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and non-U.S. sales increasing 13% to $1
Record quarterly net sales of $4,hollister.4 billion, up 16%, compared to the fourth quarter of 2009,hollister canada. Quarterly non-GAAP net income and non-GAAP EPS of $1,abercrombie france.1 billion and $1.25, up 35% and 33%, respectively, compared with the fourth quarter of 2009. Quarterly GAAP net income and EPS totaled $771 million and $0.85, respectively, more than double the $379 million and $0.42 per share in the fourth quarter of 2009. Quarterly non-GAAP operating income of $1.3 billion, up 23% compared with the fourth quarter of 2009. Quarterly GAAP operating income totaled $774 million, compared with $412 million in the fourth quarter of 2009. Record global in-market sales of Copaxone? of $938 million in the fourth quarter, up 26% compared to the fourth quarter of 2009. Copaxone? continues to be the leading MS therapy in the U.S. and globally.
Fourth Quarter Highlights:
“During 2010 we built a larger, stronger—and even more agile—organization. Teva's 2010 results provide us with an exceptionally strong foundation to deliver continuous profitable growth in 2011, and position us right on track to achieve our long-term strategic goals.”
Record annual net sales of $16.1 billion, up 16%, compared to 2009. Annual non-GAAP net income and non-GAAP EPS of $4.1 billion and $4.54, up 36% and 35%, respectively, compared to 2009. Annual GAAP net income and EPS totaled $3.3 billion and $3.67, up 67% and 65%, respectively, compared with $2.0 billion and $2.23 in 2009. Annual non-GAAP operating income of $4.9 billion, up 28% compared to 2009. Annual GAAP operating income totaled $3.9 billion, compared with $2.4 billion in 2009. Record global in-market sales of Copaxone? of $3.3 billion in the year ended 2010, up 17% compared to 2009. Record annual cash flow from operations of $4.1 billion, up from $3.4 billion in 2009.
Non-GAAP Information. Non-GAAP net income and non-GAAP EPS for the fourth quarter of 2010 are adjusted to exclude the following items:
International market sales in the fourth quarter of 2010 totaled $607 million, accounting for 14% of total sales and representing an increase of 10% compared to the fourth quarter of 2009. In local currency terms, international market sales grew 19% compared with the fourth quarter of 2009. The increase in sales was driven primarily by increased sales in Russia and Israel,www.airjordanupasachere.com.
For the full year, international market sales totaled $2,186 million, up 7% compared with 2009. In local currency terms,hollister, international market sales grew approximately 11% compared to 2009. For the full year, sales benefited from strong sales in all major areas, including Latin America Israel and Russia. In January 2011, we acquired Peruvian-based Corporación Infarmasa.
Sales in Europe in the fourth quarter of 2010 totaled $1,323 million, accounting for 30% of total sales and representing an increase of 43% compared with the fourth quarter of last year. Sales benefited primarily from the consolidation of ratiopharm results. In local currency terms, sales in Europe grew 54% compared with the fourth quarter of 2009. The increase in sales was mostly attributable to growth in generic sales in Germany, Spain, the U.K. and Italy as well as increased sales of Copaxone?.
Acquisition, restructuring and other expenses of $229 million; Amortization of purchased intangible assets of $123 million; Impairment of assets of $94 million; Inventory step-up of $53 million; Legal settlements of $9 million; Purchase of R&D in process of $9 million; Gain from the sale of auction rate securities of $7 million,burberry soldes; and Related tax benefits of $140 million.
Global in-market sales of Azilect? reached $89 million in the quarter, a 27% increase over the comparable period in 2009. Annual sales grew 31% compared to 2009, reaching $318 million. In local currency terms, global in-market sales of Azilect? grew 32% and 34% in the fourth quarter and full year, respectively. Growth in the U.S. as well as in major European markets contributed to the increase in Azilect? sales in the fourth quarter of 2010 and throughout the year.
For the full year, sales in Europe increased 21% compared to 2009, reaching $3,947 million, due mainly to the consolidation of ratiopharm's results, which commenced in August 2010. In local currency terms, sales in Europe grew approximately 26% compared to 2009. This increase in sales resulted from strong generics sales throughout the region (mainly in Germany, Spain, Italy, Poland and France), as well as increased sales of Copaxone?.
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) today reported results for the quarter and year ended December 31, 2010.
Mr. Yanai continued, "During 2010 we built a larger, stronger—and even more agile—organization,abercrombie. Teva's 2010 results provide us with an exceptionally strong foundation to deliver continuous profitable growth in 2011, and position us right on track to achieve our long-term strategic goals."
Sales in North America for the fourth quarter reached $2,488 million, accounting for 56% of total sales and representing an increase of 7% compared with the fourth quarter of last year. Generic sales in the U.S. were $1,290 million in the quarter, down 5% compared to the fourth quarter of 2009,hollister online shop. Key contributors to the quarter's sales included continued strong sales of generic versions of Effexor XR? (venlafaxine) and Pulmicort Respules? (budesonide) as well as continued strong sales of Copaxone?.
"2010 was a great year for Teva, a year in which we delivered record-breaking results across all our geographies while strengthening and expanding our global leadership," commented Shlomo Yanai, Teva's President and Chief Executive Officer. "During 2010 Teva became the generics leader in Europe and increased our presence in key emerging markets. This was also an exciting year for our branded business, where we made excellent progress in developing a robust and promising pipeline of branded products."
Non-GAAP net income and non-GAAP EPS for the full year 2010 are adjusted to exclude the following items:
Copaxone? continued to be the leading MS therapy in the U.S. and globally. Global in-market sales reached $938 million in the fourth quarter of 2010, an increase of 26% over the fourth quarter of 2009. In the U.S., quarterly in-market sales increased 29% to $655 million compared to the fourth quarter of 2009. In-market sales outside the U.S. totaled $283 million, up 19% compared to the fourth quarter of 2009. In local currency terms, in-market sales of Copaxone? outside the U.S. in the fourth quarter grew 25% compared to the fourth quarter of 2009.
Full Year Highlights:
As of February 5,air jordan, 2011, Teva had 206 product applications awaiting final FDA approval, including 44 tentative approvals. Collectively, the brand products covered by these applications had annual U.S. sales of over $121 billion. Of these applications, 134 were "Paragraph IV" applications challenging patents of branded products. Teva believes it is the first to file on 80 of the applications, relating to products with annual U.S. branded sales exceeding $55 billion.
Exchange rate differences negatively impacted sales by approximately $140 million in the fourth quarter of 2010,abercrombie france, while reducing operating income by approximately $51 million. The impact on sales resulted from the strengthening of the U.S. dollar relative to primarily European currencies, which was partially offset by the decline in the value of the U.S. dollar relative to other currencies.
For the full year 2010, global in-market sales of Copaxone? increased 17% to $3,316 million,abercrombie france, with U.S. in-market sales increasing 19%, to $2,287 million, and non-U.S. sales increasing 13% to $1,029 million. In local currency terms, in-market sales of Copaxone? outside the U.S. grew 14%.
In 2010, Teva received 1,846 generic approvals in Europe relating to 196 compounds in 400 formulations, including eight European Commission approvals valid in all EU member states. As of December 31, 2010, Teva had 3,568 marketing authorization applications pending approval in 30 European countries, relating to 290 compounds in 586 formulations, including nine applications pending with the EMA.
Amortization of purchased intangible assets of $527 million; Acquisition, restructuring and other expenses of $284 million; Impairment of assets of $124 million; Inventory step-up of $107 million; Financial expenses of $102 million related to hedging activities in connection with the ratiopharm acquisition; Purchase of R&D in process of $18 million; Legal settlements of $2 million; Gain from the sale of marketable and auction rate securities of $31 million; and Related tax benefits of $330 million.
Teva believes that excluding these items facilitates investors' understanding of the trends in the Company's underlying business. In the fourth quarter of 2009, non-GAAP net income and non-GAAP EPS excluded legal settlements, amortization of purchased intangible assets,doudoune moncler, impairment of assets, acquisition, restructuring and other expenses, purchase of R&D in process, impairment of financial assets, inventory step-up, partially offset by gain on the sale of auction rate securities, and related tax effects. For the full year 2009, similar items were excluded from non-GAAP net income and non-GAAP EPS. See the attached tables for a reconciliation of U.S. GAAP reported results to the adjusted non-GAAP figures.
For the full year 2010, exchange rate differences negatively impacted sales by $216 million, while reducing operating income by approximately $50 million compared to 2009.
For the full year, sales in North America reached $9,988 million, up 16% compared to 2009. For the full year, sales benefited from strong generic sales, as well as increased sales of Copaxone?. Generic sales in the U.S. were $5,813 million in 2010, up 16% compared to 2009.
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