Teva Pharmaceutical Industries Limited · TASE:TEVA
Teva Pharmaceutical Industries — Q3 2015 Earnings Presentation
79 slides from Teva Pharmaceutical Industries's earnings presentation, Oct 29, 2015
Slide 1: Third Quarter 2015 Investor Meeting
1 Third Quarter 2015 Investor Meeting - October 29th 2015 -
Slide 2: Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995
2 Safe Harbor Statement under the U.S. Private Securities Litigation 2 Reform Act of 1995: This release contains forward-looking statements, which are based on management’s current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause our future
Slide 3: What We Will Cover Today
3 What We Will Cover Today 3 Delivering on Our Q3 2015 and YTD Generics Firing on all Promises Performance Cylinders Erez Vigodman Eyal Desheh Siggi Olafsson Key Opportunities in Final Remarks and Q&A Our Pipeline Dr. Michael Hayden Erez Vigodman
Slide 4: Delivering On Our Promises
4 4 Delivering On Our Promises Erez Vigodman, President & CEO
Slide 5: Q3 2015 - Solid Results & Continuous Improvement in Profitability
5 Q3 2015 - Solid Results & Continuous Improvement in Profitability 5 Q3 2015 Q3 2014* Change Revenues $m 4,823 5,058 (5%) Operating Income 1,550 1,522 $m (32.1%) (30.1%) 2% Net Income 1,165 1,149 $m (24.2%) (22.7%) 1% EPS $ 1.35 1.33 2% Cash flow from Operations** $m 2,063 / 1,093 1,624 / 1,424 27%
Slide 6: YTD 2015 Strong Performance
6 YTD 2015 Strong Performance 6 YTD 2015 YTD 2014* Change Revenues $m 14,771 15,104 (2%) Operating Income 4,693 4,290 $m (31.8%) (28.4%) 9% Net Income 3,560 3,269 $m (24.1%) (21.6%) 9% EPS $ 4.14 3.81 9% Cash flow from Operations** $m 4,897 / 3,927 4,005 / 3,375 22% / 16% EBITDA $m 5,024 4,630 9% •
Slide 7: Raising Our 2015 Guidance
7 Raising Our 2015 Guidance 7 EPS($) 5.00-5.30 5.05-5.35 5.15-5.40 5.40-5.45 Cents ($) +5 +7.5 +15 December 11 April 29 July 30 October 29 2014 2015 2015 2015
Slide 8: Delivering on Our Promises
8 Delivering on Our Promises 8 Transforming Our Business Model Strategic Inorganic Deals Maintain Copaxone® & Key Specialty Franchises Solidify the foundation & Drive Organic Growth Cost Operational Generics Specialty Quality Cash flow Reduction Network
Slide 9: Delivering on Our Key Priorities for Business Development in 2015
9 Delivering on Our Key Priorities for Business Development in 2015 9 Targeting a Unique Attractive Growth Space In The Pipeline Assets/ Markets Industry Portfolios Complex/Hard Unique Health In-Market or to Produce Solutions, Close to Assets or Technologies, Market Assets Technologies Services in C
Slide 10: A New Teva
10 A New Teva 10 All the measures we are taking are fundamentally changing Teva Continue the transformation of Robust specialty our business model pipeline Diversified net revenues and profit Significantly streams enhanced financial profile Solidified foundation unlocking value from existing assets
Slide 11: Our Business Development Focus Moving Forward
11 Our Business Development Focus Moving Forward 11 Targeting Attractive Growth a Unique Pipeline Assets/ Markets Space In The Portfolios Industry Complex/Hard Unique Health In-Market or to Produce Solutions, Close to Assets or Technologies, Market Assets Technologies Services in Core TAs Generics S
Slide 12: Copaxone 40mg Future Discussion
12 Copaxone® 40mg Future Discussion 12 Base Case Downside Case Strong IP protection - 4 Orange Book Conservative estimates of full-year impact patents of generic competition to Copaxone® Strong durability and brand loyalty of the 40mg in 2017: Copaxone® franchise $1.2b in net revenues For
Slide 13: Q3 2015 & YTD Performance
13 13 Q3 2015 & YTD Performance Eyal Desheh, Chief Financial Officer
Slide 14: Q3 2015 Results
14 Q3 2015 Results 14 Q3 2015 Q3 2014* Change Revenues $m 4,823 5,058 (5%) Operating Income 1,550 1,522 $m (32.1%) (30.1%) 2% Net Income 1,165 1,149 $m (24.2%) (22.7%) 1% EPS $ 1.35 1.33 2% Cash flow from Operations** $m 2,063 / 1,093 1,624 / 1,424 27% / (23%) EBITDA $m 1,661 1,636 2% • * Adjusted f
Slide 15: YTD 2015
15 YTD 2015 15 YTD 2015 YTD 2014* Change Revenues $m 14,771 15,104 (2%) Operating Income 4,693 4,290 $m (31.8%) (28.4%) 9% Net Income 3,560 3,269 $m (24.1%) (21.6%) 9% EPS $ 4.14 3.81 9% Cash flow from Operations** $m 4,897 / 3,927 4,005 / 3,375 22% / 16% EBITDA $m 5,024 4,630 9% • * Adjusted for th
Slide 16: Foreign Exchange Impact
16 Foreign Exchange Impact 16 Q3 2015 Q3 2014 Change ($m) Fx Effect* ( $m) Real Change Revenues $m 4,823 5,058 (235) (371) +136 Operating income 1,550 1,522 28 (72) +100 $m YTD 2015 YTD 2014 Change ($m) Fx Effect* ($m) Real Change Revenues 14,771 15,104 (333) (1,079) +746 $m Operating income 4,693 4
Slide 17: Teva's Annual EBITDA
17 Teva’s Annual EBITDA 17 $ million 6,600 6,262 5,647 2013 2014 2015* * 2015 data is an estimate. EBITDA is based on non-GAAP operating income plus non-GAAP depreciation.
Slide 18: Liquidity Trends
18 Liquidity Trends 18 $ billion 10.6 10.3 11.0 12.5 11.7 Debt Equity 23.7 23.4 22.7 23.1 22.9 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Leverage 31% 31% 33% 35% 34% Debt/EBITDA 1.74 1.65 1.72 1.85 1.75
Slide 19: Cash Flow Trends
19 Cash Flow Trends 19 $ million 6,236 5,927 Cash Flow From 970 4,967 800 Operations 516 871 1,730 Legal Settlements Asset Purchase, Net 928 4,750 Free Cash Flow* 4,256 2,309 2013 2014 2015* * 2015 data is an estimate.
Slide 20: Quarterly Revenue Breakdown by Market
20 Quarterly Revenue Breakdown by Market 20 $ million 5,058 4,823 990 – 19% 890 - 18% 1,199 - 25% ROW 1,408 – 28% Europe US 2,734 - 57% 2,660 – 53% Q3 14 Q3 15
Slide 21: Q3 2015 Revenues
21 Q3 2015 Revenues 21 $ million 64 72 33 33 371 5,058 4,823 Q3 2014 MS Specialty Specialty OTC and Other Generics FX Q3 2015 All data, except Fx, are net of the impact of foreign exchange fluctuations.
Slide 22: Copaxone Revenue Evolution
22 Copaxone® Revenue Evolution 22 US demand is stable despite generic launch; Copaxone® 40mg increases share 1,200 35% 1,000 30% 307 286 184 207 192 25% 800 277 20% 600 15% 835 870 878 400 800 732 662 10% 200 5% 0 0% Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 $ million US sales Ex-US sales US TRx MS* Copax
Slide 23: Quarterly Revenue Breakdown by Segment
23 Quarterly Revenue Breakdown by Segment 23 $ million 5,058 4,823 450 – 9% 443 - 9% 1,069 - 21% 1,093 - 23% OTC & Other 1,107 - 22% 1,085 - 22% Specialty MS Specialty Generics 2,432 - 48% 2,202 - 46% Q3 14 Q3 15
Slide 24: Q3 2015 Profit Breakdown by Segment
24 Q3 2015 Profit Breakdown by Segment 24 $ million 1,805 1,858 3% 3% 18% 19% OTC & Others Specialty 48% 47% MS Specialty Generics 31% 31% Q3-14 Q3-15
Slide 25: Quarterly Operating Income
25 Quarterly Operating Income 25 $ million 17 53 96 54 1,576 1,629 1,522 1,522 1,550 1,550 Q3 2014 Generics MS Specialty Specialty Fx and Other Q3 2015 All data, except Fx, are net of the impact of foreign exchange fluctuations. Operating income is presented on non-GAAP basis.
Slide 26: 2015 Business Outlook
26 2015 Business Outlook: 26 Increased as Result of Improvements in Core Business Performance and Operating Efficiency December 11, 2014 July 30, 2015 October 29, 2015 Net Revenues ($b) 19.0 - 19.4 19.0 - 19.4 19.4 - 19.6 Gross Profit (%) 59.5% - 61.5% 60.5% - 62.5% 61.5% - 62.5% R&D ($b) 1.3 - 1.4
Slide 27: Financing Overview – Actavis Generics Acquisition
27 27 Financing Overview – Actavis Generics Acquisition $40.5 B Consideration $6.75 B of Equity to $33.75 B Cash Consideration Allergan Fully backed by committed bank bridge financing for 2 years Approximately 100 million Teva shares, will be issued to AGN ~$7 B in Common Equity and At a price o
Slide 28: Teva's Dividend Payments
28 Teva’s Dividend Payments 28 Q3 2015 dividend per share of $0.34 350 $0.40 Total Dividend ($m) $ per Share 300 $0.35 $0.30 250 $0.25 200 $0.20 150 291 299 294 290 288 289 290 281 268 264 276 272 $0.15 230 237 214 100 203 203 204 190 164 167 172 174 $0.10 50 $0.05 0 $0.00 Total dividends represent
Slide 29: Generics Firing on All Cylinders
29 29 Generics Firing on All Cylinders Siggi Olafsson, President and CEO, Global Generic Medicines
Slide 30: Generics have been firing on all cylinders in 2015
30 Generics have been firing on all cylinders in 2015 30 Continued the upward trend in profitability of the last % profit of Generic Segment 18 months driven by portfolio mix, launches and operational efficiencies 35.0% Successfully launched +350 products with value of 28.9% >$1.4B 30.0% Won or sett
Slide 31: What are the benefits from the Actavis Generics acquisition?
31 What are the benefits from the Actavis Generics acquisition ? 31 Highly Transforms the Enhanced Accelerates the Creates high synergistic and generic space financial profile creation of a value to accretive unique business shareholders model that is based on more durable, unique and differentiated
Slide 32: On target for Q1 closing of Actavis Generics deal
32 On target for Q1 closing of Actavis Generics deal 32 Teva and Actavis Generics teams working hand Expect to have management of all impacted BUs in hand to be ready for Q1 closing in place by year end Integration plans are being developed for day-1, Had multiple touch points with competition day-3
Slide 33: Rimsa gives Teva a substantial platform in a fast growing market
33 Rimsa gives Teva a substantial platform in one of the largest and 33 fastest growing healthcare markets Key growth Wide range of patent Well established Both brand and market portfolio, OTC and commercial generic platforms branded generic footprint and products with loyal customer promising pipel
Slide 34: What's on our mind for 2016
34 What’s on our mind for 2016 34 Integrations Execution Launches
Slide 35: Key Opportunities in Our Pipeline
35 35 Key Opportunities in Our Pipeline Michael Hayden, President of Global R&D and Chief Scientific Officer
Slide 36: Key 2015 Milestones: where are we today
36 Key 2015 Milestones: where are we today 36 Clinical results Major submissions Approvals ProAir® RespiClick for PIII QVAR BAI for Asthma BLA Reslizumab (IV) for Asthma NDA Asthma PIIb TEV-48125 (CGRP MAb) NDA SD-809 for HD Launch Chronic Migraine Zecuity for Migraine approval TEV-48125 (CGRP MAb)
Slide 37: A promising pipeline
37 A promising pipeline 37 Total: 32 programs in Phase 1 to Registration Phase 1 Phase 2 Phase 3 Registration TV-46139 (abuse deterrent) TV-45070 Topical TV-46763 (abuse deterrent) Vantrela ER abuse deterrent Pain Neuropathic pain Pain Hydrocodone US SD-809 (deutetrabenazine) Pain Tourette syndrome
Slide 38: Key opportunities in our pipeline: Migraine and Headache
38 Key opportunities in our pipeline 38 Migraine and Movement Pain Respiratory Headache disorders and Neurodegene ration
Slide 39: TEV-48125
39 TEV-48125 39 Summary of Phase 2b results in Chronic and Episodic Migraine • First anti-CGRP antagonist to demonstrate effectiveness in chronic and episodic migraine • Four dosing paradigms tested across the two conditions. All achieved primary and secondary endpoints, and at 1 month of therapy •
Slide 40: TEV-48125: Potentially best-in-class in EM, first-in-class in CM
40 TEV-48125: Potentially best-in-class in EM, first-in-class in CM 40 Episodic Migraine Alder Amgen Lilly Teva Decrease in migraines at month 3 – 1.0 (p = 0.07 – NS) 1.12 (p < 0.05) 1.2 (p = 0.003) 2.8 (p < 0.0001) placebo subtracted Decrease in migraines at month 1 – 1.7 (p = 0.0007) n/r 1.4 ( n/a
Slide 41: TEV-48125 program status
41 TEV-48125 program status 41 Successful end-of-phase 2 Phase 3 start in Chronic and Target BLA Submission meeting with FDA – agreed: Episodic Migraine CMC plan Early 2016 Q1 2018 Dose Phase 3 clinical plan and strategy
Slide 42: Building a Foundation for Growth in Migraine
42 Building a Foundation for Growth in Migraine 42
Slide 43: Key opportunities in our pipeline: Movement disorders and Neurodegeneration
43 Key opportunities in our pipeline 43 Migraine and Movement Pain Respiratory Headache disorders and Neurodegene ration
Slide 44: Deuteration reduces the breakdown of active metabolites
44 Deuteration reduces the breakdown of active metabolites 44 SD -809 O-desmethyl Active Metabolites Dihydrodeutetrabenazine Deutetrabenazine (ODM) CYP2D6
Slide 45: SD-809 NDA accepted by FDA
45 SD-809 NDA accepted by FDA 45 • PDUFA date May 2016 • Orphan drug designation by FDA
Slide 46: Pridopidine Historical Phase 3 results
46 Pridopidine Historical Phase 3 results 46 Pooled analysis Change from baseline to Change from baseline to Endpoint week 12 week 26 mMS -0.56 -1.20 Modified Motor Score* p=0.1520 p=0.0103 Primary endpoint of historic phase 3 TMS -2.10 -3.35 Total Motor Score** p=0.0078 p=0.0006 Primary endpoint of
Slide 47: Pridopidine is currently in Phase 2/3 clinical trial
47 Pridopidine is currently in Phase 2/3 clinical trial 47 4 doses evaluated vs. placebo 400 patients 54 sites in 12 countries First patient screened: Q1 / 2014 Results: Early 2016 Potential early regulatory submission: 2016 If results from current study meet criteria outlined by FDA
Slide 48: SD-809 in TD – Program Overview
48 SD-809 in TD (Tardive Dyskinesia) – Program Overview 48 ARM-TD (Study C-18) AIM-TD (Study C-23) Titration Study (1:1) Fixed-dose Study (1:1:1:1) SD-809 SD-809 SD-809 Placebo SD-809 Placebo 12 mg 24 mg 36 mg Approx. 90 subjects Approx. 200 subjects Dose range: 12-48 mg/day Doses: 12, 24 an
Slide 49: SD-809 in TD - ARM-TD Study Topline Results
49 SD-809 in TD - ARM-TD Study Topline Results 49 Primary endpoint achieved SD-809 superior vs. placebo in reduction of AIMS (p= 0.0188) All secondary endpoints numerically favored SD-809 Well tolerated
Slide 50: SD-809 AE Profile ARM-TD Study Similar to First-HD Study
50 SD-809 AE Profile ARM-TD Study Similar to First-HD Study 50 In ARM-TD, SD-809 was well tolerated Low rates of Neuropsychiatric AEs SAEs and withdrawals more common in placebo than with SD-809 SD-809 Placebo SD-809 Placebo System Organ Class Adverse Event n = 45 n = 45 n = 58 n = 59 Depressi
Slide 51: What is the difference between SD-809 and NBI-98854?
51 What is the difference between SD-809 and NBI-98854? 51 SD-809 is a deuterated compound with established pharmacokinetics, and proven uniform metabolism NBI-98854 PK profile and metabolism have not been disclosed Demonstrated safety and tolerability NBI-98854 safety data has not been disc
Slide 52: Tourette Syndrome
52 Tourette Syndrome 52 Neuropsychiatric disorder with onset in early childhood (6–7 years) Characterized by chronic, intermittent motor and phonic tics Associated with other neurobehavioral conditions such as ADHD and OCD ~150K patients Aripiprazole approved for TS in US in Dec 2014 Ari
Slide 53: SD-809 in TS: Ph1b to validate potential in this indication
53 SD-809 in TS: Ph1b to validate potential in this indication 53 Study objectives: Safety and tolerability of SD-809 Preliminary efficacy of SD-809 to suppress tics associated with TS PK data to support future randomized control trial(s) Study design: 23 adolescent patients (12-18 yrs o
Slide 54: Total Tic Score Over Time
54 Total Tic Score Over Time 54 Change in Total Tic, motor and vocal tic scores over time Baseline Week 2 Week 4 Week 8 Week 9 Washout 0 Primary Efficacy at Week 8 Change from Baseline -2 -4 -6 -8 -10 P-value <0.0001 at Week 8 for all 3 -12 outcome measures -14
Slide 55: Key opportunities in our pipeline: Pain
55 Key opportunities in our pipeline 55 Migraine and Movement Pain Respiratory Headache disorders and Neurodegene ration
Slide 56: Common methods of opioid abuse
56 Common methods of opioid abuse 56 Crush into a powder Extract with water (then Dose dumping with (then snort / swallow) inject) alcohol
Slide 57: Vantrela ER: our first abuse deterrent opioid
57 Vantrela ER: our first abuse deterrent opioid 57 Robust abuse deterrent properties demonstrated: IV injection Measured in vitro Alcohol Dose Dumping Measured in PK studies Oral Milling Evaluated in human abuse liability study Insufflation (“snorting”) Evaluated in human abuse liability st
Slide 58: Vantrela ER: NDA Review
58 Vantrela ER: NDA Review 58 NDA at “labeling review” stage Approval anticipated in next several weeks
Slide 59: 85% of opioid abuse is through multiple intact tablet consumption of IR opioids
59 85% of opioid abuse is through multiple intact tablet consumption of IR 59 opioids Lifetime abuse of selected pain relievers (age 12 or older) Crushing to snort/inject 15% ER Multiple intact tablet consumption 85% IR Source: SAMHSA, Office of Applied Studies, 2009 National Survey on Drug Use and
Slide 60: TV-46763 and TV-46139 IR abuse deterrent opioids
60 TV-46763 (IR Hydrocodone/APAP) and TV-46139 (IR Oxycodone/APAP) 60 Provide an immediate release and analgesic profile when the prescribed therapeutic dose is ingested Limit rapid and potentially toxic drug release (both opioid and APAP) when a supra- therapeutic dose of intact tablets is inge
Slide 61: AD Hydrocodone/APAP IR (TV-46763)
61 AD Hydrocodone/APAP IR (TV-46763) 61 In 2016, Teva plans to submit the first IR Hydrocodone/APAP with unique abuse deterrent properties
Slide 62: Key opportunities in our pipeline: Respiratory
62 Key opportunities in our pipeline 62 Migraine and Movement Pain Respiratory Headache disorders and Neurodegene ration
Slide 63: Multiple Approaches to Address Unmet Patient Needs
63 Multiple Approaches to Address Unmet Patient Needs 63 Our objective is to more cost effectively treat asthma and COPD with a portfolio of branded and generic products Differentiated Novel molecules solutions based on Generics innovative devices & technology Reslizumab Spiromax/ Tidal Breath AB-ra
Slide 64: Uncontrolled asthma
64 Uncontrolled asthma 64 235 million people world-wide suffer from asthma1 Est. additional 100 million by 20252 10% of asthma patients are uncontrolled despite optimized therapy Reduced lung function, exacerbation3 40% of uncontrolled asthma patients have high eosinophil count4 1WHO data; 2 GINA,
Slide 65: Reslizumab: Novel treatment for uncontrolled asthma
65 Reslizumab: Novel treatment for uncontrolled asthma 65 Inhibition of IL-5: Fully validated mechanism of action Reslizumab: Anti-IL-5 mAB with proven efficacy Met primary endpoints in Phase 3 studies targeting eosinophilic asthma: Decreased exacerbations Improved lung function Improved asthm
Slide 66: Spiromax/RespiClick Programs - status
66 Spiromax/RespiClick Programs - status 66 DuoResp® launched ProAir® RespiClick® Fluticasone Fluticasone launched Salmeterol Spiromax® Propionate and Pediatric sNDA for EU Filed Fluticasone submitted Salmeterol RespiClick® for US • Phase 3 program results expected Q4 2015 • Submission Q1 2016
Slide 67: Preliminary look into 2016
67 Preliminary look into 2016 67 Major R&D milestones Clinical results Major submissions Approvals SD-809 (deutetrabenazine) PIII QVAR BAI for Asthma NDA QVAR BAI for Asthma NDA for HD Fluticasone Propionate PIII SD-809 in Tardive Dyskinesia NDA RespiClick for Asthma BLA/MAA Reslizumab (IV) for Asth
Slide 68: Final Remarks
68 68 Final Remarks Erez Vigodman, President & CEO
Slide 69: Until We Meet Again in Q1 2016
69 Until We Meet Again in Q1 2016 69 Execution of FTC and EC Actavis Generics Combined Rimsa deal clearance of Actavis Generics closing Deal closing and company financing Actavis Generics integration guidance acquisition Key Catalysts Key Products & Pipeline Milestones Bendamustine Reslizumab BLA Co
Slide 70: Building a New Future of Growth for Teva
70 Summary 70 We have made Combination of 2016 is an Combined company significant progress organic growth and important year for business outlook in 2015 and are strategic business Teva with the and strategy delivering on our development integration of overview will be promises moves position Actavi
Slide 71: Q&A
71 71 Q&A
Slide 72: Additional Information
72 72 Additional Information
Slide 73: Q3 2015 Non-GAAP Income Data
73 Q3 2015 Non-GAAP Income Data 73 $ million Q3-15 Q3-14 Except EPS Q3 2015 margins Q3 2014* margins Change Revenues 4,823 5,058 (5%) COGS 1,844 38.2% 1,993 39.4% (7%) Gross Profit 2,979 61.8% 3,065 60.6% (3%) R&D 356 7.4% 357 7.1% - S&M 766 15.9% 903 17.9% (15%) G&A 307 6.4% 283 5.6% 8% Operating I
Slide 74: Q3 2015 GAAP Income Data
74 Q3 2015 GAAP Income Data 74 $ million Q3 2015 Q3 2014 Except EPS Q3-15 Margins Q3-14 Margins Change Revenues 4,823 5,058 (5%) COGS 2,052 42.5% 2,249 44.5% (9%) Gross Profit 2,771 57.5% 2,809 55.5% (1%) R&D 361 7.5% 412 8.1% (12%) S&M 780 16.2% 950 18.8% (18%) G&A 316 6.6% 293 5.8% +8% Impairments
Slide 75: YTD 2015 Non-GAAP Income Data
75 YTD 2015 Non-GAAP Income Data 75 $ million YTD 2015 YTD 2014 Except EPS YTD 2015 Margins YTD 2014* Margins Change Revenues 14,771 15,104 -2% COGS 5,610 38.0% 6,122 40.5% -8% Gross Profit 9,161 62.0% 8,982 59.5% 2% R&D 1,041 7.0% 1,048 6.9% -1% S&M 2,520 17.1% 2,777 18.4% -9% G&A 907 6.1% 867 5.7%
Slide 76: YTD 2015 GAAP Income Data
76 YTD 2015 GAAP Income Data 76 $ million YTD 2015 YTD 2014 except EPS YTD-15 Margins YTD-14 Margins Change Revenues 14,771 15,104 (2%) COGS 6,262 42.4% 6,937 45.9% (10%) Gross Profit 8,509 57.6% 8,167 54.1% +4% R&D 1,079 7.3% 1,109 7.3% (3%) S&M 2,562 17.3% 2,855 18.9% (10%) G&A 948 6.4% 897 5.9% +
Slide 77: YTD Revenue Breakdown by Market
77 YTD Revenue Breakdown by Market 77 $ million 15,104 14,771 2,842 - 19% 2,498 - 17% 4,436 - 29% 3,666 - 25% ROW Europe US 8,607 - 58% 7,826 - 52% YTD 2014 YTD 2015
Slide 78: YTD 2015 Revenue Breakdown by Segment
78 YTD 2015 Revenue Breakdown by Segment 78 $ million 15,104 14,771 1,442 - 9% 1,258 - 9% 3,201 - 21% 3,161 - 21% OTC & Other 3,116 - 21% 3,063 - 21% Specialty MS Specialty Generics 7,345 - 49% 7,289 - 49% YTD 2014 YTD 2015
Slide 79: YTD 2015 Profit Breakdown by Segment
79 YTD 2015 Profit Breakdown by Segment 79 $ million 5,157 5,600 3% 3% 21% 17% OTC & Others 45% 42% Specialty MS Specialty Generics 31% 38% YTD 2014 YTD 2015
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