Teva sees FY19 free cash flow $1.6B-$2B
Long-term financial targets include: Operating income margin 27%, cash to earnings greater than 80% and net debt/EBITDA less than 3X. Says committed to utilizing cash to pay down debt. Says does not plan to raise equity. Sees FY19 global copaxone sales about $1.5B, sees continued generic erosion. Sees "significant" ProAir HFA erosion due to introduction of generic Albuterol. Sees continued ramp up of Ajovy sales in the U.S. to about $150M, ramp up of Austedo sales in the U.S. to about $350M. Sees FY19 CapEx at similar level vs. 2018. Sees negative impact from foreign exchange in 2019 of about $0.3B on sales, $0.1B on operating profit vs. 2018. Sees FY19 free cash flow $1.6B-$2B, operating income $3.8B-$4.2B, EBITDA $4.4B-$4.8B. Comments taken from slides being presented on the Q4 earnings conference call.