Teva Pharmaceutical Industries (TEVA) FY2014 results: revenue $20.3 billion, down 0.2% on the year
Teva Pharmaceutical Industries Ltd. (TEVA) reported revenue of $20.3 billion for fiscal 2014, the year ended 31 December 2014, down 0.2% on the year before. Net income was $3.1 billion, up 140.7%, and diluted earnings per share $3.56. The figures are the company's own, from the 20-F it filed with the SEC on 9 February 2015.
Revenue
$20.3 billion
-0.2% on the year
FY2007FY2014
Operating margin
19.5%
8.1% a year earlier
FY2007FY2014
Net income
$3.1 billion
+140.7% on the year
FY2007FY2014
Diluted EPS
$3.56
+138.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
20,272
20,314
20,317
-0.2%
Cost of revenue
9,216
9,607
9,665
-4.1%
Gross profit
11,056
10,707
10,652
+3.3%
Gross margin
54.5%
52.7%
52.4%
Research and development
0.0
5.0
73.0
Operating income
3,951
1,649
2,205
+139.6%
Operating margin
19.5%
8.1%
10.9%
Interest expense
300
314
355
-4.5%
Pre-tax income
3,638
1,250
1,819
+191.0%
Income tax
591
-43.0
-137
Effective tax rate
16.2%
-3.4%
-7.5%
Net income
3,055
1,269
1,963
+140.7%
Net margin
15.1%
6.2%
9.7%
Diluted EPS
$3.56
$1.49
$2.25
+138.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
5,127
3,237
4,572
+58.4%
Capital expenditure
929
1,031
1,104
-9.9%
Free cash flow
4,198
2,206
3,468
+90.3%
Free cash flow margin
20.7%
10.9%
17.1%
Cash from investing
-1,450
-1,147
-1,134
Cash from financing
-2,375
-3,883
-1,678
Depreciation and amortisation
1,508
1,642
1,708
-8.2%
Share-based compensation
95.0
64.0
82.0
+48.4%
Buybacks
500
497
1,161
+0.6%
Dividends paid
1,156
1,089
855
+6.2%
Dividend per share
$1.34
$1.28
$1.03
+4.7%
Diluted shares, weighted
858m
850m
873m
+0.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
23,313
22,565
22,768
+3.3%
Non-controlling interest
42.0
71.0
99.0
-40.8%
Short-term borrowings
46.0
n/a
n/a
Debt
8,566
11,203
14,143
-23.5%
Other liabilities
14,453
13,669
13,599
+5.7%
Total liabilities and equity
46,420
47,508
50,609
-2.3%
Fixed assets
6,535
6,635
6,315
-1.5%
Goodwill
18,408
18,981
18,856
-3.0%
Intangible assets
5,512
6,476
7,745
-14.9%
Cash and equivalents
2,226
1,038
2,879
+114.5%
Receivables
5,408
5,338
5,572
+1.3%
Inventory
4,371
5,053
5,502
-13.5%
Other assets
3,960
3,987
3,740
-0.7%
Total assets
46,420
47,508
50,609
-2.3%
20-F for the year ended 31 December 2014, filed 9 February 2015: the filing.