Teva Pharmaceutical Industries (TEVA) FY2010 results: revenue $16.1 billion, up 16.0% on the year
Teva Pharmaceutical Industries Ltd. (TEVA) reported revenue of $16.1 billion for fiscal 2010, the year ended 31 December 2010, up 16.0% on the year before. Net income was $3.3 billion, up 66.5%, and diluted earnings per share $3.67. The figures are the company's own, from the 20-F it filed with the SEC on 15 February 2011.
Revenue
$16.1 billion
+16.0% on the year
FY2007FY2010
Operating margin
24.0%
17.3% a year earlier
FY2007FY2010
Net income
$3.3 billion
+66.5% on the year
FY2007FY2010
Diluted EPS
$3.67
+64.6% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
16,121
13,899
11,085
+16.0%
Cost of revenue
7,056
6,532
5,117
+8.0%
Gross profit
9,065
7,367
5,968
+23.0%
Gross margin
56.2%
53.0%
53.8%
Research and development
951
825
786
+15.3%
Operating income
3,871
2,405
1,145
+61.0%
Operating margin
24.0%
17.3%
10.3%
Interest expense
202
230
201
-12.2%
Pre-tax income
3,646
2,203
800
+65.5%
Income tax
283
166
184
+70.5%
Effective tax rate
7.8%
7.5%
23.0%
Net income
3,331
2,000
609
+66.5%
Net margin
20.7%
14.4%
5.5%
Diluted EPS
$3.67
$2.23
$0.75
+64.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
4,136
3,373
3,231
+22.6%
Capital expenditure
710
719
681
-1.3%
Free cash flow
3,426
2,654
2,550
+29.1%
Free cash flow margin
21.3%
19.1%
23.0%
Cash from investing
-5,455
-916
-4,137
Cash from financing
573
-2,265
1,358
Depreciation and amortisation
977
908
490
+7.6%
Share-based compensation
80.0
54.0
63.0
+48.1%
Buybacks
99.0
0.0
0.0
Dividends paid
668
529
387
+26.3%
Dividend per share
$0.74
$0.61
$0.50
+21.3%
Diluted shares, weighted
921m
896m
820m
+2.8%
Shares outstanding at period end
937m
923m
889m
+1.5%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
21,947
19,222
16,378
+14.2%
Non-controlling interest
55.0
37.0
60.0
+48.6%
Debt
4,800
4,058
3,654
+18.3%
Other liabilities
11,350
9,893
12,828
+14.7%
Total liabilities and equity
38,152
33,210
32,920
+14.9%
Fixed assets
4,357
3,766
3,699
+15.7%
Goodwill
15,232
12,674
12,297
+20.2%
Intangible assets
5,751
4,053
4,581
+41.9%
Investments
36.0
253
53.0
-85.8%
Cash and equivalents
1,248
1,995
1,854
-37.4%
Receivables
5,476
5,019
4,653
+9.1%
Inventory
3,866
3,332
3,396
+16.0%
Other assets
2,186
2,118
2,387
+3.2%
Total assets
38,152
33,210
32,920
+14.9%
20-F for the year ended 31 December 2010, filed 15 February 2011: the filing.