Teva Pharmaceutical Industries Limited (NYSE:TEVA) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 03, 2018 • 08:00 am ET


Teva Pharmaceutical Industries Limited (NYSE:TEVA) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Ladies and gentlemen, thanks for standing by and welcome to the to the first quarter 2018 financial results have assembled participants are in a listen only mode. There will be a presentation followed by a question and answer session. [operator instructions] must also be the coolest being recorded today. Tuesday the fifth of may 2018. With no antenna conference over to your first speaker today, Kevin Mannix, Senior[phonetic] Vice President of investor relations. Please go ahead, sir.

Unidentified Speaker

Thank you, Steve. And thank you everyone for joining us today to discuss Tesla's first quarter 2018 financial results. Earlier this morning, we issued our press release detailing our results for the quarter and year. A copy of the press release as well as a copy of the slides being presented on this call can be found on our website at www.tevapharmaceutical as well as on our tablet Investor Relations app.

Our discussion today includes certain non GAAP measures as defined by the SEC, management uses both GAAP financial measures and the disclosed non GAAP financial measures internally to evaluate and manage the company's operations to better understand its business. Further management believes the inclusion of non- GAAP financial measures provides meaningful supplementary information to and facilitates analysis by investors in evaluating the company's financial performance, results of operations and trends. reconciliation of GAAP and on GAAP measures are available in our earnings release. And in today's presentation.

Today, Kaushal [phonetic]our chief executive officer will open the call with some remarks on our results, recent events and outlook for 2018. Mike McClellan[phonetic], our chief financial officer will review the first quarter financial results in more detail and discuss additional assumptions around our 2018 outlook.

I'd also like to note that on the call with us and available during the Q&A [phonetic]is Brendan O'Grady tevis, head of North America commercial. And with that, I'll now turn the call over to Corey If you would please. Good morning, or good afternoon to all you and thanks for calling in. We had a strong start to 2018, the sales in the first quarter came out about $5,000[phonetic] billion US. And you will have seen that our share also came out strong.

So the GAAP ups came out at $1 and three cents. And the non GAAP ups came out at 0.94. The free cash flow was also strong at 1.9 billion US dollars. And of course, there were several factors influencing this. One of the factors was affected our restructuring program is on schedule is doing very nice. I'll get back some more details about that. It's of course also important that our generic business in the group is in a good balance.

What I mean by that is that the show will know there will be products that are dropping off at the end of the life cycle in generics and where prices are coming down. And then there'll be products that you're launching and that are coming in at Healthy profitability in the beginning of