Teva Reports Strong Q4 And 2013 Results
Teva Pharmaceuticals released robust fourth quarter and full year 2013 results this week. The company said its multiple sclerosis treatment Copaxone made record annual revenues. The company reported Q4 2013 net revenue of $5.4 billion and full year revenue of $20.3 billion. A 5% increase in quarterly dividends boosted cash flow return to shareholders and supported capital expenditures, debt reduction, and legal and tax payments last year.
Teva CEO and Acting President Eyal Desheh said, “Teva is reporting today strong results for the fourth quarter of 2013, bringing to close a year largely in-line with our expectations. During 2013, we had several key product launches, driven by a strong pipeline, which will continue to bear notable results in 2014, starting with the launch of COPAXONE 40mg/mL.”
Copaxone remains as the leading global therapy for multiple sclerosis, says the company. Sales increased 8% in the fourth quarter compared to Q4 2012. Teva attributed the increase from higher sales in Russia and Germany. Teva reported the following revenue highlights:
- Generic medicines net revenues in the fourth quarter were $2.7 billion (including API sales to third parties of $163 million), an increase of 1% compared to the fourth quarter of 2012.
- Specialty medicines net revenues in the fourth quarter were $2.2 billion, an increase of 5% compared to $2.1 billion in the fourth quarter of 2012.
- OTC net revenues in the quarter were $316 million, an increase of 17%, or 21% in local currency terms, compared to$269 million in the fourth quarter of 2012, primarily due to higher sales from PGT Healthcare joint venture.
- Other net revenues in the quarter were $213 million, mostly from the distribution of third-party products in Israel and Hungary, compared to $212 million in the fourth quarter of 2012. In local currency terms, revenues decreased by 2%.
The company reiterated positive financial outlook for 2014. “We continue to focus our efforts on our core R&D programs and go-to-market activities while increasing organizational effectiveness through our cost-reduction program to ensure Teva's growth and its role as a leader in the ever-changing pharmaceutical industry. 2013 was an important year for Teva and its shareholders. Many seeds were planted to ensure our long-term success and prosperity. 2014 will be a pivotal year in terms of execution and further enhancement of our strategic direction,” stated Mr. Deshah.