Teva Pharmaceutical Industries (TEVA) FY2015 results: revenue $19.7 billion, down 3.1% on the year
Teva Pharmaceutical Industries Ltd. (TEVA) reported revenue of $19.7 billion for fiscal 2015, the year ended 31 December 2015, down 3.1% on the year before. Net income was $1.6 billion, down 48.0%, and diluted earnings per share $1.82. The figures are the company's own, from the 20-F it filed with the SEC on 11 February 2016.
Revenue
$19.7 billion
-3.1% on the year
FY2008FY2015
Operating margin
17.1%
19.5% a year earlier
FY2008FY2015
Net income
$1.6 billion
-48.0% on the year
FY2008FY2015
Diluted EPS
$1.82
-48.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
19,652
20,272
20,314
-3.1%
Cost of revenue
8,296
9,216
9,607
-10.0%
Gross profit
11,356
11,056
10,707
+2.7%
Gross margin
57.8%
54.5%
52.7%
Research and development
35.0
0.0
5.0
Operating income
3,352
3,951
1,649
-15.2%
Operating margin
17.1%
19.5%
8.1%
Interest expense
270
300
314
-10.0%
Pre-tax income
2,352
3,638
1,250
-35.3%
Income tax
634
591
-43.0
+7.3%
Effective tax rate
27.0%
16.2%
-3.4%
Net income
1,588
3,055
1,269
-48.0%
Net margin
8.1%
15.1%
6.2%
Diluted EPS
$1.82
$3.56
$1.49
-48.9%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
5,542
5,127
3,237
+8.1%
Capital expenditure
772
929
1,031
-16.9%
Free cash flow
4,770
4,198
2,206
+13.6%
Free cash flow margin
24.3%
20.7%
10.9%
Cash from investing
-5,565
-1,450
-1,147
Cash from financing
4,805
-2,375
-3,883
Depreciation and amortisation
1,308
1,508
1,642
-13.3%
Share-based compensation
117
95.0
64.0
+23.2%
Buybacks
439
500
497
-12.2%
Dividends paid
1,155
1,156
1,089
-0.1%
Dividend per share
$1.36
$1.34
$1.28
+1.5%
Diluted shares, weighted
864m
858m
850m
+0.7%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
29,769
23,313
22,565
+27.7%
Non-controlling interest
158
42.0
71.0
+276.2%
Short-term borrowings
75.0
46.0
n/a
+63.0%
Debt
8,358
8,566
11,203
-2.4%
Other liabilities
15,898
14,453
13,669
+10.0%
Total liabilities and equity
54,258
46,420
47,508
+16.9%
Fixed assets
6,544
6,535
6,635
+0.1%
Goodwill
19,025
18,408
18,981
+3.4%
Intangible assets
7,675
5,512
6,476
+39.2%
Cash and equivalents
6,946
2,226
1,038
+212.0%
Receivables
5,350
5,408
5,338
-1.1%
Inventory
3,966
4,371
5,053
-9.3%
Other assets
4,752
3,960
3,987
+20.0%
Total assets
54,258
46,420
47,508
+16.9%
20-F for the year ended 31 December 2015, filed 11 February 2016: the filing.