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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Data (Unaudited)
 
NOTE 22—Quarterly financial data (Unaudited):
As discussed in note 1b, the Company identified errors in a single contingent consideration liability and related expenses in connection with estimated future royalty payments, along with corresponding deferred tax adjustments, and determined that certain line items in connection with the Company’s unaudited quarterly financial data for 2023 and 2022 needed to be revised. The following tables, which present unaudited quarterly financial data for 2023 and 2022, reflect such revision:
 
 
  
Three months ended
 
 
  
December 31,
2023
 
  
September 30,
2023
 
  
June 30,
2023
 
 
March 31,
2023
 
 
  
U.S $ in millions (except per share amounts)
 
Net revenues
  
$
4,457
 
  
 
3,850
 
  
 
3,878
 
 
 
3,661
 
Gross profit
  
 
2,416
 
  
 
1,851
 
  
 
1,796
 
 
 
1,582
 
Net income (loss)*
  
 
465
 
  
 
78
 
  
 
(905
) 
 
 
(253
) 
Net income (loss) attributable to Teva*
  
 
461
 
  
 
70
 
  
 
(871
) 
 
 
(220
) 
Earnings (loss) per share attributable to ordinary shareholders:
  
  
  
 
Basic*
  
$
0.41
 
  
 
0.06
 
  
 
(0.78
) 
 
 
(0.20
) 
Diluted*
  
$
0.41
 
  
 
0.06
 
  
 
(0.78
) 
 
 
(0.20
) 
 
 
  
Three months ended
 
 
  
December 31,
2022
 
 
September 30,
2022
 
  
June 30,
2022
 
 
March 31,
2022
 
 
  
U.S $ in millions (except per share amounts)
 
Net revenues
  
$
3,884
 
 
 
3,595
 
  
 
3,786
 
 
 
3,661
 
Gross profit
  
 
1,770
 
 
 
1,669
 
  
 
1,794
 
 
 
1,740
 
Net income (loss)*
  
 
(1,333
) 
 
 
63
 
  
 
(278
) 
 
 
(952
) 
Net income (loss) attributable to Teva*
  
 
(1,301
) 
 
 
61
 
  
 
(251
) 
 
 
(955
) 
Earnings (loss) per share attributable to ordinary shareholders:
  
 
  
 
Basic*
  
$
(1.17
) 
 
 
0.05
 
  
 
(0.23
) 
 
 
(0.86
) 
Diluted*
  
$
(1.17
) 
 
 
0.05
 
  
 
(0.23
) 
 
 
(0.86
) 
 
*
The data presented for the above quarterly periods (except for the three months ended March 31, 2022 and the three months ended December 31, 2023) have been revised to reflect a revision of the line items in the consolidated financial statements. See tables below and note 1b.
 
The tables below present the impact of the revision on the line items within the Company’s unaudited quarterly financial data for 2023 and 2022:
Consolidated Statements of Income (loss)
 
 
 
Three months ended
 
 
 
September 30, 2023
 
 
June 30, 2023
 
 
March 31, 2023
 
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
 
U.S $ in millions (except per share amounts)
 
Other asset impairments, restructuring and other items
 
$
46
 
 
 
11
 
 
 
57
 
 
$
100
 
 
 
8
 
 
 
108
 
 
$
96
 
 
 
15
 
 
 
110
 
Operating income (loss)
 
 
355
 
 
 
(11
) 
 
 
344
 
 
 
(646
) 
 
 
(8
) 
 
 
(654
) 
 
 
2
 
 
 
(15
) 
 
 
(13
) 
Income (loss) before income taxes
 
 
75
 
 
 
(11
) 
 
 
64
 
 
 
(914
) 
 
 
(8
) 
 
 
(923
) 
 
 
(258
) 
 
 
(15
) 
 
 
(272
) 
Income taxes (benefit)
 
 
(12
) 
 
 
§
 
 
 
(12
) 
 
 
(16
) 
 
 
§
 
 
 
(16
) 
 
 
(19
) 
 
 
§
 
 
 
(19
) 
Net income (loss)
 
 
88
 
 
 
(11
) 
 
 
78
 
 
 
(898
) 
 
 
(8
) 
 
 
(905
) 
 
 
(238
) 
 
 
(15
) 
 
 
(253
) 
Net income (loss) attributable to Teva
 
 
80
 
 
 
(11
) 
 
 
70
 
 
 
(863
) 
 
 
(8
) 
 
 
(871
) 
 
 
(205
) 
 
 
(15
) 
 
 
(220
) 
Earnings per share attributable to ordinary shareholders:
 
 
 
 
 
 
 
 
 
Basic
 
$
0.07
 
 
 
(0.01
) 
 
 
0.06
 
 
$
(0.77
) 
 
 
(0.01
) 
 
 
(0.78
) 
 
$
(0.18
) 
 
 
(0.02
) 
 
 
(0.20
) 
Diluted
 
$
0.07
 
 
 
(0.01
) 
 
 
0.06
 
 
$
(0.77
) 
 
 
(0.01
) 
 
 
(0.78
) 
 
$
(0.18
) 
 
 
(0.02
) 
 
 
(0.20
) 

§ Represents an amount less than $0.5 million.
 
 
 
Three months ended
 
 
 
December 31, 2022
 
 
September 30, 2022
 
 
June 30, 2022
 
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
 
U.S $ in millions (except per share amounts)
 
Other asset impairments, restructuring and other items
 
$
132
 
 
 
85
 
 
 
217
 
 
$
36
 
 
 
(5
) 
 
 
31
 
 
$
118
 
 
 
18
 
 
 
137
 
Operating income (loss)
 
 
(855
) 
 
 
(85
) 
 
 
(940
) 
 
 
419
 
 
 
5
 
 
 
424
 
 
 
(949
) 
 
 
(18
) 
 
 
(967
) 
Income (loss) before income taxes
 
 
(1,100
) 
 
 
(85
) 
 
 
(1,185
) 
 
 
166
 
 
 
5
 
 
 
171
 
 
 
(1,160
) 
 
 
(18
) 
 
 
(1,178
) 
Income taxes (benefit)
 
 
154
 
 
 
(5
) 
 
 
149
 
 
 
107
 
 
 
§
 
 
 
107
 
 
 
(900
) 
 
 
§
 
 
 
(900
) 
Net income (loss)
 
 
(1,254
) 
 
 
(80
) 
 
 
(1,333
) 
 
 
58
 
 
 
5
 
 
 
63
 
 
 
(259
) 
 
 
(18
) 
 
 
(278
) 
Net income (loss) attributable to Teva
 
 
(1,221
) 
 
 
(80
) 
 
 
(1,301
) 
 
 
56
 
 
 
5
 
 
 
61
 
 
 
(232
) 
 
 
(18
) 
 
 
(251
) 
Basic
 
$
(1.10
) 
 
 
(0.07
) 
 
 
(1.17
) 
 
$
0.05
 
 
 
— 
 
 
 
0.05
 
 
$
(0.21
) 
 
 
(0.02
) 
 
 
(0.23
) 
Diluted
 
$
(1.10
) 
 
 
(0.07
) 
 
 
(1.17
) 
 
$
0.05
 
 
 
— 
 
 
 
0.05
 
 
$
(0.21
) 
 
 
(0.02
) 
 
 
(0.23
) 
 
§ Represents an amount less than $0.5 million.
Consolidated Balance Sheets
 
 
 
September 30, 2023
 
 
June 30, 2023
 
 
March 31, 2023
 
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
 
U.S $ in millions (except per share amounts)
 
Deferred income taxes
 
$
1,748
 
 
 
7
 
 
 
1,755
 
 
$
1,578
 
 
 
5
 
 
 
1,583
 
 
$
1,572
 
 
 
5
 
 
 
1,577
 
Total assets
 
 
42,088
 
 
 
7
 
 
 
42,095
 
 
 
43,095
 
 
 
5
 
 
 
43,100
 
 
 
43,456
 
 
 
5
 
 
 
43,461
 
Other taxes and long-term liabilities
 
 
3,818
 
 
 
132
 
 
 
3,950
 
 
 
3,973
 
 
 
121
 
 
 
4,094
 
 
 
3,869
 
 
 
113
 
 
 
3,982
 
Total long-term liabilities
 
 
23,182
 
 
 
132
 
 
 
23,314
 
 
 
23,543
 
 
 
121
 
 
 
23,664
 
 
 
24,433
 
 
 
113
 
 
 
24,546
 
Total liabilities
 
 
34,576
 
 
 
132
 
 
 
34,708
 
 
 
35,387
 
 
 
121
 
 
 
35,508
 
 
 
34,844
 
 
 
113
 
 
 
34,957
 
Teva shareholders’ equity:
 
 
 
 
 
 
 
 
 
Accumulated deficit
 
 
(13,870
) 
 
 
(125
) 
 
 
(13,995
) 
 
 
(13,950
) 
 
 
(116
) 
 
 
(14,066
) 
 
 
(13,086
) 
 
 
(108
) 
 
 
(13,194
) 
Total equity
 
 
7,512
 
 
 
(125
) 
 
 
7,387
 
 
 
7,708
 
 
 
(116
) 
 
 
7,592
 
 
 
8,612
 
 
 
(108
) 
 
 
8,504
 
Total liabilities and equity
 
$
42,088
 
 
 
7
 
 
 
42,095
 
 
$
43,095
 
 
 
5
 
 
 
43,100
 
 
$
43,456
 
 
 
5
 
 
 
43,461
 
 
 
 
December 31, 2022
 
 
September 30, 2022
 
 
June 30, 2022
 
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
As
previously
reported
 
 
Adjustment
 
 
As
revised
 
 
 
U.S $ in millions (except per share amounts)
 
Deferred income taxes
 
$
1,453
 
 
 
5
 
 
 
1,458
 
 
$
1,546
 
 
 
§
 
 
 
1,546
 
 
$
1,595
 
 
 
§
 
 
 
1,595
 
Total assets
 
 
44,006
 
 
 
5
 
 
 
44,011
 
 
 
44,252
 
 
 
§
 
 
 
44,252
 
 
 
45,932
 
 
 
§
 
 
 
45,932
 
Other taxes and long-term liabilities
 
 
3,847
 
 
 
98
 
 
 
3,945
 
 
 
3,846
 
 
 
13
 
 
 
3,859
 
 
 
3,842
 
 
 
18
 
 
 
3,860
 
Total long-term liabilities
 
 
23,846
 
 
 
98
 
 
 
23,944
 
 
 
23,200
 
 
 
13
 
 
 
23,213
 
 
 
25,107
 
 
 
18
 
 
 
25,125
 
Total liabilities
 
 
35,315
 
 
 
98
 
 
 
35,413
 
 
 
34,734
 
 
 
13
 
 
 
34,747
 
 
 
36,103
 
 
 
18
 
 
 
36,121
 
Accumulated deficit
 
 
(12,882
) 
 
 
(93
) 
 
 
(12,975
) 
 
 
(11,660
) 
 
 
(13
) 
 
 
(11,673
) 
 
 
(11,716
) 
 
 
(18
) 
 
 
(11,734
) 
Total equity
 
 
8,691
 
 
 
(93
) 
 
 
8,598
 
 
 
9,519
 
 
 
(13
) 
 
 
9,506
 
 
 
9,828
 
 
 
(18
) 
 
 
9,810
 
Total liabilities and equity
 
$
44,006
 
 
 
5
 
 
 
44,011
 
 
$
44,252
 
 
 
— 
 
 
 
44,252
 
 
$
45,932
 
 
 
— 
 
 
 
45,932
 
 
§ Represents an amount less than $0.5 million.