(Source: Business Wire)
On its conference call today, Teva Pharmaceutical Industries Ltd.
(NASDAQ: TEVA) provided its current outlook for non-GAAP financial
performance for the full year ending December 31, 2012. This outlook is
summarized below.
Total net sales of approximately $22 billion, consisting of total U.S.
net sales of $11 billion, total European net sales of $6.6 billion,
and total ROW net sales of $4.4 billion. These figures include the
following major business lines:
Generic product (including API) net sales of approximately $11.8
billion, consisting of U.S. generic sales of $5.0 billion,
European generic sales of $4.0 billion, and ROW generic sales of
$2.8 billion.
Brand product net sales of approximately $8.2 billion including
estimated global net sales of the following products:
COPAXONE® of $3.8 billion
TREANDA® of $550 million
Women's Health products of $525 million
ProAir® HFA of $490 million
QVAR® of $400 million
PROVIGIL® of $375 million
AZILECT® of $350 million
NUVIGIL® of $300 million
OTC net sales of approximately $1 billion
Other net sales, mostly distribution of third party products, of
approximately $1 billion.
Non-GAAP gross profit margin (which excludes amortization of
intangible assets of approximately $1.4billion) between 58% and 60%.
Net R&D expenses between 6.9% and 7.3% of net sales.This includes
clinical support of 30 late stage innovative drug candidate programs.
Total R&D, which includes Teva's JV with Lonza and investment in a
variety of smaller companies, will be close to 8% of net sales.
Non-GAAP selling & marketing expenses (which excludes amortization of
intangible assets) between 18.4% and 20% of net sales.This includes
royalties of approximately $400 million.
General and administrative expenses between 5.1% and 5.5% of net sales.
Non-GAAP net financial expenses of approximately $360 million.
Non-GAAP diluted earnings per share between $5.48 and $5.68.
Estimated fully diluted average number of shares between 865 and 870
million.
Tax provision on our non-GAAP pretax income between 13% and 14%.
Cash flow from operations of $5 billion. Free cash flow (cash flow
from operations minus capital expenditures and dividends) of
approximately $3 billion.
These estimates reflect management`s current expectations for Teva's
performance in 2012.