Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Teva Pharmaceutical Industries : FDA approves a generic version of Teva Pharmaceutical's best-selling drug; company shares tumble

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/04/2017 | 07:26pm CEST

Oct. 04--Teva Pharmaceutical Industries, grappling with a tough pricing environment for its generics business and planned layoffs of 7,000 employees worldwide, received a major blow Wednesday.

The Food and Drug Administration approved rival Mylan Labs' generic version of Teva's best-selling multiple sclerosis drug.

Teva is the world's largest maker of generic pharmaceuticals, but its branded medicine Copaxone is the company's best seller with global sales of $1.02 billion in the second quarter.

Mylan shares soared nearly 20 percent while Teva's stock fell more than 14 percent Wednesday morning.

"Lightning has struck," pharmaceutical analyst Ken Cacciatore of Cowen & Co. wrote in a client note. "Mylan has achieved what it had been unable to do over the last seven years, which was garner an approval for Copaxone."

Mylan said in a statement that shipping was imminent for its generic Glatiramer Acetate 40-milligram three times a week injection and its 20-milligram once injection.

Multiple sclerosis is a chronic disease of the central nervous system and affects an estimated 400,000 Americans.

The approvals "mark another significant milestone for our company," said Mylan CEO Heather Bresch in a news release, "and reinforces our proven capabilities in bringing complex and difficult to manufacture products to market."

Teva responded that "any launch by Mylan of a generic version of Copaxone 40-milligram prior to final resolution of the pending patent appeals and other patent litigation should be considered an 'at-risk' launch, which could subject Mylan to significant damages among other remedies."

Teva's interim president and CEO Yitzhak Peterburg said Teva has planned for the eventual introduction of a generic competitor.

"We remain confident in patient and physician loyalty to Teva's Copaxone due to its recognized efficacy, safety, and tolerability profile," he said, "and we will continue to promote and support the product." Teva said it was "too soon to officially comment on any change to our full-year business outlook."

Israel-based Teva's North America headquarters are in North Wales, Montgomery County. Teva employs more than 2,000 at five locations in Pennsylvania.

Mylan Labs is based in Canonsburg, Pa. The FDA said on Monday that it planned to introduce new measures to speed up bringing generic versions of complex drugs to market, as the government agency tries to deal with the rising cost of prescription medicines in the United States.

In a statement, Teva said it has two appeals that will be argued before a panel of judges on the U.S. Court of Appeals for the Federal Circuit. Teva said its early assessment of generic glatiramer acetate product launches is that its shares could be impacted "by at least 25 cents a share in the fourth quarter ending Dec. 31." Teva said it will provide additional details on its third-quarter earnings conference call on Nov. 2.

In a client note, Cacciatore said, "the approval of Mylan's 20 and 40- milligram Copaxone is the long-feared scenario that has now come true." At the same time, another drug maker Momenta/Sandoz is seeking approval of its 40 milligram generic version of Copaxone. "It will also eventually come, whether later next year or in early 2019," the analyst wrote.

Teva last month named a permanent CEO, Kare Schultz of Denmark's Lundbeck A/S, who was hired to engineer a turnaround as Teva grapples with a tough generic pricing environment.

Teva earlier announced a restructuring after Teva spent $40.5 billion in 2015 to buy out Allergan's generic business that has proven to be a drag on earnings.

___

(c)2017 Philly.com

Visit Philly.com at www.philly.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TEVA PHARMACEUTICAL INDUST
10/16 TEVA PHARMACEUTICAL INDUSTRIES : "Teva unlikely to remain priced below Mylan"
10/16 TEVA PHARMACEUTICAL INDUSTRIES LIMIT : Khang & Khang LLP Announces Securities Cl..
10/16 TEVA PHARMACEUTICAL INDUSTRIES LIMIT : Levi & Korsinsky, LLP Reminds Shareholder..
10/14 DEADLINE ALERT : Brower Piven Reminds Shareholders of Approaching Deadline in Cl..
10/14 TEVA PHARMACEUTICAL INDUSTRIES LIMIT : SHAREHOLDER REMINDER: Lundin Law PC Annou..
10/13 Antares Pharma Provides XYOSTED Regulatory Update
10/12 TEVA PHARMACEUTICAL INDUSTRIES LIMIT : LEAD PLAINTIFF DEADLINE ALERT: Faruqi & F..
10/12 TEVA PHARMACEUTICAL INDUSTRIES : to Report Third Quarter 2017 Financial Results ..
10/11 TEVA PHARMACEUTICAL INDUSTRIES LIMIT : Khang & Khang LLP Announces Securities Cl..
10/11 Law Offices of Howard G. Smith Announces the Filing of a Securities Class Act..
More news
News from SeekingAlpha
10/16 TEVA'S ONGOING COMPLICATIONS : Psychology And Generic Drugs
10/16 U.S. court invalidates Allergan's Restasis patents; shares down 5%
10/16 SANOFI : Upward Trajectory In 2017
10/16 Mylan Calls Allergan's Mohawk Deal A 'Sham'
10/16 TEVA : The Market Underreacted On Copaxone News, But The Stock Is Just So Cheap
Financials ($)
Sales 2017 22 644 M
EBIT 2017 6 282 M
Net income 2017 -
Debt 2017 34 451 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 2,20x
EV / Sales 2018 2,09x
Capitalization 15 383 M
Chart TEVA PHARMACEUTICAL INDUST
Duration : Period :
Teva Pharmaceutical Indust Technical Analysis Chart | TEVA | IL0006290147 | 4-Traders
Technical analysis trends TEVA PHARMACEUTICAL INDUST
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 28,0 $
Spread / Average Target 85%
Managers
NameTitle
Kåre Schultz President & Chief Executive Officer
Sol J. Barer Chairman
Carlo de Notaristefani President & CEO-Global Operations
Michael McClellan Chief Financial Officer
Michael R. Hayden Chief Scientific Officer
Sector and Competitors
1st jan.Capitalization (M$)
TEVA PHARMACEUTICAL INDUSTRIES LIMITED-59.72%16 100
JOHNSON & JOHNSON18.42%366 178
NOVARTIS13.23%225 160
ROCHE HOLDING LTD.5.20%216 764
PFIZER11.88%216 409
MERCK AND COMPANY7.68%172 887