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4-Traders Homepage  >  Equities  >  TEL AVIV STOCK EXCHANGE  >  Teva Pharmaceutical Industries Limited    TEVA   IL0006290147

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Teva Pharmaceutical Industries : EU regulators charge Teva over pay-for-delay drug deal

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07/17/2017 | 01:36pm CEST
A building belonging to Teva Pharmaceutical Industries, the world's biggest generic drugmaker and Israel's largest company, is seen in Jerusalem

EU antitrust regulators charged Israeli drugmaker Teva (>> Teva Pharmaceutical Industries Limited) on Monday with doing an illegal deal with Cephalon to delay selling a cheaper generic version of the latter's sleep disorder drug, putting it at risk of a fine.

EU antitrust regulators charged Israeli drugmaker Teva (>> Teva Pharmaceutical Industries Limited) <TEVA.N> on Monday with doing an illegal deal with Cephalon to delay selling a cheaper generic version of the latter's sleep disorder drug, putting it at risk of a fine.

The crackdown by the European Commission follows fines against scores of companies including Denmark's Lundbeck, U.S. giant Johnson & Johnson and France's Servier in recent years over similar deals.

The EU competition enforcer's 2009 inquiry into the sector showed that so-called pay-for-delay deals cost European consumers billions of euros.

Teva, the world's biggest generic drugmaker, reached the deal with Cephalon as part of a settlement to end a lawsuit over alleged infringement of Cephalon's patents on the blockbuster drug. This involved cash payments from Cephalon, which Teva later acquired in 2011.

The Commission said the deal may have pushed up prices of the drug, modafinil.

"The patent settlement agreement between Cephalon and Teva may have caused substantial harm to EU patients and health service budgets," the EU competition enforcer said in a statement.

Teva said it strongly disagreed with the Commission's analysis on such deals.

"We do not believe that Cephalon and Teva entered into any anti-competitive behavior," the company said.

Teva, which can ask for a closed-door hearing to defend its case, can be fined up to 10 percent of its global turnover if found guilty of breaching EU antitrust rules. The company made $21.9 billion of revenue in 2016.

It was fined 15.6 million euros ($17.9 million) in 2014 for an illegal deal with Servier.

The Commission in May sent a warning shot to the sector by opening an investigation into alleged excessive pricing by South Africa's Aspen Pharmacare (>> Aspen Pharmacare Holdings Limited) for five cancer medicines.

(Reporting by Foo Yun Chee; Additional reporting by Ari Rabinovitch in Jerusalem; Editing by Philip Blenkinsop and Mark Potter)

By Foo Yun Chee

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Financials ($)
Sales 2017 23 489 M
EBIT 2017 7 190 M
Net income 2017 4 011 M
Debt 2017 25 854 M
Yield 2017 3,68%
P/E ratio 2017 8,29
P/E ratio 2018 8,03
EV / Sales 2017 2,51x
EV / Sales 2018 2,35x
Capitalization 33 214 M
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 37,5 $
Spread / Average Target 15%
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Managers
NameTitle
Yitzhak Peterburg President & Chief Executive Officer
Sol J. Barer Chairman
Carlo de Notaristefani President & CEO-Global Operations
Michael R. Hayden President-Global Research & Development
Roger Abravanel Independent Director
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