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Tepid new product sales in 2016 behind Teva's $1B cut in 2017 sales guidance

  • Last week, Teva Pharmaceutical Industries (NYSE:TEVA) cut its 2017 sales guidance by $1B. The new range is $23.8B - 24.5B compared to $25.2B - 26.2B that was released in July 2016. The downward revision was due to much lower new product sales in 2016 ($140M) than expected ($600M) that will carry over into this year.
  • At JPM17, CEO Erez Vigodman explained the situation and promised "to do everything in our power to make sure that something like that does not happen again."
  • There has been some fallout with analyts. Wells Fargo and Maxim Group recently downgraded the stock to Neutral, but four other shops that recently updated coverage rate it a Buy. Price targets range from $36 - 80.
  • Source: FiercePharma
  • #JPM17

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