Teva board authorizes $1 billion share repurchase program

Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) announced today that its Board of Directors has authorized the Company to repurchase (including through one or more subsidiaries) up to an aggregate of $1 billion of its ordinary shares/ADRs over the next 12 months.

The Company remains committed to executing its long-term strategic plan, including future acquisitions and expansion of its generic and branded R&D programs, and to achieving the revenue and non-GAAP net income targets presented in January 2010 of $31 billion and $6.8 billion by 2015, respectively. Given the Company's strong cash generation and cash position, the Board believes that the repurchase program can be carried out without limiting the Company's ability to execute this plan fully or to meet its other capital requirements.

The timing of any repurchases and the exact number of shares to be purchased will depend on a variety of factors, including share price and other market conditions, as well as corporate and regulatory requirements. Repurchases will be made using the Company's internal cash resources and may be commenced or suspended at any time or from time to time. Repurchases may be made from time to time at prices prevailing in the open market or in privately negotiated transactions.