SEC Comment Letter for TEVA PHARMACEUTICAL INDUSTRIES LTD (TEVA, TEVJF) (CIK 0000818686) (TEVA) — May 24, 2012
TEVA PHARMACEUTICAL INDUSTRIES LTD (TEVA, TEVJF) (CIK 0000818686)
Date: May 24, 2012 · CIK: 0000818686 · Accession: 0000000000-12-027022
AI Filing Summary & Sentiment
Letter
May 24, 2012 Via E -mail Mr. Eyal Desheh Chief Financial Officer Teva Pharmaceutical Industries Limited 5 Basel Street P.O. Box 3190 Petach Tikva 49131, Israel
Re: Teva Pharmaceutical Industries Limited Form 20 -F for Fis cal Year Ended December 31, 2011 Filed February 17 , 2012 File No. 000 -16174
Dear Mr. Desheh :
We have reviewed your April 23, 2012 response to our April 10, 2012 comment letter and have the following comments.
Please respond to this letter within 10 business days by providing the requested information or by advising us when you will provide the requested response. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. Please furnish us a letter on EDGAR under the form type label CORRESP that keys your responses to our comments.
After reviewing the information provided, we may raise additional comments and/or request that you amend your filing.
Item 5: Operating and Financial Review and Prosp ect Results of Operations Research and Development Expenses, page 65 1. Please refer to prior comment three and your response. If you have information for research and development expense by therapeutic class for generic and/or branded research and development expense , please provide us this information for the years ended December 31, 2010 and 2011. If you do not have this information, tell us separate ly for generic and branded research and development expense the therapeutic classes represented in 2010 and 2011 and any classes that you believe qualitatively represent a significant concentration.
Mr. Eyal Desheh Teva Pharmaceutical Industries Limited May 2 4, 2012 Page 2
Supplemental Non -GAAP Income Data , page s 68 through 72 2. Please refer to prior comment five. We acknowledge the explanations in your response. Your disclo sure of non -GAAP measures and reconciliation do not comply with Item 10(e) of Regulation S -K. In this regard , your disclosure uses titles or descriptions of non - GAAP financial measures that are the same as titles or descriptions used for GAAP financial mea sures , the reconciliation s do not provide clear explan ation of each reconciling item for each non -GAAP measure and the reconciliations include items that are not identified as non -GAAP measures on page 69 such as cost of sales , research and development exp enses -net, selling and marketing expenses, general and administrative expenses, legal settlements, acquisition, restructuring and other expenses and impairment, financial expenses - net, provision for income taxes and basic earnings per share attributable t o Teva . Please provide us revised disclosure to be included in future filings that revises the titles you use for non -GAAP measures in the table on page 69 so they are not the same or confusingly similar to the most directly comparable financial measure or measures calculated and presented in accordance with GAAP . Exclude from this presentation net revenues since th is is GAAP measure , as ther e are no reconciling items. Please confirm that you will delete the reconciliations on pages 70, 71 and 72 in future filings. Please provide us reconciliations to be included in future filings for each non- GAAP measure you identify in complying with the first bullet above for each period presented to the most directly comparable financial measure or measures calculated and presented in accordance with GAAP that explains and quantifies each reconciling item . Please confirm that you will conform future non -GAAP disclosures not filed but otherwise made public or furnished to the Commission so as to comply with Regulation G , or tell us how you meet the conditions in section 244.100(c) of Regulation G that would cause Regulation G not to apply to your non -GAAP disclosures . Please contact Frank Wyman, Staff Accountant, at (202) 551 -3660 or Mary Mast , Senior Staff Accountant, at (202) 551 -3613 if you have any questions regarding the comments. In this regard, do not hesitate to contact me at (202) 551 -3679.
Sincerely,
/s/ Jim B. Rosenberg
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May 24, 2012 Via E -mail Mr. Eyal Desheh Chief Financial Officer Teva Pharmaceutical Industries Limited 5 Basel Street P.O. Box 3190 Petach Tikva 49131, Israel Re: Teva Pharmaceutical Industries Limited Form 20 -F for Fis cal Year Ended December 31, 2011 Filed February 17 , 2012 File No. 000 -16174 Dear Mr. Desheh : We have reviewed your April 23, 2012 response to our April 10, 2012 comment letter and have the following comments. Please respond to this letter within 10 business days by providing the requested information or by advising us when you will provide the requested response. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. Please furnish us a letter on EDGAR under the form type label CORRESP that keys your responses to our comments. After reviewing the information provided, we may raise additional comments and/or request that you amend your filing. Item 5: Operating and Financial Review and Prosp ect Results of Operations Research and Development Expenses, page 65 1. Please refer to prior comment three and your response. If you have information for research and development expense by therapeutic class for generic and/or branded research and development expense , please provide us this information for the years ended December 31, 2010 and 2011. If you do not have this information, tell us separate ly for generic and branded research and development expense the therapeutic classes represented in 2010 and 2011 and any classes that you believe qualitatively represent a significant concentration. Mr. Eyal Desheh Teva Pharmaceutical Industries Limited May 2 4, 2012 Page 2 Supplemental Non -GAAP Income Data , page s 68 through 72 2. Please refer to prior comment five. We acknowledge the explanations in your response. Your disclo sure of non -GAAP measures and reconciliation do not comply with Item 10(e) of Regulation S -K. In this regard , your disclosure uses titles or descriptions of non - GAAP financial measures that are the same as titles or descriptions used for GAAP financial mea sures , the reconciliation s do not provide clear explan ation of each reconciling item for each non -GAAP measure and the reconciliations include items that are not identified as non -GAAP measures on page 69 such as cost of sales , research and development exp enses -net, selling and marketing expenses, general and administrative expenses, legal settlements, acquisition, restructuring and other expenses and impairment, financial expenses - net, provision for income taxes and basic earnings per share attributable t o Teva . Please provide us revised disclosure to be included in future filings that revises the titles you use for non -GAAP measures in the table on page 69 so they are not the same or confusingly similar to the most directly comparable financial measure or measures calculated and presented in accordance with GAAP . Exclude from this presentation net revenues since th is is GAAP measure , as ther e are no reconciling items. Please confirm that you will delete the reconciliations on pages 70, 71 and 72 in future filings. Please provide us reconciliations to be included in future filings for each non- GAAP measure you identify in complying with the first bullet above for each period presented to the most directly comparable financial measure or measures calculated and presented in accordance with GAAP that explains and quantifies each reconciling item . Please confirm that you will conform future non -GAAP disclosures not filed but otherwise made public or furnished to the Commission so as to comply with Regulation G , or tell us how you meet the conditions in section 244.100(c) of Regulation G that would cause Regulation G not to apply to your non -GAAP disclosures . Please contact Frank Wyman, Staff Accountant, at (202) 551 -3660 or Mary Mast , Senior Staff Accountant, at (202) 551 -3613 if you have any questions regarding the comments. In this regard, do not hesitate to contact me at (202) 551 -3679. Sincerely, /s/ Jim B. Rosenberg Jim B. Rosenberg Senior Assistant Chief Accountant