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News Breaks
November 30, 2012
10:35 EDTTEVATeva sees 2013 EPS, sales below estimates but long-term cost savings
Teva Pharmaceutical (TEVA) this morning said its FY13 adjusted EPS and net revenue would miss analysts' estimates. For the year, the company is guiding adjusted EPS $4.85-$5.15, well below the consensus of $5.65, on total net revenue $19.5B-$20.5B, also below the consensus of $20.82B. By region, the company forecast U.S. net revenue $10B-$10.6B and Europe revenue $5.5B-$6.1B. Additionally, Teva guided generic medicines net revenue of $10.3B-$10.7B and branded medicines net revenue $7.6B-$8B, including $3.7B-$3.9B in global net revenue for Copaxone and $600M-$700M in global net revenue for Treanda. Teva also provided guidance for FY13 free cash flow of $2.5B-$2.8B, cash flow from operations of $4.5B-$4.8B and adjusted gross profit margin of 59%-61%. On its conference call discussing the 2013 outlook, CFO Eyal Desheh said the company's planned reshaping is expected to yield significant cost savings of $1.5B-$2B over the next five years, and noted that the company will discontinue some legacy R&D programs. The executive also said that Teva is taking a "careful approach" to its Copaxone forecast, guiding for a slight y/y decrease in Copaxone sales. Desheh said the company is looking at the dividend policy on a regular basis with the board, and remains committed to dividends. The company said it is not currently contemplating large acquisitions. Teva CEO Jeremy Levin said that "Going forward you will find that Teva looks like a very different company from the Teva of the past." Following the 2013 guidance and conference call, Teva was positively mentioned at Deutsche Bank. Teva is trading up 50c, or 1.24%, to $40.72 in mid-morning trading.
News For TEVA From The Last 14 Days
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April 16, 2014
10:00 EDTTEVAOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A10 Networks (ATEN) initiated with a Buy at BofA/Merrill... Actavis (ACT) initiated with a Buy at Sterne Agee... Allergan (AGN) initiated with a Buy at Sterne Agee... Autohome (ATHM) initiated with a Neutral at Credit Suisse... BitAuto (BITA) initiated with an Outperform at Credit Suisse... Centene (CNC) initiated with a Neutral at UBS... Endo International (ENDP) initiated with a Buy at Sterne Agee... FS Investment (FSIC) initiated with an Overweight at Evercore... Hertz (HTZ) initiated with a Buy at Gabelli... Hilton (HLT) initiated with a Hold at Jefferies... Hospira (HSP) initiated with a Neutral at Sterne Agee... ImmunoGen (IMGN) initiated with a Buy at Canaccord... Impax (IPXL) initiated with a Neutral at Sterne Agee... Imperva (IMPV) assumed with a Neutral at Wedbush... Ingredion (INGR) initiated with an Outperform at Credit Suisse... Laredo Petroleum (LPI) initiated with an Outperform at RW Baird... Lpath (LPTN) initiated with a Buy at Canaccord... MediWound (MDWD) initiated with an Outperform at Oppenheimer... Medivation (MDVN) initiated with a Hold at Canaccord... NPS Pharmaceuticals (NPSP) assumed with a Buy at Canaccord... Nimble Storage (NMBL) initiated with a Market Perform at Raymond James... Regeneron (REGN) initiated with a Buy at Canaccord... Salix (SLXP) initiated with a Buy at Sterne Agee... Sibanye Gold (SBGL) initiated with an Outperform at Imperial Capital... Teva (TEVA) initiated with a Neutral at Sterne Agee... Wipro (WIT) assumed with a Hold at Jefferies.
07:00 EDTTEVATeva initiated with a Neutral at Sterne Agee
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April 15, 2014
12:26 EDTTEVATeva announces launch of generic Lunesta tablets in U.S.
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April 8, 2014
08:46 EDTTEVATeva announces first approval, launch of generic Lovaza capsules in the U.S.
Teva (TEVA) announces the approval of the generic equivalent to Lovaza in the United States. Teva believes it is first-to-file and thus far is the only company to receive an approval from FDA. Teva plans to commence shipping immediately. Lovaza Capsules, marketed by GlaxoSmithKline (GSK), had annual sales of approximately $1.1B in the United States, according to IMS data as of December 2013.
April 7, 2014
14:09 EDTTEVASun Pharmaceutical agrees to acquire generic drugmaker Ranbaxy
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April 4, 2014
10:45 EDTTEVAMylan rises despite Meda rejecting takeover offer
Mylan (MYL) shares are higher this morning following a Financial Times report of its desire to buy Swedish rival Meda. Subsequent to the story being published, Meda confirmed it had been in talks with Mylan but rejected the company's takeover offer. WHAT'S NEW: The Financial Times reported that Mylan was considering buying Meda, a Swedish drugmaker, in a deal that would create a $23B+ pharmaceuticals business. Mylan reportedly hired advisers to put a deal together for Meda, and though the value of a deal was not noted, sources said Mylan was likely to pay a "significant" premium to Meda's market value, which was $4.5B at the end of trading on Thursday. Mylan's market value currently stands at $18.5B. A combination of the drugmakers would create a company with annual revenues of around $9B, the FT said, noting that would be half the size of generic drug rival Teva (TEVA). WHAT'S NOTABLE: Meda's board of directors confirmed that it was contacted by Mylan regarding a proposal to merge the companies, but the board decided to reject the proposal. Meda said all discussions between the company and Mylan have been terminated "without further actions." ANALYST REACTION: Citigroup upgraded Mylan to Buy from Neutral and raised its price target on the stock to $61 from $52 this morning. The firm cited potential operational and tax benefits from an acquisition of Meda, stating that in addition to expanding Mylan's geographic presence, the deal would increase its presence in specialty, OTC and branded generics. OTHER NEWS: Mylan sued Celgene (CELG) to block that company's efforts to keep generic versions of Revlimid and Thalomid off the market, Reuters reported. PRICE ACTION: Mylan shares are up $2.98, or 5.98%, to $52.84 in mid-morning trading.
April 3, 2014
14:30 EDTTEVAMylan says USPTO rejects Teva '808 patent reissue application on Copaxone
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14:28 EDTTEVAMylan says USPTO rejects Teva '808 patent reissue application on Copaxone
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