Address: 24 Hartom St., Har Hozvim, P.O.B. 1142, Jerusalem 91010
Tel: 972-2-9411717 Fax: 972-2-9411718
Address: 5 Basel St., P.O.B. 3190, Petach Tikva 49131
Tel: 972-3-9267267 Fax: 972-3-9234050
eva Pharmaceutical Industries Ltd. is among the world’s top 15 pharmaceutical companies and is the largest in generic pharmaceuticals. The company specializes in the development, production and marketing of a wide range of generic, innovative and branded pharmaceuticals, biopharmaceuticals/biosimilars and active pharmaceutical ingredients. Teva currently operates in about 60 countries and has about 46,000 employees worldwide.
Its innovative R&D efforts focus on specialty therapies for the central nervous system (with emphasis on multiple sclerosis), respiratory autoimmune diseases, pain, oncology and women’s health. Teva differentiates itself through a balanced and diversified portfolio and geographical deployment, generic, innovative and branded, and OTC products; vertical integration of its pharmaceutical and API activities; a combination of large scale operations with local customer responsiveness, and a global footprint. Teva’s success lies in the quality of its offerings and its focus on customers and patients.
In 2011, Teva posted record net revenues of $18.3 billion, up 14% over 2010 revenues. Non-GAAP net income for 2011 reached $4.4 billion, reflecting a 7% increase compared with the previous year. Non-GAAP fully diluted earnings per share in 2011 were $4.97, reflecting a 9% increase compared with last year. In 2011, US revenues were $8.8 billion, down 6% from 2010. Revenues in Europe increased 43%, reaching $5.7 billion, while revenues in the rest of the world totaled $3.9 billion, up 39% from 2010.
Cephalon: In October 2011, Teva completed the acquisition of Cephalon Inc. for $6.5 billion in cash. Cephalon is a global biopharmaceutical company with a strong marketed portfolio and pipeline of branded products. The acquisition diversified Teva’s branded portfolio and enhanced its late-stage innovative pipeline.
Taiyo: In July 2011, Teva acquired 100% of the outstanding shares of Taiyo Pharmaceutical Industry Co. Ltd. for $1.1 billion in cash. Taiyo has developed one of the largest portfolios of generic products in Japan with over 550 marketed products, and its advanced production facilities enable it to produce a wide range of dosage forms on a large scale.
Consumer Health Care Joint Venture with Procter & Gamble: In November, 2011, Teva formed a consumer health care joint venture with The Procter & Gamble Company (P&G) combining Teva’s OTC pharmaceutical businesses in all markets outside North America. Teva will also manufacture products to supply the joint venture’s markets as well as P&G’s existing North American OTC business. Teva owns 49% of the joint venture, and P&G holds the remaining 51%.
QNASL™: In March 2012, Teva received FDA approval for its QNASL(TM) Nasal Aerosol, a new, “dry” nasal aerosol corticosteroid that treats seasonal nasal and year-round nasal allergy symptoms in adults and adolescents 12 years of age and older. The product was available by prescription from April 2012 and became the first marketed non-aqueous or “dry” nasal aerosol in a product category that reports annual sales of $2.5 billion.
CureTech: In September 2011, Teva exercised its option to invest $19 million in CureTech Ltd., a biotechnology company developing novel, broad-spectrum, immune modulating products for the treatment and control of cancer. As a result of the option exercise, the company’s ownership in CureTech increased from 33% to 75%.
Teva is the largest generic company worldwide and has one of the broadest product pipelines in the industry. The company produces generic pharmaceuticals in a variety of dosage forms, including tablets and capsules, injectables, ointments, creams and liquids. Teva currently operates 56 finished dosage pharmaceutical plants and 21 API production facilities.
As of December 31, 2011, Teva had 175 product applications awaiting final FDA approval. The brand products covered by these applications had annual U.S. sales of about $115 billion. Teva believes that it is the first to file on 74 of these applications relating to products with annual U.S. sales exceeding $52 billion. In 2011, Teva received in Europe 1,241 generic approvals corresponding to 152 compounds in 331 formulations, including 10 European Commission approvals valid in all EU member states. At the end of 2011, Teva had over 2,530 marketing authorization applications pending approval in 30 European countries, corresponding to 288 compounds in 546 formulations, including 11 EMA pending applications covering about $77 billion in brand sales.
Teva’s revenues from branded products amounted to about $6.5 billion in 2011, an increase of 34% over 2010. In 2011, Teva revised its classification of certain products and grouped its branded products into five categories: Central Nervous System, Respiratory, Women’s Health, Oncology and Other.
Central Nervous System (CNS) Products
Teva’s CNS product line includes Copaxone® and Azilect® as well as additions to its portfolio following the Cephalon acquisition, in particular Provigil® and Nuvigil® for the treatment of wakefulness, Amrix®, Actiq® and Fentora® for the treatment of pain, and Gabitril® for the treatment of epilepsy. In 2011, CNS revenues reached approximately $4.4 billion, an increase of 38% over 2010, primarily due to higher sales of Copaxone®, the addition of the Cephalon acquired products in the fourth quarter and an increase in Azilect® sales.
Copaxone®: Copaxone® (glatiramer acetate injection) for multiple sclerosis (MS), is the leading treatment for MS in the U.S. and globally, with a global market share of approximately 31%. In 2011, global in-market sales of Copaxone® reached $3.9 billion, an increase of 18% over 2010. In-market sales in the U.S. increased by 22% to $2.8 billion, while non-U.S. sales grew 8% to $1.1 billion.
Teva includes only branded products in its respiratory product line, the main products of which are ProAirTM and Qvar®. Sales from generic products indicated for the treatment of respiratory disease are reported as part of generic drug sales. Revenues from respiratory branded products increased by 18% in 2011 to $878 million, primarily due to an increase of 16% in the U.S. In addition, revenues in Europe increased by 20% (reflected in all major markets, including Germany, the U.K., France and Italy).
Teva’s branded oncology product line includes Cephalon products as well as the company’s own biosimilar products indicated mainly for the treatment of side effects of oncology treatments. Revenues of these products reached $268 million in 2011 compared with $74 million in 2010. The increase resulted primarily from the inclusion of Cephalon’s cancer treatments as of the fourth quarter of 2011. Sales of Treanda®, Teva’s largest selling oncology product, reached $131 million in the fourth quarter of 2011. During 2011, sales of biosimilar oncology pharmaceuticals reached $102 million, compared with $74 million in 2010, mainly driven by the inclusion of ratiopharm’s sales and the continued growth of Teva’s biosimilar granulocyte colony stimulating factor (GCSF) in Europe.
Women’s Health Products
Teva’s global women’s health branded products had 2011 revenues of $438 million, an increase of 17% from $374 million in 2010, primarily driven by the inclusion of the Theramex women’s health products in Europe and in the ROW markets, commencing January 2011. U.S. sales declined by 19% over 2010, mainly as a result of generic competition to the company’s oral contraceptive product, Seasonique® starting in the third quarter of 2011.
Teva’s women’s health product line includes its branded women’s health products, but does not include revenues from generic women’s health products, which are reported as part of generic drug sales.
PGT Healthcare, which commenced operations on November 1, 2011, combines the OTC portfolios of Teva and P&G outside of North America. The combined portfolio represents PGT Healthcare’s in-market sales. PGT Healthcare’s in-market sales (i.e., the joint venture’s sales to third parties), for the two months ended December 31, 2011 amounted to $237 million. Teva’s sales relating to the joint venture amounted to $165 million, including $31 million of sales at cost to P&G pursuant to supply arrangements for P&G’s North American OTC business.
Teva’s OTC sales for the full year 2011, which include Teva’s sales relating to its joint venture with P&G, were $765 million, a 54% increase over 2010, due primarily to the full year inclusion of ratiopharm’s sales.
On May 30, 2012, Teva began trading on the New York Stock Exchange after transferring the listing of its American Depository Shares from NASDAQ. The company retained its stock symbol “TEVA”. For many years, Teva’s shares were among the most traded on the NASDAQ and the move to the NYSE was to extend the company’s market reach. Teva’s shares continue to be traded on the Tel Aviv Stock Exchange.