Teva Pharmaceutical Industries (TEVA) FY2011 results: revenue $18.3 billion, up 13.6% on the year
Teva Pharmaceutical Industries Ltd. (TEVA) reported revenue of $18.3 billion for fiscal 2011, the year ended 31 December 2011, up 13.6% on the year before. Net income was $2.8 billion, down 17.2%, and diluted earnings per share $3.09. The figures are the company's own, from the 20-F it filed with the SEC on 17 February 2012.
Revenue
$18.3 billion
+13.6% on the year
FY2007FY2011
Operating margin
17.0%
24.0% a year earlier
FY2007FY2011
Net income
$2.8 billion
-17.2% on the year
FY2007FY2011
Diluted EPS
$3.09
-15.8% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
18,312
16,121
13,899
+13.6%
Cost of revenue
8,797
7,056
6,532
+24.7%
Gross profit
9,515
9,065
7,367
+5.0%
Gross margin
52.0%
56.2%
53.0%
Research and development
15.0
951
825
-98.4%
Operating income
3,109
3,871
2,405
-19.7%
Operating margin
17.0%
24.0%
17.3%
Interest expense
234
202
230
+15.8%
Pre-tax income
2,956
3,646
2,203
-18.9%
Income tax
127
283
166
-55.1%
Effective tax rate
4.3%
7.8%
7.5%
Net income
2,759
3,331
2,000
-17.2%
Net margin
15.1%
20.7%
14.4%
Diluted EPS
$3.09
$3.67
$2.23
-15.8%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
4,134
4,136
3,373
-0.0%
Capital expenditure
1,053
710
719
+48.3%
Free cash flow
3,081
3,426
2,654
-10.1%
Free cash flow margin
16.8%
21.3%
19.1%
Cash from investing
-7,601
-5,455
-916
Cash from financing
3,336
573
-2,265
+482.2%
Depreciation and amortisation
1,069
977
908
+9.4%
Share-based compensation
91.0
80.0
54.0
+13.8%
Buybacks
899
99.0
0.0
+808.1%
Dividends paid
800
668
529
+19.8%
Dividend per share
$0.89
$0.74
$0.61
+20.3%
Diluted shares, weighted
893m
921m
896m
-3.0%
Shares outstanding at period end
n/a
937m
923m
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
22,195
21,947
19,222
+1.1%
Non-controlling interest
148
55.0
37.0
+169.1%
Debt
11,394
4,800
4,058
+137.4%
Other liabilities
16,405
11,350
9,893
+44.5%
Total liabilities and equity
50,142
38,152
33,210
+31.4%
Fixed assets
5,947
4,357
3,766
+36.5%
Goodwill
18,293
15,232
12,674
+20.1%
Intangible assets
10,316
5,751
4,053
+79.4%
Investments
n/a
36.0
253
Cash and equivalents
1,096
1,248
1,995
-12.2%
Receivables
6,213
5,476
5,019
+13.5%
Inventory
5,012
3,866
3,332
+29.6%
Other assets
3,265
2,186
2,118
+49.4%
Total assets
50,142
38,152
33,210
+31.4%
20-F for the year ended 31 December 2011, filed 17 February 2012: the filing.