Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today reported higher revenue and profit for the fourth quarter of 2011 and full year 2011. The pharmaceutical giant saw fourth quarter revenue of $5.7 billion in 2011, up 28% from $4.4 in the corresponding quarter of 2010.
Non-GAAP profit in the fourth quarter of 2011 amounted to $1.4 billion, up 23% from $1.1 billion in the fourth quarter of 2010, while earnings-per-share rose 27% to $1.59 in the fourth quarter from $1.25 in the corresponding quarter.
Cash flow from operations was $1.4 billion, and free cash flow was $958 million, a rise of 30% and 33% respectively, compared with the fourth quarter of 2010.
Wall Street analysts had predicted fourth quarter revenue of $5.63 billion and earnings-per-share of $1.58 per share. The "Globes" Psagot analysis had expected revenue of $5.56 billion and earnings-per-share of $1.53.
In the full year 2011, Teva's revenue was $18.3 billion, up 14% from $16.1 billion in 2010. Non-GAAP profit and Non-GAAP earnings-per-share were $4.4 billion and $4.97, up 7% and 9%, respectively from $4.1 billion and $4.54 in 2010. Cash flow from operations in 2011 was $4.1 billion.
Wall Street analysts had predicted 2011 revenue of $18.34 billion and earnings-per-share in 2011 of $4.97.
Outgoing Teva CEO Shlomo Yanai said, "Teva's strategy is focused on growth and on reducing dependence on any one particular market or product, and during 2011 we made important progress in reaching our strategic goals with the acquisitions of Cephalon and Taiyo, and the creation of a unique joint venture with Procter & Gamble. Our strategic achievements in 2011 provide a strong foundation for Teva's sustainable long term growth."
Shlomo Yanai will be replaced by Jeremy Levin in May.
Teva's branded products revenue was $6.5 billion, up 34% from $4.9 billion in 2010. Sales of Copaxone totaled $3.57 billion in 2011, up 21% from $2.96 billion in 2010. Sales of Azilect totaled $290 million in 2011, up 19% from $244 million in 2010. The rise in branded revenue was also due to the inclusion of Cephalon products in the 2011 balance sheet with, for example, $350 million in sales of Provigil.
By geography, Teva saw $8.8 billion revenue in the US in 2011 (representing 48% of total revenue), down 6% from 2010, primarily as a result of fewer significant new generic launches and rediction in sales of key generic products compared to 2010, which was partially offset by higher revenue of branded products.
Revenue in Europe was $5.7 billion in 2011 (representing 31% of total revenues), up 43% from 2010, or 37% in local currency terms. The growth in revenue resulted primarily from the inclusion for a full year of revenue from Ratiopharm, and the inclusion of Cephalon and Theramex, stronger revenue of Teva's branded products, as well as organic growth of the business.
Published by Globes, Israel business news - www.globes-online.com - on February 15, 2012
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