
Weighted average number of shares (in millions):
|
||||||||
Basic
|
1,099 | 1,093 | ||||||
|
|
|
|
|||||
Diluted
|
1,107 | 1,096 | ||||||
|
|
|
|
Three months ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Net income (loss)
|
$ | 84 | $ | 25 | ||||
Other comprehensive income (loss), net of tax:
|
||||||||
Currency translation adjustment
|
(208 | ) | (560 | ) | ||||
Unrealized gain (loss) from derivative financial instruments, net
|
7 | 30 | ||||||
|
|
|
|
|||||
Total other comprehensive income (loss)
|
(201 | ) | (530 | ) | ||||
|
|
|
|
|||||
Total comprehensive income (loss)
|
(117 | ) | (505 | ) | ||||
Comprehensive income (loss) attributable to
non-controlling
interests
|
(60 | ) | (34 | ) | ||||
|
|
|
|
|||||
Comprehensive income (loss) attributable to Teva
|
$ | (57 | ) | $ | (471 | ) | ||
|
|
|
|
Teva shareholders’ equity
|
||||||||||||||||||||||||||||||||||||
Ordinary shares
|
||||||||||||||||||||||||||||||||||||
Number of
shares (in millions) |
Stated
value |
Additional
paid-in
capital |
Retained
earnings (accumulated deficit) |
Accumulated
other comprehensive (loss) |
Treasury
shares |
Total Teva
shareholders’ equity |
Non-controlling
interests |
Total
equity |
||||||||||||||||||||||||||||
(U.S. dollars in millions)
|
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
1,202 | 57 | 27,443 | (10,946 | ) | (2,399 | ) | (4,128 | ) | 10,026 | 1,035 | 11,061 | ||||||||||||||||||||||||
Net Income (loss)
|
77 | 77 | 7 | 84 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(134 | ) | (134 | ) | (67 | ) | (201 | ) | ||||||||||||||||||||||||||||
Issuance of Shares
|
6 | * | * | |||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
31 | 31 | 31 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at March 31, 2021
|
1,208 | $ | 57 | $ | 27,474 | $ | (10,869 | ) | $ | (2,534 | ) | $ | (4,128 | ) | $ | 10,000 | $ | 975 | $ | 10,975 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents an amount less than $0.5 million.
|
Teva shareholders’ equity
|
||||||||||||||||||||||||||||||||||||
Ordinary shares
|
||||||||||||||||||||||||||||||||||||
Number of
shares (in millions) |
Stated
value |
Additional
paid-in
capital |
Retained
earnings (accumulated deficit) |
Accumulated
other comprehensive (loss) |
Treasury
shares |
Total Teva
shareholders’ equity |
Non-controlling
interests |
Total
equity |
||||||||||||||||||||||||||||
(U.S. dollars in millions)
|
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
1,198 | 56 | 27,312 | (6,956 | ) | (2,312 | ) | (4,128 | ) | 13,972 | 1,091 | 15,063 | ||||||||||||||||||||||||
Net Income (loss)
|
69 | 69 | (44 | ) | 25 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss)
|
(540 | ) | (540 | ) | 10 | (530 | ) | |||||||||||||||||||||||||||||
Issuance of shares
|
3 | * | * | |||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
30 | 30 | 30 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at March 31, 2020
|
1,201 | $ | 56 | $ | 27,342 | $ | (6,887 | ) | $ | (2,852 | ) | $ | (4,128 | ) | $ | 13,531 | $ | 1,057 | $ | 14,588 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents an amount less than $0.5 million
.
|
Three months ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Operating activities:
|
||||||||
Net income (loss)
|
$ | 84 | $ | 25 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operations:
|
||||||||
Depreciation and amortization
|
376 | 399 | ||||||
Impairment of long-lived assets and assets held for sale
|
127 | 724 | ||||||
Net change in operating assets and liabilities
|
(1,076 | ) | (666 | ) | ||||
Deferred income taxes – net and uncertain tax positions
|
(11 | ) | (233 | ) | ||||
Stock-based compensation
|
31 | 30 | ||||||
Net loss (gain) from investments and from sale of long lived assets
|
74 | 24 | ||||||
Other items
|
(10 | ) | 2 | |||||
|
|
|
|
|||||
Net cash provided by (used in) operating activities
|
(405 | ) | 305 | |||||
|
|
|
|
|||||
Investing activities:
|
||||||||
Beneficial interest collected in exchange for securitized accounts receivables
|
476 | 368 | ||||||
Purchases of property, plant and equipment
|
(150 | ) | (128 | ) | ||||
Proceeds from sale of business and long lived assets
|
138 | 6 | ||||||
Proceeds from sale of investments and other investing activities
|
44 | 6 | ||||||
|
|
|
|
|||||
Net cash provided by investing activities
|
508 | 252 | ||||||
|
|
|
|
|||||
Financing activities:
|
||||||||
Repayment of senior notes and loans and other long-term liabilities
|
— | (700 | ) | |||||
Redemption of convertible senior notes
|
(491 | ) | — | |||||
Other financing activities
|
(2 | ) | — | |||||
|
|
|
|
|||||
Net cash used in financing activities
|
(493 | ) | (700 | ) | ||||
|
|
|
|
|||||
Translation adjustment on cash and cash equivalents
|
(44 | ) | (28 | ) | ||||
|
|
|
|
|||||
Net change in cash and cash equivalents
|
(434 | ) | (171 | ) | ||||
Balance of cash and cash equivalents at beginning of period
|
2,177 | 1,975 | ||||||
|
|
|
|
|||||
Balance of cash and cash equivalents at end of period
|
$ | 1,743 | $ | 1,804 | ||||
|
|
|
|
|||||
Non-cash
financing and investing activities:
|
||||||||
Beneficial interest obtained in exchange for securitized accounts receivables
|
$ | 488 | $ | 375 |
a.
|
Basis of presentation
|
b.
|
Significant accounting policies
|
March 31,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Inventories
|
— | 146 | ||||||
Property, plant and equipment, net and others
|
99 | 312 | ||||||
Goodwill
|
2 | 27 | ||||||
Adjustments of assets held for sale to fair value
|
(14 | ) | (296 | ) | ||||
|
|
|
|
|||||
Total assets of the disposal group classified as held for sale in the consolidated balance sheets
|
$ | 87 | $ | 189 | ||||
|
|
|
|
Three months ended March 31, 2021
|
||||||||||||||||||||
North
America |
Europe
|
International
Markets |
Other
activities |
Total
|
||||||||||||||||
(U.S. $ in millions)
|
||||||||||||||||||||
Sale of goods
|
1,668 | 1,178 | 440 | 177 | 3,463 | |||||||||||||||
Licensing arrangements
|
32 | 14 | 3 | 1 | 49 | |||||||||||||||
Distribution
|
289 | § | 19 | — | 308 | |||||||||||||||
Other
|
§ | 22 | 28 | 111 | 162 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 1,989 | $ | 1,214 | $ | 490 | $ | 289 | $ | 3,982 | |||||||||||
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2020
|
||||||||||||||||||||
North
America |
Europe
|
International
Markets |
Other
activities |
Total
|
||||||||||||||||
(U.S. $ in millions)
|
||||||||||||||||||||
Sale of goods
|
1,625 | 1,370 | 482 | 177 | 3,655 | |||||||||||||||
Licensing arrangements
|
25 | 12 | 3 | 1 | 41 | |||||||||||||||
Distribution
|
426 | 2 | 6 | — | 434 | |||||||||||||||
Other
|
6 | 19 | 74 | 129 | 227 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 2,082 | $ | 1,402 | $ | 565 | $ | 307 | $ | 4,357 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Sales Reserves and Allowances
|
|
|
|
|
||||||||||||||||||||||||||
|
|
Reserves
included in Accounts Receivable, net |
|
|
Rebates
|
|
|
Medicaid and
other governmental allowances |
|
|
Chargebacks
|
|
|
Returns
|
|
|
Other
|
|
|
Total reserves
included in SR&A |
|
|
Total
|
|
||||||||
|
|
(U.S. $ in millions)
|
|
|||||||||||||||||||||||||||||
Balance at December 31, 2020
|
|
$
|
80
|
|
|
$
|
2,054
|
|
|
$
|
828
|
|
|
$
|
1,108
|
|
|
$
|
686
|
|
|
$
|
148
|
|
|
$
|
4,824
|
|
|
$
|
4,904
|
|
Provisions related to sales made in current year
|
|
|
100
|
|
|
|
1,126
|
|
|
|
164
|
|
|
|
2,043
|
|
|
|
76
|
|
|
|
23
|
|
|
|
3,432
|
|
|
|
3,532
|
|
Provisions related to sales made in prior periods
|
|
|
—
|
|
|
|
(55
|
)
|
|
|
(11
|
)
|
|
|
6
|
|
|
|
(40
|
)
|
|
|
(17
|
)
|
|
|
(117
|
)
|
|
|
(117
|
)
|
Credits and payments
|
|
|
(102
|
)
|
|
|
(1,210
|
)
|
|
|
(188
|
)
|
|
|
(1,987
|
)
|
|
|
(101
|
)
|
|
|
(40
|
)
|
|
|
(3,526
|
)
|
|
|
(3,628
|
)
|
Translation differences
|
|
|
—
|
|
|
|
(17
|
)
|
|
|
(4
|
)
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
(2
|
)
|
|
|
(29
|
)
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2021
|
|
$
|
78
|
|
|
|
1,898
|
|
|
$
|
789
|
|
|
$
|
1,167
|
|
|
$
|
618
|
|
|
$
|
112
|
|
|
$
|
4,584
|
|
|
$
|
4,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserves
included in Accounts Receivable, net |
|
|
Rebates
|
|
|
Medicaid and
other governmental allowances |
|
|
Chargebacks
|
|
|
Returns
|
|
|
Other
|
|
|
Total reserves
included in SR&A |
|
|
Total
|
|
||||||||
|
|
(U.S.$ in millions)
|
|
|||||||||||||||||||||||||||||
Balance at December 31, 2019
|
|
$
|
87
|
|
|
$
|
2,895
|
|
|
$
|
1,109
|
|
|
$
|
1,342
|
|
|
$
|
637
|
|
|
$
|
176
|
|
|
$
|
6,159
|
|
|
$
|
6,246
|
|
Provisions related to sales made in current year
|
|
|
102
|
|
|
|
1,370
|
|
|
|
233
|
|
|
|
2,223
|
|
|
|
139
|
|
|
|
33
|
|
|
|
3,998
|
|
|
|
4,100
|
|
Provisions related to sales made in prior periods
|
|
|
—
|
|
|
|
(106
|
)
|
|
|
(29
|
)
|
|
|
(16
|
)
|
|
|
(1
|
)
|
|
|
4
|
|
|
|
(148
|
)
|
|
|
(148
|
)
|
Credits and payments
|
|
|
(106
|
)
|
|
|
(1,513
|
)
|
|
|
(248
|
)
|
|
|
(2,396
|
)
|
|
|
(112
|
)
|
|
|
(35
|
)
|
|
|
(4,304
|
)
|
|
|
(4,410
|
)
|
Translation differences
|
|
|
—
|
|
|
|
(21
|
)
|
|
|
(2
|
)
|
|
|
(6
|
)
|
|
|
(4
|
)
|
|
|
(10
|
)
|
|
|
(43
|
)
|
|
|
(43
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2020
|
|
$
|
83
|
|
|
|
2,625
|
|
|
$
|
1,063
|
|
|
$
|
1,147
|
|
|
$
|
659
|
|
|
$
|
168
|
|
|
$
|
5,662
|
|
|
$
|
5,745
|
|
March 31,
2021 |
December 31,
2020 |
|||||||
(U.S. $ in millions)
|
||||||||
Finished products
|
$ | 2,253 | $ | 2,378 | ||||
Raw and packaging materials
|
1,297 | 1,231 | ||||||
Products in process
|
663 | 605 | ||||||
Materials in transit and payments on account
|
193 | 189 | ||||||
|
|
|
|
|||||
Total
|
$ | 4,406 | $ | 4,403 | ||||
|
|
|
|
Gross carrying amount net of
impairment |
Accumulated
amortization |
Net carrying amount
|
||||||||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||||||||
(U.S. $ in millions)
|
||||||||||||||||||||||||
Product rights
|
$ | 19,213 | $ | 19,650 | $ | 12,019 | $ | 12,094 | $ | 7,194 | $ | 7,556 | ||||||||||||
Trade names
|
610 | 621 | 173 | 165 | 437 | 456 | ||||||||||||||||||
In process research and development
|
814 | 911 | — | — | 814 | 911 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
|
$ | 20,637 | $ | 21,182 | $ | 12,192 | $ | 12,259 | $ | 8,445 | $ | 8,923 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
IPR&D assets of $51 million related to generic pipeline products acquired from Actavis Generics resulting from development progress and changes in other key valuation indications (e.g., market size, competition assumptions, legal landscape, launch date) in the United States; and
|
(b) |
Identifiable product rights of $28 million related to updated market assumptions regarding price and volume of products acquired from Actavis Generics that are primarily marketed in the United States.
|
(a) |
IPR&D assets of $331 million, primarily due to: (i) $211 million related to AUSTEDO for the treatment of Tourette syndrome in pediatric patients in the United States; and (ii) $106 million related to generic pipeline products acquired from Actavis Generics due to development progress and changes in other key valuation indications (e.g., market size, competition assumptions, legal landscape, launch date) in the United States; and;
|
(b) |
Identifiable product rights of $318 million, mainly due to: (i) $165 million in Japan in connection with ongoing regulatory pricing reductions and generic competition; and (ii) $138 million due to updated market assumptions regarding price and volume of certain generic products primarily marketed in the United States.
|
North America
|
Europe
|
International
Markets |
Other
|
Total
|
||||||||||||||||
(U.S. $ in millions)
|
||||||||||||||||||||
Balance as of December 31, 2020 (1)
|
$ | 6,473 | $ | 9,102 | $ | 2,362 | $ | 2,687 | $ | 20,624 | ||||||||||
Changes during the period:
|
||||||||||||||||||||
Translation differences
|
4 | (312 | ) | (14 | ) | (322 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of March 31, 2021 (1)
|
$ | 6,477 | $ | 8,790 | $ | 2,348 | $ | 2,687 | $ | 20,302 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Accumulated goodwill impairment as of March 31, 2021 and December 31, 2020 was approximately $25.6 billion.
|
Weighted average interest
rate as of March 31, 2021 |
Maturity
|
March 31,
2021 |
December 31,
2020 |
|||||||||||||
(U.S. $ in millions)
|
||||||||||||||||
Senior notes EUR 1,500 million
|
1.13 | % | 2024 | 1,752 | 1,839 | |||||||||||
Senior notes EUR 1,300 million
|
1.25 | % | 2023 | 1,520 | 1,595 | |||||||||||
Senior notes EUR 1,000 million
|
6.00 | % | 2025 | 1,172 | 1,230 | |||||||||||
Senior notes EUR 900 million
|
4.50 | % | 2025 | 1,054 | 1,107 | |||||||||||
Senior notes EUR 750 million
|
1.63 | % | 2028 | 873 | 916 | |||||||||||
Senior notes EUR 700 million
|
3.25 | % | 2022 | 820 | 861 | |||||||||||
Senior notes EUR 700 million
|
1.88 | % | 2027 | 818 | 860 | |||||||||||
Senior notes USD 3,500 million
|
3.15 | % | 2026 | 3,495 | 3,495 | |||||||||||
Senior notes USD 1,475 million
|
2.20 | % | 2021 | 1,474 | 1,472 | |||||||||||
Senior notes USD 3,000 million
|
2.80 | % | 2023 | 2,997 | 2,996 | |||||||||||
Senior notes USD 2,000 million
|
4.10 | % | 2046 | 1,986 | 1,986 | |||||||||||
Senior notes USD 1,250 million
|
6.00 | % | 2024 | 1,250 | 1,250 | |||||||||||
Senior notes USD 1,250 million
|
6.75 | % | 2028 | 1,250 | 1,250 | |||||||||||
Senior notes USD 1,000 million
|
7.13 | % | 2025 | 1,000 | 1,000 | |||||||||||
Senior notes USD 844 million
|
2.95 | % | 2022 | 851 | 853 | |||||||||||
Senior notes USD 789 million
|
6.15 | % | 2036 | 783 | 783 | |||||||||||
Senior notes USD 613 million
|
3.65 | % | 2021 | 615 | 616 | |||||||||||
Senior notes USD 588 million
|
3.65 | % | 2021 | 587 | 586 | |||||||||||
Senior notes CHF 350 million
|
0.50 | % | 2022 | 372 | 397 | |||||||||||
Senior notes CHF 350 million
|
1.00 | % | 2025 | 372 | 398 | |||||||||||
|
|
|
|
|||||||||||||
Total senior notes
|
|
25,041 | 25,490 | |||||||||||||
Other long-term debt
|
0.90 | % | 2026 | 1 | 1 | |||||||||||
Less current maturities
|
|
(2,674 | ) | (2,674 | ) | |||||||||||
Less debt issuance costs
|
|
(80 | ) | (86 | ) | |||||||||||
|
|
|
|
|||||||||||||
Total senior notes and loans
|
|
$ | 22,288 | $ | 22,731 | |||||||||||
|
|
|
|
Fair value
|
||||||||
Not designated as hedging
instruments
|
||||||||
March 31,
2021
|
December 31,
2020
|
|||||||
Reported under
|
(U.S. $ in millions)
|
|||||||
Asset derivatives:
|
||||||||
Other current assets:
|
||||||||
Option and forward contracts
|
$ | 63 | $ | 24 | ||||
Liability derivatives:
|
||||||||
Other current liabilities:
|
||||||||
Option and forward contracts
|
(23 | ) | (79 | ) |
Financial expenses, net
|
Other comprehensive
income (loss) |
|||||||||||||||
Three months ended,
|
Three months ended,
|
|||||||||||||||
March 31,
2021
|
March 31,
2020 |
March 31,
2021
|
March 31,
2020 |
|||||||||||||
Reported under
|
(U.S. $ in millions)
|
|||||||||||||||
Line items in which effects of hedges are recorded
|
$ | 290 | $ | 224 | $ | (201 | ) | $ | (530 | ) | ||||||
Cross-currency swaps—net investment hedge (1)
|
— | (2 | ) | — | (21 | ) |
Financial expenses, net
|
Net revenues
|
|||||||||||||||
Three months ended,
|
Three months ended,
|
|||||||||||||||
March 31,
2021
|
March 31,
2020 |
March 31,
2021
|
March 31,
2020 |
|||||||||||||
Reported under
|
(U.S. $ in millions)
|
|||||||||||||||
Line items in which effects of hedges are recorded
|
$ | 290 | $ | 224 | $ | (3,982 | ) | $ | (4,357 | ) | ||||||
Option and forward contracts (2)
|
(70 | ) | 24 | — | — | |||||||||||
Option and forward contracts economic hedge (3)
|
— | — | (28 | ) | (60 | ) |
(1) |
In each of the first and second quarters of 2017, Teva entered into a cross currency swap agreement with a notional amount of $500 million maturing in 2020. These cross currency swaps were designated as a net investment hedge of Teva’s foreign subsidiaries euro denominated net assets, in order to reduce the risk of adverse exchange rate fluctuations. With respect to these cross currency swap agreements, Teva recognized gains which mainly reflect the differences between the
float-for-float
|
(2) |
Teva uses foreign exchange contracts (mainly option and forward contracts) to hedge balance sheet items from currency exposure. These foreign exchange contracts are not designated as hedging instruments for accounting purposes. In connection with these foreign exchange contracts, Teva recognizes gains or losses that offset the revaluation of the balance sheet items also recorded under financial expenses, net.
|
(3) |
Teva entered into option and forward contracts designed to limit the exposure of foreign exchange fluctuations on projected revenues and expenses recorded in euro, the Swiss franc, the Japanese yen, the British pound, the Russian ruble, the Canadian dollar and some other currencies to protect its projected operating results for 2021. These derivative instruments do not meet the criteria for hedge accounting, however, they are accounted for as an economic hedge. These derivative instruments, which may include hedging transactions against future projected revenues and expenses, are recognized on the balance sheet at their fair value on a quarterly basis, while the foreign exchange impact on the underlying revenues and expenses may occur in subsequent quarters. In 2020, Teva recognized a loss of $27 million in relation with the 2021 hedging program Teva entered into in the second half of 2020. In the first three months of 2021, the positive impact from these derivatives recognized under revenues was $28 million. Changes in the fair value of the derivative instruments are recognized in the same line item in the statements of income as the underlying exposure being hedged. The cash flows associated with these derivatives are reflected as cash flows from operating activities in the consolidated statements of cash flows.
|
Three months ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Impairments of long-lived tangible assets (1)
|
$ | 48 | $ | 75 | ||||
Contingent consideration
|
3 | 6 | ||||||
Restructuring
|
81 | 39 | ||||||
Other
|
4 | — | ||||||
|
|
|
|
|||||
Total
|
$ | 137 | $ | 121 | ||||
|
|
|
|
(1) |
Including impairments related to exit and disposal activities
|
|
Three months ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Restructuring
|
||||||||
Employee termination
|
$ | 79 | $ | 33 | ||||
Other
|
2 | 6 | ||||||
|
|
|
|
|||||
Total
|
$ | 81 | $ | 39 | ||||
|
|
|
|
Employee termination
costs |
Other
|
Total
|
||||||||||
(U.S. $ in millions )
|
||||||||||||
Balance as of January 1, 2021
|
$ | (115 | ) | $ | (7 | ) | $ | (122 | ) | |||
Provision
|
(79 | ) | (2 | ) | (81 | ) | ||||||
Utilization and other*
|
33 | 2 | 35 | |||||||||
|
|
|
|
|
|
|||||||
Balance as of March 31, 2021
|
$ | (161 | ) | $ | (7 | ) | $ | (168 | ) | |||
|
|
|
|
|
|
|
|
Employee termination
costs |
|
|
Other
|
|
|
Total
|
|
|||
|
|
(U.S. $ in millions )
|
|
|||||||||
Balance as of January 1, 2020
|
|
$
|
(208
|
)
|
|
$
|
(7
|
)
|
|
$
|
(215
|
)
|
Provision
|
|
|
(33
|
)
|
|
|
(6
|
)
|
|
|
(39
|
)
|
Utilization and other*
|
|
|
69
|
|
|
|
6
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2020
|
|
$
|
(172
|
)
|
|
$
|
(7
|
)
|
|
$
|
(179
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Includes adjustments for foreign currency translation.
|
Net Unrealized Gains (Losses)
|
Benefit Plans
|
|||||||||||||||
Foreign
currency translation adjustments |
Derivative
financial instruments |
Actuarial gains
(losses) and prior service (costs) credits |
Total
|
|||||||||||||
(U.S. $ in millions)
|
||||||||||||||||
Balance as of December 31, 2020, net of taxes
|
$ | (1,919 | ) | $ | (363 | ) | $ | (117 | ) | $ | (2,399 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss) before reclassifications
|
(174 | ) | — | — | (174 | ) | ||||||||||
Amounts reclassified to the statements of income
|
— | 9 | 9 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net other comprehensive income (loss) before tax
|
(174 | ) | 9 | — | (165 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Corresponding income tax
|
33 | (2 | ) | — | 31 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net other comprehensive income (loss) after tax*
|
(141 | ) | 7 | — | (134 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of March 31, 2021, net of taxes
|
|
$
|
(2,060 |
)
|
|
$
|
(356 |
)
|
|
$
|
(117 |
)
|
|
$
|
(2,534 |
)
|
|
|
|
|
|
|
|
|
* |
Amounts do not include a $67 million
loss from foreign currency
translation adjustments attributable to
non-controlling
interests
.
|
Net Unrealized Gains (Losses)
|
Benefit Plans
|
|||||||||||||||
Foreign
currency translation adjustments |
Derivative
financial instruments |
Actuarial gains
(losses) and prior service (costs) credits |
Total
|
|||||||||||||
(U.S. $ in millions)
|
||||||||||||||||
Balance as of December 31, 2019, net of taxes
|
$ | (1,794 | ) | $ | (420 | ) | $ | (98 | ) | $ | (2,312 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss) before reclassifications
|
(573 | ) | 22 | — | (551 | ) | ||||||||||
Amounts reclassified to the statements of income
|
— | 8 | — | 8 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net other comprehensive income (loss) before tax
|
(573 | ) | 30 | — | (543 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Corresponding income tax
|
3 | — | — | 3 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net other comprehensive income (loss) after tax*
|
(570 | ) | 30 | — | (540 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of March 31, 2020, net of taxes
|
$ | (2,364 | ) | $ | (390 | ) | $ | (98 | ) | $ | (2,852 | ) | ||||
|
|
|
|
|
|
|
|
* |
Amounts do not include a $10 million loss from foreign currency translation adjustments attributable to
non-controlling
interests
.
|
(a) |
North America segment, which includes the United States and Canada.
|
(b) |
Europe segment, which includes the European Union and certain other European countries.
|
(c) |
International Markets segment, which includes all countries other than those in the North America and Europe segments.
|
a.
|
Segment information:
|
Three months ended March 31,
|
||||||||||||
2021
|
||||||||||||
North America
|
Europe
|
International Markets
|
||||||||||
(U.S. $ in millions)
|
||||||||||||
Revenues
|
$ | 1,989 | $ | 1,214 | $ | 490 | ||||||
Gross profit
|
1,074 | 688 | 260 | |||||||||
R&D expenses
|
160 | 66 | 18 | |||||||||
S&M expenses
|
229 | 214 | 96 | |||||||||
G&A expenses
|
111 | 70 | 26 | |||||||||
Other income
|
(3 | ) | § | (2 | ) | |||||||
|
|
|
|
|
|
|||||||
Segment profit
|
$ | 577 | $ | 338 | $ | 122 | ||||||
|
|
|
|
|
|
Three months ended March 31,
|
||||||||||||
2020
|
||||||||||||
North America
|
Europe
|
International Markets
|
||||||||||
(U.S. $ in millions)
|
||||||||||||
Revenues
|
$ | 2,082 | $ | 1,402 | $ | 565 | ||||||
Gross profit
|
1,062 | 823 | 305 | |||||||||
R&D expenses
|
146 | 55 | 15 | |||||||||
S&M expenses
|
251 | 202 | 106 | |||||||||
G&A expenses
|
118 | 66 | 34 | |||||||||
Other income
|
(2 | ) | (1 | ) | (6 | ) | ||||||
|
|
|
|
|
|
|||||||
Segment profit
|
$ | 550 | $ | 502 | $ | 156 | ||||||
|
|
|
|
|
|
Three months ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
North America profit
|
$ | 577 | $ | 550 | ||||
Europe profit
|
338 | 502 | ||||||
International Markets profit
|
122 | 156 | ||||||
|
|
|
|
|||||
Total reportable segments profit
|
1,036 | 1,208 | ||||||
Profit of other activities
|
41 | 36 | ||||||
|
|
|
|
|||||
Total segments profit
|
1,077 | 1,244 | ||||||
Amounts not allocated to segments:
|
||||||||
Amortization
|
242 | 258 | ||||||
Other assets impairments, restructuring and other items
|
137 | 121 | ||||||
Intangible asset impairments
|
79 | 649 | ||||||
Legal settlements and loss contingencies
|
104 | (25 | ) | |||||
Other unallocated amounts
|
82 | 49 | ||||||
|
|
|
|
|||||
Consolidated operating income (loss)
|
434 | 191 | ||||||
|
|
|
|
|||||
Financial expenses, net
|
290 | 224 | ||||||
|
|
|
|
|||||
Consolidated income (loss) before income taxes
|
$ | 144 | $ | (33 | ) | |||
|
|
|
|
North America
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Generic products
|
$ | 1,053 | $ | 952 | ||||
AJOVY
|
31 | 29 | ||||||
AUSTEDO
|
146 | 122 | ||||||
BENDEKA/TREANDA
|
91 | 105 | ||||||
COPAXONE
|
164 | 198 | ||||||
ProAir*
|
54 | 59 | ||||||
Anda
|
289 | 426 | ||||||
Other
|
161 | 191 | ||||||
|
|
|
|
|||||
Total
|
$ | 1,989 | $ | 2,082 | ||||
|
|
|
|
*
|
Does not include revenues from ProAir authorized generic, which are included under generic products.
|
Europe
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Generic products
|
$ | 865 | $ | 1,032 | ||||
AJOVY
|
16 | 4 | ||||||
COPAXONE
|
100 | 109 | ||||||
Respiratory products
|
93 | 106 | ||||||
Other
|
140 | 151 | ||||||
|
|
|
|
|||||
Total
|
$ | 1,214 | $ | 1,402 |
|
|||
|
|
|
|
International markets
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Generic products
|
$ | 392 | $ | 449 | ||||
COPAXONE
|
12 | 12 | ||||||
Other
|
86 | 104 | ||||||
|
|
|
|
|||||
Total
|
$ | 490 | $ | 565 | ||||
|
|
|
|
December 31, 2020
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(U.S. $ in millions)
|
||||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||
Money markets
|
$ | 367 | $ | — | $ | — | $ | 367 | ||||||||
Cash, deposits and other
|
1,810 | — | — | 1,810 | ||||||||||||
Investment in securities:
|
||||||||||||||||
Equity securities*
|
25 | 259 | — | 284 | ||||||||||||
Other, mainly debt securities
|
5 | — | 10 | 15 | ||||||||||||
Derivatives:
|
||||||||||||||||
Asset derivatives—options and forward contracts
|
— | 24 | — | 24 | ||||||||||||
Liability derivatives—options and forward contracts
|
— | (79 | ) | — | (79 | ) | ||||||||||
Contingent consideration**
|
— | — | (268 | ) | (268 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 2,207 | $ | 204 | $ | (258 | ) | $ | 2,153 | |||||||
|
|
|
|
|
|
|
|
* |
As of March 31, 2021, Teva’s shares in American Well Corporation (“American Well”) moved from a Level 2 measurement to Level 1 measurement within the fair value hierarchy, since they are no longer subject to a sale restriction.
|
** |
Contingent consideration represents liabilities recorded at fair value in connection with acquisitions.
|
Three months ended
March 31, 2021 |
Three months ended
March 31, 2020 |
|||||||
(U.S. $ in millions)
|
||||||||
Fair value at the beginning of the period
|
$ | (258 | ) | (448 | ) | |||
Redemption of debt securities
|
(9 | ) | ||||||
Adjustments to provisions for contingent consideration:
|
||||||||
Actavis Generics transaction
|
(3 | ) | (5 | ) | ||||
Eagle transaction
|
— | (1 | ) | |||||
Settlement of contingent consideration:
|
||||||||
Eagle transaction
|
25 | 31 | ||||||
|
|
|
|
|||||
Fair value at the end of the period
|
$ | (245 | ) | $ | (423 | ) | ||
|
|
|
|
Estimated fair value*
|
||||||||
March 31,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
Senior notes included under senior notes and loans
|
$ | 22,316 | $ | 22,684 | ||||
Senior notes and convertible senior debentures included under short-term debt
|
2,711 | 3,207 | ||||||
|
|
|
|
|||||
Total
|
$ | 25,027 | $ | 25,891 | ||||
|
|
|
|
* |
The fair value was estimated based on quoted market prices.
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
•
|
|
Revenues in the first quarter of 2021 were $3,982 million, a decrease of 9%, or 10% in local currency terms, compared to the first quarter of 2020, mainly due to lower revenues from generic, OTC and respiratory products and from COPAXONE in our Europe segment, lower revenues from Anda, COPAXONE and BENDEKA/TREANDA in our North America segment, lower revenues from Japan resulting from the divestment of a majority of the generic and operational assets of our Japanese business venture, as well as regulatory price reductions and generic competition to
off-patented
products in Japan, partially offset by higher revenues from generic products and AUSTEDO in our North America segment. Revenues were also affected by changes in demand for certain products resulting from the impact of the
COVID-19
pandemic.
|
|
•
|
|
Our North America segment generated revenues of $1,989 million and profit of $577 million in the first quarter of 2021. Revenues decreased by 5% compared to the first quarter of 2020, mainly due to a decrease in revenues of Anda, COPAXONE and BENDEKA/TREANDA, partially offset by higher revenues from generic products and AUSTEDO. Our North America segment has experienced some reductions in volume due to less physician and hospital activity during the
COVID-19
pandemic, but has also experienced increase in demand for certain products related to the treatment of
COVID-19
and its symptoms. In addition, the ability to promote certain specialty products, primarily AJOVY and AUSTEDO, has been impacted by less physician visits by patients and less physician interactions by our sales personnel. Profit increased by 5% compared to the first quarter of 2020, mainly due to higher gross profit, as well as lower S&M expenses.
|
|
•
|
|
Our Europe segment generated revenues of $1,214 million and profit of $338 million in the first quarter of 2021. Revenues decreased by 13%, or 20% in local currency terms, compared to the first quarter of 2020. This decrease was mainly due to higher revenues in the first quarter of 2020, as a result of significant customer stocking due to the
COVID-19
pandemic. In addition, revenues were impacted by lower demand of generic, OTC and respiratory products resulting from a decline in doctor and hospital visits by patients, which resulted in fewer prescriptions, as well as lower sales of cough and cold products, both due to the
COVID-19
pandemic. The decrease in revenues is also attributed to a decline in COPAXONE revenues due to competing glatiramer acetate products and price declines in oncology products as a result of generic competition. Profit decreased by 33%, mainly due to lower revenues.
|
|
•
|
|
Our International Markets segment generated revenues of $490 million and profit of $122 million in the first quarter of 2021. Revenues
decreased by 13%, or 7%
in local currency terms, compared to the first quarter of 2020, mainly due to lower revenues in Japan resulting from the divestment of the majority of the generic and operational assets of our Japanese business venture, as well as regulatory price reductions and generic competition to
off-patented
products in Japan and lower positive impact from hedging activity. Profit decreased by 22%, mainly due to lower positive impact from hedging activity as well as lower sales in Japan resulting from regulatory price reductions and generic competition to
off-patented
products, partially offset by lower S&M expenses.
|
|
•
|
|
Impairments of identifiable intangible assets were $79 million in the first quarter of 2021, compared to $649 million in the first quarter of 2020. See note 5 to our consolidated financial statements.
|
|
•
|
|
No goodwill impairments were recorded in the first quarters of both 2021 and 2020.
|
|
•
|
|
We recorded other asset impairments, restructuring and other items expenses of $137 million in the first quarter of 2021, compared to expenses of $121 million in the first quarter of 2020. See note 12 to our consolidated financial statements.
|
|
•
|
|
Legal settlements and loss contingencies expenses were $104 million in the first quarter of 2021, compared to income of $25 million in the first quarter of 2020. See note 9 to our consolidated financial statements.
|
|
•
|
|
Operating income was $434 million in the first quarter of 2021, compared to operating income of $191 million in the first quarter of 2020. The increase was mainly due to lower intangible asset impairment charges, partially offset by lower profit in our Europe segment along with higher legal settlements and loss contingencies.
|
|
•
|
|
Financial expenses were $290 million in the first quarter of 2021, compared to $224 million in the first quarter of 2020. Financial expenses in the first quarter of 2021 were mainly comprised of interest expenses of $239 million and loss on revaluations of marketable securities of $64 million. Financial expenses in the first quarter of 2020 were mainly comprised of interest expenses of $241 million.
|
|
• |
In the first quarter of 2021, we recognized a tax expense of $62 million, on
pre-tax
income of $144 million. In the first quarter of 2020, we recognized a tax benefit of $59 million, on
pre-tax
loss of $33 million. Our tax rate for the first quarter of 2021 was mainly affected by legal settlements, impairments and amortization in jurisdictions in which tax rates are lower than Teva’s average tax rate on its ongoing business operations.
|
• |
Exchange rate movements during the first quarter of 2021, net of hedging effects, positively impacted revenues by $74 million and negatively impacted operating income by $14 million, compared to the first quarter of 2020.
|
• |
As of March 31, 2021, our debt was $24,986 million, compared to $25,919 million as of December 31, 2020. This decrease was mainly due to the redemption of $491 million of our convertible senior debentures and exchange rate fluctuations.
|
• |
Cash flow used in operating activities during the first quarter of 2021 was $405 million, compared to cash flow generated from operating activities of $305 million in the first quarter of 2020. The decrease in the first quarter of 2021 was mainly due to changes in working capital items resulting from a decrease in SR&A and an increase in inventory, as well as lower profit in our Europe segment.
|
• |
During the first quarter of 2021, we generated free cash flow of $59 million, which we define as comprising $405 million in cash flow used in operating activities, $476 million in beneficial interest collected in exchange for securitized accounts receivables and $138 million in proceeds from divestitures of businesses and other assets, partially offset by $150 million in cash used for capital investment. During the first quarter of 2020, we generated free cash flow of $551 million, comprising $305 million in cash flow generated from operating activities, $368 million in beneficial interest collected in exchange for securitized accounts receivables and $6 million in proceeds from sale of property, plant and equipment and intangible assets, partially offset by $128 million in cash used for capital investment. The decrease in the first quarter of 2021 resulted mainly from lower cash flow generated from operating activities, partially offset by higher sales of assets.
|
Three months ended March 31,
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
(U.S. $ in millions / % of Segment
Revenues)
|
||||||||||||||||
Revenues
|
$ | 1,989 | 100 | % | $ | 2,082 | 100 | % | ||||||||
Gross profit
|
1,074 | 54.0 | % | 1,062 | 51.0 | % | ||||||||||
R&D expenses
|
160 | 8.0 | % | 146 | 7.0 | % | ||||||||||
S&M expenses
|
229 | 11.5 | % | 251 | 12.1 | % | ||||||||||
G&A expenses
|
111 | 5.6 | % | 118 | 5.6 | % | ||||||||||
Other (income) expense
|
(3 | ) | § | (2 | ) | § | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Segment profit*
|
$ | 577 | 29.0 | % | $ | 550 | 26.4 | % | ||||||||
|
|
|
|
|
|
|
|
* |
Segment profit does not include amortization and certain other items.
|
§ |
Represents an amount less than 0.5%.
|
Three months
ended
March 31,
|
Percentage
Change
|
|||||||||||
2021
|
2020
|
2020-2021
|
||||||||||
(U.S. $ in millions)
|
||||||||||||
Generic products
|
$ | 1,053 | $ | 952 | 11 | % | ||||||
AJOVY
|
31 | 29 | 8 | % | ||||||||
AUSTEDO
|
146 | 122 | 20 | % | ||||||||
BENDEKA/TREANDA
|
91 | 105 | (14 | %) | ||||||||
COPAXONE
|
164 | 198 | (17 | %) | ||||||||
ProAir*
|
54 | 59 | (9 | %) | ||||||||
Anda
|
289 | 426 | (32 | %) | ||||||||
Other
|
161 | 191 | (16 | %) | ||||||||
|
|
|
|
|||||||||
Total
|
$ | 1,989 | $ | 2,082 | (5 | %) | ||||||
|
|
|
|
* |
Does not include revenues from ProAir authorized generic, which are included under generic products.
|
Product Name
|
Brand
Name
|
Launch
Date
|
Total Annual U.S.
Branded Sales at Time
of Launch
(U.S. $ in millions
(IQVIA))
*
|
|||||
Mesalamine Extended-Release Capsules, 0.375g
|
Apriso
®
|
January | $ | 344 | ||||
Etonogestrel and Ethinyl Estradiol Vaginal Ring
|
NuvaRing
®
|
January | $ | 812 | ||||
Testosterone Gel, 1.62%, 20.25mg/1.25g & 40.5mg/2.5g
|
AndroGel
®
|
February | $ | 40 | ||||
Liothyronine Sodium Tablets USP, 5mcg, 25mcg, 50mcg
|
Cytomel
®
|
February | $ | 107 | ||||
Brinzolamide Ophthalmic Suspension, USP, 1%
|
Azopt
®
|
March | $ | 184 |
* |
The figures presented are for the twelve months ended in the calendar quarter immediately prior to our launch or
re-launch.
|
Generic Name
|
Brand Name
|
Total Annual U.S.
Branded Market
(U.S. $ in millions
(IQVIA))
*
|
||||
Ibrutinib Caps
|
Imbruvica
®
|
$ | 782 | |||
Lubiprostone Caps
|
Amitza
®
|
$ | 410 |
* |
The figures presented are for the twelve months ended in the calendar quarter immediately prior to our launch or
re-launch.
|
Phase 2
|
Phase 3
|
Pre-Submission
|
||||
Novel Biologics
|
Fremanezumab
Fibromyalgia
|
Fremanezumab
Additional indication
|
||||
TEV-48574
Respiratory
|
Fasinumab
Osteoarthritic Pain
(March 2016)
(1)
|
|||||
TEV-53275
Respiratory
|
||||||
Small Molecules
|
Deutetrabenazine
Dyskinesia in Cerebral Palsy
(September 2019)
|
Risperidone LAI
Schizophrenia
(2)
|
||||
Digital Respiratory
|
Digihaler
®
(budesonide and formoterol fumarate dihydrate)
(EU)
|
|||||
QVAR
®
Digihaler
®
(beclomethasone dipropionate HFA)
(U.S.)
|
(1) |
Developed in collaboration with Regeneron Pharmaceuticals, Inc. (“Regeneron”). Results for two phase 3 clinical trials, FACT OA1 and FACT OA2, were released on August 5, 2020, indicating that the
co-primary
endpoints for fasinumab 1 mg monthly were achieved. Fasinumab 1 mg monthly demonstrated significant improvements in pain and physical function over placebo at week 16 and week 24, respectively. Fasinumab 1 mg monthly also showed nominally significant benefits in physical function in two trials and pain in one trial, when compared to the maximum
FDA-approved
prescription doses of
non-steroidal
anti-inflammatory drugs for osteoarthritis. The FACT OA1 trial included an additional treatment arm, fasinumab 1 mg every two months, which showed numerical benefit over placebo, but did not reach statistical significance. In initial safety analyses from the phase 3 trials, there was an increase in arthropathies reported with fasinumab. In a
sub-group
of patients from one phase 3 long-term safety trial, there was an increase in joint replacement with fasinumab 1 mg monthly treatment during the
off-drug
follow-up
period, although this increase was not seen in the other trials to date.
|
(2) |
In January 2021, we announced positive results for a phase 3 clinical trial designed to evaluate the efficacy of risperidone LAI. No new safety signals were identified that are inconsistent with the known safety profile of other risperidone formulations. The second phase 3 study evaluating long-term safety and tolerability is ongoing.
|
Three months ended March 31,
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
(U.S. $ in millions / % of Segment Revenues)
|
||||||||||||||||
Revenues
|
$ | 1,214 | 100% | $1,402 | 100% | |||||||||||
Gross profit
|
688 | 56.6% | 823 | 58.7% | ||||||||||||
R&D expenses
|
66 | 5.4% | 55 | 3.9% | ||||||||||||
S&M expenses
|
214 | 17.7% | 202 | 14.4% | ||||||||||||
G&A expenses
|
70 | 5.8% | 66 | 4.7% | ||||||||||||
Other (income) expense
|
§ | § | (1) | § | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Segment profit*
|
$ | 338 | 27.8% | $502 | 35.8% | |||||||||||
|
|
|
|
|
|
|
|
* |
Segment profit does not include amortization and certain other items.
|
§ |
Represents an amount less than $1 million or 0.5%, as applicable.
|
Three months ended
March 31,
|
Percentage
Change
|
|||||||||||
2021
|
2020
|
2020-2021
|
||||||||||
(U.S. $ in millions)
|
||||||||||||
Generic products
|
$ | 865 | $ | 1,032 | (16 | %) | ||||||
AJOVY
|
16 | 4 | 251 | % | ||||||||
COPAXONE
|
100 | 109 | (8 | %) | ||||||||
Respiratory products
|
93 | 106 | (12 | %) | ||||||||
Other
|
140 | 151 | (7 | %) | ||||||||
|
|
|
|
|||||||||
Total
|
$ | 1,214 | $ | 1,402 | (13 | %) | ||||||
|
|
|
|
Three months ended March 31,
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
(U.S. $ in millions / % of Segment Revenues)
|
||||||||||||||||
Revenues
|
$ | 490 | 100% | $ | 565 | 100% | ||||||||||
Gross profit
|
260 | 53.0% | 305 | 54.0% | ||||||||||||
R&D expenses
|
18 | 3.6% | 15 | 2.7% | ||||||||||||
S&M expenses
|
96 | 19.6% | 106 | 18.8% | ||||||||||||
G&A expenses
|
26 | 5.3% | 34 | 6.0% | ||||||||||||
Other (income) expense
|
(2 | ) | § | (6 | ) | (1.1%) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Segment profit*
|
$ | 122 | 24.9% | $ | 156 | 27.6% | ||||||||||
|
|
|
|
|
|
|
|
* |
Segment profit does not include amortization and certain other items.
|
§ |
Represents an amount less than 0.5%.
|
Three months ended
March 31,
|
Percentage
Change
|
|||||||||||
2021
|
2020
|
2020-2021
|
||||||||||
(U.S. $ in millions)
|
||||||||||||
Generic products
|
$ | 392 | $ | 449 | (13 | %) | ||||||
COPAXONE
|
12 | 12 | (1 | %) | ||||||||
Other
|
86 | 104 | (17 | %) | ||||||||
|
|
|
|
|||||||||
Total
|
$ | 490 | $ | 565 | (13 | %) | ||||||
|
|
|
|
Three months
ended |
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
(U.S. $ in millions)
|
||||||||
North America profit
|
$ | 577 | $ | 550 | ||||
Europe profit
|
338 | 502 | ||||||
International Markets profit
|
122 | 156 | ||||||
|
|
|
|
|||||
Total reportable segments profit
|
1,036 | 1,208 | ||||||
Profit of other activities
|
41 | 36 | ||||||
|
|
|
|
|||||
Total segments profit
|
1,077 | 1,244 | ||||||
Amounts not allocated to segments:
|
||||||||
Amortization
|
242 | 258 | ||||||
Other assets impairments, restructuring and other items
|
137 | 121 | ||||||
Intangible asset impairments
|
79 | 649 | ||||||
Legal settlements and loss contingencies
|
104 | (25 | ) | |||||
Other unallocated amounts
|
82 | 49 | ||||||
|
|
|
|
|||||
Consolidated operating income (loss)
|
434 | 191 | ||||||
|
|
|
|
|||||
Financial expenses, net
|
290 | 224 | ||||||
|
|
|
|
|||||
Consolidated income (loss) before income taxes
|
$ | 144 | $ | (33 | ) | |||
|
|
|
|
• |
our management and Board of Directors use the
non-GAAP
measures to evaluate our operational performance, to compare against work plans and budgets, and ultimately to evaluate the performance of management;
|
• |
our annual budgets are prepared on a
non-GAAP
basis; and
|
• |
senior management’s annual compensation is derived, in part, using these
non-GAAP
measures. While qualitative factors and judgment also affect annual bonuses, the principal quantitative element in the determination of such bonuses is performance targets tied to the work plan, which is based on the
non-GAAP
presentation set forth below.
|
• |
amortization of purchased intangible assets;
|
• |
legal settlements and/or loss contingencies, due to the difficulty in predicting their timing and scope;
|
• |
impairments of long-lived assets, including intangibles, property, plant and equipment and goodwill;
|
• |
restructuring expenses, including severance, retention costs, contract cancellation costs and certain accelerated depreciation expenses primarily related to the rationalization of our plants or to certain other strategic activities, such as the realignment of R&D focus or other similar activities;
|
• |
acquisition- or divestment- related items, including changes in contingent consideration, integration costs, banker and other professional fees, inventory
step-up
and
in-process
R&D acquired in development arrangements;
|
• |
expenses related to our equity compensation;
|
• |
significant
one-time
financing costs and marketable securities investment valuation gains/losses;
|
• |
unusual tax items;
|
• |
other awards or settlement amounts, either paid or received;
|
• |
other exceptional items that we believe are sufficiently large that their exclusion is important to facilitate an understanding of trends in our financial results, such as impacts due to changes in accounting, significant costs for remediation of plants, such as inventory write-offs or related consulting costs, or other unusual events; and
|
• |
corresponding tax effects of the foregoing items.
|
Three Months Ended March 31, 2021
|
||||||||||||||||||||||||||||||||||||||||||||||||
U.S. $ and shares in millions (except per share amounts)
|
||||||||||||||||||||||||||||||||||||||||||||||||
GAAP |
Excluded for
non-GAAP
measurement
|
Non-GAAP
|
||||||||||||||||||||||||||||||||||||||||||||||
Amortization
of purchased intangible assets |
Legal
settlements and loss contingencies |
Impairment
of long lived
assets
|
Other
R&D expenses |
Restructuring
costs |
Costs
related to regulatory actions taken in facilities |
Equity
compensation |
Contingent
consideration |
Other
non-GAAP
items* |
Other
items |
|||||||||||||||||||||||||||||||||||||||
Net revenues
|
3,982 | 3,982 | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales
|
2,104 | 215 | 5 | 6 | 41 | 1,838 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Gross profit
|
1,878 | 215 | — | — | — | — | 5 | 6 | — | 41 | — | 2,144 | ||||||||||||||||||||||||||||||||||||
Gross profit margin
|
47.2 | % | 53.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
R&D expenses
|
254 | 5 | 5 | — | 244 | |||||||||||||||||||||||||||||||||||||||||||
S&M expenses
|
585 | 27 | 9 | — | 549 | |||||||||||||||||||||||||||||||||||||||||||
G&A expenses
|
290 | 11 | — | 278 | ||||||||||||||||||||||||||||||||||||||||||||
Other income
|
(5 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Legal settlements and loss contingencies
|
104 | 104 | — | |||||||||||||||||||||||||||||||||||||||||||||
Other assets impairments, restructuring and other items
|
137 | 48 | 81 | 3 | 4 | — | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets impairments
|
79 | 79 | — | |||||||||||||||||||||||||||||||||||||||||||||
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|
|
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|
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|
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|
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|
|
|
|
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|
|
|||||||||||||||||||||||||
Operating income (loss)
|
434 | 242 | 104 | 127 | 5 | 81 | 5 | 31 | 3 | 45 | — | 1,077 | ||||||||||||||||||||||||||||||||||||
Financial expenses, net
|
290 | 64 | 227 | |||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||
Income (loss) before income taxes
|
144 | 242 | 104 | 127 | 5 | 81 | 5 | 31 | 3 | 45 | 64 | 851 | ||||||||||||||||||||||||||||||||||||
Income taxes
|
62 | (85 | ) | 146 | ||||||||||||||||||||||||||||||||||||||||||||
Share in profits (losses) of associated companies – net
|
(3 | ) | 2 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||
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|
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|
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|
|||||||||||||||||||||||||
Net income (loss)
|
84 | 242 | 104 | 127 | 5 | 81 | 5 | 31 | 3 | 45 | (19 | ) | 709 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests
|
7 | (3 | ) | 10 | ||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Net income (loss) attributable to Teva
|
77 | 242 | 104 | 127 | 5 | 81 | 5 | 31 | 3 | 45 | (22 | ) | 699 | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Total reconciled items
|
242 | 104 | 127 | 5 | 81 | 5 | 31 | 3 | 45 | (22 | ) | |||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
EPS - Basic
|
0.07 | 0.57 | 0.64 | |||||||||||||||||||||||||||||||||||||||||||||
EPS - Diluted
|
0.07 | 0.56 | 0.63 |
* |
Other non-GAAP items include other exceptional items that we believe are sufficiently large that their exclusion is important to facilitate an understanding of trends in our financial results, such as certain accelerated depreciation expenses and inventory write offs, primarily related to the rationalization of our plants and other unusual events.
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||||||||||||||||||||||||||||
U.S. $ and shares in millions (except per share amounts)
|
||||||||||||||||||||||||||||||||||||||||||||||||
GAAP |
Excluded for
non-GAAP
measurement
|
Non-GAAP
|
||||||||||||||||||||||||||||||||||||||||||||||
Amortization
of purchased intangible assets |
Legal
settlements and loss contingencies |
Impairment
of long lived
assets
|
Other
R&D expenses |
Restructuring
costs |
Costs
related to regulatory actions taken in facilities |
Equity
compensation |
Contingent
consideration |
Other
non-GAAP
items* |
Other
items |
|||||||||||||||||||||||||||||||||||||||
Net revenues
|
4,357 | 4,357 | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales
|
2,294 | 223 | 4 | 6 | 15 | 2,046 | ||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||
Gross profit
|
2,063 | 223 | — | — | — | — | 4 | 6 | — | 15 | — | 2,312 | ||||||||||||||||||||||||||||||||||||
Gross profit margin
|
47.3 | % | 53.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
R&D expenses
|
221 | (4 | ) | 5 | 221 | |||||||||||||||||||||||||||||||||||||||||||
S&M expenses
|
613 | 35 | 9 | 570 | ||||||||||||||||||||||||||||||||||||||||||||
G&A expenses
|
304 | 10 | 4 | 290 | ||||||||||||||||||||||||||||||||||||||||||||
Other income
|
(13 | ) | (13 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Legal settlements and loss contingencies
|
(25 | ) | (25 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Other assets impairments, restructuring and other items
|
121 | 75 | 39 | 6 | 1 | — | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets impairments
|
649 | 649 | — | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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|
|
|
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|
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|
|
|
|
|
|
|||||||||||||||||||||||||
Operating income (loss)
|
191 | 258 | (25 | ) | 724 | (4 | ) | 39 | 4 | 30 | 6 | 20 | — | 1,244 | ||||||||||||||||||||||||||||||||||
Financial expenses, net
|
224 | 11 | 213 | |||||||||||||||||||||||||||||||||||||||||||||
|
|
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|
|
|
|||||||||||||||||||||||||
Income (loss) before income taxes
|
(33 | ) | 258 | (25 | ) | 724 | (4 | ) | 39 | 4 | 30 | 6 | 20 | 11 | 1,030 | |||||||||||||||||||||||||||||||||
Income taxes
|
(59 | ) | (234 | ) | 175 | |||||||||||||||||||||||||||||||||||||||||||
Share in profit (losses) of associated companies – net
|
1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|||||||||||||||||||||||||
Net income (loss)
|
25 | 258 | (25 | ) | 724 | (4 | ) | 39 | 4 | 30 | 6 | 20 | (223 | ) | 854 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interests
|
(44 | ) | (63 | ) | 20 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|||||||||||||||||||||||||
Net income (loss) attributable to Teva
|
69 | 258 | (25 | ) | 724 | (4 | ) | 39 | 4 | 30 | 6 | 20 | (286 | ) | 835 | |||||||||||||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total reconciled items
|
258 | (25 | ) | 724 | (4 | ) | 39 | 4 | 30 | 6 | 20 | (286 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
EPS - Basic
|
0.06 | 0.70 | 0.76 | |||||||||||||||||||||||||||||||||||||||||||||
EPS - Diluted
|
0.06 | 0.70 | 0.76 |
* |
Other non-GAAP items include other exceptional items that we believe are sufficiently large that their exclusion is important to facilitate an understanding of trends in our financial results, such as certain accelerated depreciation expenses and inventory write offs, primarily related to the rationalization of our plants and other unusual events.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
31.1 | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 * | |
31.2 | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 * | |
32 | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 * | |
101.INS | XBRL Taxonomy Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
Filed herewith.
|
TEVA PHARMACEUTICAL INDUSTRIES LIMITED | ||||||
Date: April 28, 2021 | By: |
/s/ Eli Kalif
|
||||
Name: |
Eli Kalif
|
|||||
Title: |
Executive Vice President,
Chief Financial Officer
(Duly Authorized Officer)
|
1 Year Teva Pharmaceutical Indu... Chart |
1 Month Teva Pharmaceutical Indu... Chart |
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