Teva

1Q Revenues: $5.1 billion (+25%)

1Q Earnings: $855.0 million (+12%)

Comments: Revenues in the U.S. were +46% to $2.8 billion, primarily due to the inclusion of Cephalon product sales. Revenues in Europe were $1.3 billion (-2%), impacted by ongoing macro-economic conditions and healthcare reforms in key European markets. Rest of the World sales totaled +21% to $1 billion, driven by the inclusion of Taiyo and Cephalon. Generic revenues were $2.6 billion (including API revenues of $199 million), up 12%. The U.S. generics business benefited from the launch of seven products, as well as its Ranbaxy agreement relating to its launch of generic Lipitor. The European generics business declined due to continued economic and regulatory pressures. Branded products revenues were $2.1 billion, up 54%, primarily due to the inclusion of Cephalon sales.