Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) reported flat revenue and profit for the fourth quarter and full year 2014. The company reported fourth quarter 2014 revenue of $5.2 billion and full year revenue of $20.3 billion. Excluding the impact of the divestment of the US OTC plants and of foreign exchange fluctuations, both fourth quarter and full year revenues grew 2% organically.
Non-GAAP net profit and non-GAAP diluted EPS were $1.1 billion and $1.31, respectively, in the fourth quarter of 2014, down 7% and 8%, respectively, compared with the fourth quarter of 2013. GAAP net profit and GAAP diluted EPS were $687 million and $0.80, respectively, in the fourth quarter of 2014, up 81% and 78%, respectively, compared with $380 million and $0.45, in the fourth quarter of 2013.
2014 non-GAAP net profit and non-GAAP diluted EPS were $4.4 billion and $5.07, respectively, up 2% and 1%, respectively, compared to 2013. 2014 GAAP net profit and GAAP diluted EPS were $3.1 billion and $3.56, compared to $1.3 billion and $1.49 in 2013.
Global sales of multiple sclerosis treatment Copaxone remained steady in 2014 at $1.121 billion in the fourth quarter, down 2% from $1.142 in the corresponding quarter of 2013.
Teva president and CEO Erez Vigodman said, “In order to take a great leap forward you must first create a solid foundation from which to drive sustainable profitable growth. 2014 was that year for Teva, where we established a stable underlying base from which we will grow in the coming years. We reenergized our business around our core capabilities and growth engines regaining our leading position in generics; narrowing the focus on core therapeutic areas in specialty; managing the lifecycle of key products; and significantly improving our operating profitability and cash-flow generation."
He added, “Looking forward, we will create the most competitive operational network in terms of efficiency, scale and capability and are prioritizing the commercial activities in our markets to ensure leadership and profitability. There is great promise in our specialty and generic pipelines with significant output expected already this year. We will take bold steps forward, both organic and inorganic, to position Teva for sustainable, profitable growth, create value for all of our stakeholders and deliver long-term shareholder return.”
Teva announced that Dr. Phillip Frost, who stepped down as chairman on January 1, also left the board of directors yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2015
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