Teva Pharmaceutical Industries Limited announced on May 2, 2013 that it would close its Bucks County manufacturing plant in 2017. The plant is on Cathill Road in West Rockhill Township and has a Sellersville address. About 450 people work there, down from 472 as of Dec. 31, 2012. About 40 people were notified in April that they would lose their jobs because of reduced demand for products made at the plant.

Teva Pharmaceutical Industries Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net revenues of $4,901 million compared with $5,102 million for the same period a year ago. Operating income was $874 million compared with $928 million for the same period a year ago. Income before income taxes was $699 million compared with $858 million for the same period a year ago. Net income attributable to Teva was $630 million or $0.74 per diluted share compared with $859 million or $0.97 per diluted share for the same period a year ago. Non-GAAP net income attributable to Teva was $960 million or $1.12 per diluted share compared with $1,300 million or $1.47 per diluted share for the same period a year ago. Net cash provided by operating activities was $1,102 million compared with $756 million for the same period a year ago. Non GAAP operating income was $1,250 million compared with $1,585 million for the same period a year ago. Free cash flow, which excludes net capital expenditures and dividends, was $640 million, a significant increase compared to $414 million in the first quarter of 2012. The increase resulted mainly from higher cash flow generated from operating activities and lower capital expenditures, partially offset by higher dividend payments and lower proceeds from divestitures of certain assets. Purchases of property, plant and equipment was $264 million against $274 million a year ago. Purchases of investments and other assets was $104 million against $8 million a year ago. The decrease in operating income was due primarily to lower revenues, lower gross profit, higher S&M expenses and higher R&D expenses, as well as increased expenses in connection with legal settlements. This decrease was partially offset by lower impairments of long-lived assets, as well as lower G&A expenses. Foreign exchange rate fluctuations had a minimal net negative effect, compared to the first quarter of 2012. The decreases and the overall challenging quarter-over-quarter comparison were largely driven by the anticipated effect of Provigil going off-patent in the second quarter of 2012, coupled with the significant launches the company benefited from in the first quarter of 2012, primarily of the generic version of Zyprexa and agreement with Ranbaxy related to its launch of generic Lipitor. These were partially offset by higher sales of some of the company's other specialty products, strong generic sales in Europe and OTC sales. For the quarter, the company recorded an impairment of long-lived assets was $15 million compared with $87 million for the same period a year ago. The board of directors, at its meeting on April 30, 2013, declared a cash dividend for the first quarter of 2013 of ILS 1.15 (approximately 32 cents according to the rate of exchange on April 30, 2013) per share. The record date will be May 20, 2013, and the payment date will be June 3, 2013. Tax will be withheld at a rate of 15%. The company reiterated earnings guidance for the fiscal year 2013. Looking forward to the rest of 2013, the company is reiterating its guidance for revenues of between $19.5 billion and $20.5 billion and non-GAAP diluted earnings per share of $4.85 to $5.15. The company expects tax rate to go down later in the year, but overall tax rates in 2013 will be higher than in 2012 given the different mix of products and geographies.

Teva Pharmaceutical Industries Limited settled patent dispute with Orchid Chemicals & Pharmaceuticals Limited pertaining to Parkinson's disease drug Azilect (rasagiline mesylate) in the US market. Both the companies have field the patent settlement agreement in the New Jersey federal court wherein all claims and counterclaims between the two drugmakers were dismissed. It is not clear if Teva has entered into similar settlement pacts on the same drug with other generic firms that include Mylan Inc, Watson Pharmaceuticals and Apotex Inc, against whom it had filed patent infringement lawsuits earlier. Following the patent infringement suits filed by Teva, the US Food and Drug Administration (FDA) had stayed grant of approvals to the generic companies that filed abbreviated new drug applications with it seeking to launch copycat versions of the drug in the US market. Teva had reported $420 million (INR 22,54 million) in 2012 from sale of Azilect, whose patent is valid until 2017. In 1995, the US FDA had granted patents to the innovators of drug and Teva owns the rights to drug under the agreement it had with the drug developer Technion Israel Institute of Technology.