Teva Pharmaceutical: Bold Markets, Bold Moves
Jenks Jumps • 22 Comments
Jenks Jumps • 22 Comments
TEVA: Copaxone Patent Expiry Worries Are Overblown
Alpha Gen Capital • 10 Comments
Alpha Gen Capital • 10 Comments
The NuPathe Contingent Value Right: Paying 25 Cents For A Dollar
Ruerd Heeg • 31 Comments
Ruerd Heeg • 31 Comments
Yesterday, 8:40 AM
- Johnson & Johnson (NYSE:JNJ) upgraded to Buy from Hold by Argus Research. Price target raised to $145 (16% upside) from $130.
- Humana (NYSE:HUM) upgraded to Buy from Hold by Jefferies. Price target raised to $210 (22% upside) from $199.
- Teva Pharmaceutical Industries (NYSE:TEVA) upgraded to Buy from Hold by HSBC. Price target raised to $65 (19% upside) from $61.
- Relypsa (NASDAQ:RLYP) downgraded to Neutral from Buy by Citigroup. Price target raised to $32 (0% upside) from $25.
- Evoke Pharma (NASDAQ:EVOK) downgraded to Hold from Buy by Noble Financial. Downgraded to Hold from Buy by Brean Capital. Downgraded to Neutral from Buy by Rodman & Renshaw.
- Merck (NYSE:MRK) downgraded to Market Perform from Outperform with a $62 (5% upside) price target by BMO Capital.
- St. Jude Medial (NYSE:STJ) downgraded to Neutral from Outperform by Wedbush. Price target raised to $84 (3% upside) from $70.
- Teva Pharmaceutical Industries (TEVA) downgraded to Neutral from Buy by Goldman Sachs. Price target lowered to $60 (10% upside) from $70.
Yesterday, 7:30 AM
- A New Jersey district court issues a Markman ruling favoring VIVUS (NASDAQ:VVUS) related to its Qsymia (phentermine and topiramate extended-release) patent infringement litigation against potential generic competitors Actavis (NYSE:AGN) and Teva Pharmaceutical Industries (NYSE:TEVA).
- In a Markman ruling, also known as a claim construction ruling, the court determines the meaning of disputed patent claims at issue in the litigation. In this case, the judge adopted VIVUS' proposed constructions for nine of the 10 patents in dispute. A compromise construction was adopted for the remaining one. The last of VIVUS' patents expires in 2029.
- The next phase with Actavis will be expert discovery. The Teva case remains in fact discovery. No trial date has been set.
- Qsymia, approved by the FDA in July 2012, is indicated as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in obese adults.
Thu, Jul. 21, 6:49 AM
- Teva Pharmaceutical Industries (NYSE:TEVA) prices a €4B offering of senior notes. The three tranches are:
- €1.75B of 0.375% fixed rate senior notes due 2020: 99.644%.
- €1.50B of 1.125% fixed rate senior notes due 2024: 99.231%.
- €0.75B of 1.625% fixed rate senior notes due 2028: 98.898%.
- Net proceeds of ~$3.96B will help fund its acquisition of Actavis Generics.
Tue, Jul. 19, 3:28 AM
- Teva Pharmaceutical (NYSE:TEVA) has successfully priced a debt offering for $15B worth of senior notes, maturing between 2018 and 2046, to help fund its acquisition of Allergan's (NYSE:AGN) generic drug business.
- "The strength of the demand, which was multiple times the size of the offering, and the attractive prices, are a testament to Teva's financial strength and strong reputation with investors," declared CFO Eyal Desheh.
Thu, Jul. 14, 6:43 AM
- Teva Pharmaceutical (NYSE:TEVA) will raise between $20B-$25B next week to finance its acquisition of Allergan's (NYSE:AGN) generics business, Globes reports.
- The bond offering is aimed at foreign investors.
- Teva in October said it would sell $22B of bonds, mostly dollars but also euro and pounds, in a number of markets to help fund the deal.
Wed, Jul. 13, 9:11 AM
- Teva's (NYSE:TEVA) corporate presentation this morning has perked up investors. Shares are up 3% premarket on robust volume.
- CEO Erez Vigodman said that there are no more hurdles standing in the way of is acquisition of Actavis Generics (NYSE:AGN). The OK by the SEC is apparently imminent.
- In this morning's call, Mr. Vigodman highlighted the benefits of the transaction, including an expected $1.4B in cost synergies and tax savings by the end of 2019. Other pluses by the end of 2019 are: accretion in non-GAAP EPS of 19%, more than $25B in cumulative free cash flow and a return on invested capital of 9.3%.
- Revenue is expected to increase from 19.7B in 2015 to $26.7B - 27.8B in 2019 (9% CAGR based on the midpoint). EBITDA should grow from 6.6B to $10.7B - 11.5B (14% CAGR). Net income is also expected to deliver a CAGR of 14%($5.42B to $7.5B - 8.1B). CAGR of free cash flow is expected to be 11% ($4.9B to $7.2B - 7.8B).
- Based on recent amendments with Allergan, Teva's net cost of the deal has dropped from $40.1B to $35.1B, reducing its net financing needs to $23B from $27B. It net debt at closing will be $34B instead of $38B. Based on expected free cash flow, Teva sees its net debt dropping to $12.7B by the end of 2019.
- In terms of FY2016 andFY2017, Actavis Generics' contribution to Net Income should be $1.8B and $1.9B, respectively.
- Q2 2016 outlook: non-GAAP EPS of $1.19 - 1.22 on revenues of $4.9B - 5.0B. for 2016: non-GAAP EPS of $5.20 - 5.40 on revenues of $$22.0B - 22.5B.
- 2019 outlook for operating income is $10.0B - 10.8B and CF Ops $8.0B - 8.8B.
Wed, Jul. 13, 7:51 AM
- Spectrum Pharmaceuticals' (NASDAQ:SPPI) Allos Therapeutics and Fresenius Kabi USA have entered into settlement agreement to resolve their patent litigation relating to Folotyn (pralatrexate injection). Under the terms of the settlement, Fresenius will be permitted to market a generic version of Folotyn in the U.S. on November 15, 2022 or earlier under certain circumstances.
- The Company has also settled with Teva Pharmaceuticals USA (NYSE:TEVA), Dr. Reddy’s Laboratories (NYSE:RDY) and Sandoz (NYSE:NVS).
Wed, Jul. 13, 7:30 AM
- In a regulatory filing, Allergan (NYSE:AGN) reports that it and (NYSE:TEVA) agreed to extend the outside date of their deal to October 26 from July 26 (this is the date that the closing must occur). On the conference call this morning, management stated that the close is imminent, however.
- Other amendments include increasing the base working capital adjustment by at least $650M (up to $800M under certain circumstances), adding Actonel (authorized generic) and Carafate (authorized generic) to the list of excluded products and a reduction in the cash consideration to be paid by $221M.
Tue, Jul. 12, 4:52 PM
- Teva Pharmaceutical Industries (NYSE:TEVA) ups its Q2 earnings and revenue guidance to $1.19 - 1.22/$4.9B - 5.0B from $1.16 - 1.20/$4.8B - 4.9B. It expects lower cash flow from operations, though, easing its guidance to $1.0B - 1.1B from $1.2B - 1.3B.
- The consensus view for Q2 is earnings of $1.17 on revenues of $4.81B.
- The company will host a conference call tomorrow morning at 8:00 am ET to discuss its preliminary Q2 results and provide a preliminary forecast for the years 2016 - 2019.
Fri, Jul. 8, 7:49 AM
- NeuroDerm (NASDAQ:NDRM) appoints Tami Yardeni as Chief Operating Officer. She joins the firm from Teva Pharmaceutical Industries (NYSE:TEVA) where she was VP, Head of Global Clinical Operation, Global R&D.
- The company has also hired Eran Shor as VP Devices. He joins the company from PerfAction Technologies where he was CEO.
Fri, Jul. 1, 8:56 AM
- June monthly performance was: -1.51%
- 52-week performance vs. the S&P 500 is: -6%
- No dividends were paid in June
- Top 10 Holdings as of 3/31/2016: Apple Inc (AAPL): 1.99548%, Teva Pharmaceutical Industries Ltd ADR (TEVA): 1.87105%, Newell Brands Inc (NWL): 1.84351%, Gilead Sciences Inc (GILD): 1.73578%, Sky PLC (OTCQX:BSYBF): 1.71062%, CGI Group Inc Class A (GIB): 1.69257%, Mattel Inc (MAT): 1.67955%, Amcor Ltd (OTC:AMCRF): 1.61314%, WH Group Ltd (OTC:WHGRF): 1.57211%, Dollar General Corp (DG): 1.52508%
Tue, Jun. 28, 8:37 AM
- The FDA accepts for review two New Drug Applications (NDAs) from Teva Pharmaceutical Industries (NYSE:TEVA) seeking approval of fluticasone propionate/salmeterol, a fixed-dose combination inhaled corticosteroid and long-acting beta agonist delivered via the RespiClick inhaler, and fluticasone propionate as monotherapy, also delivered via RespiClick, for the treatment of adolescents and adults with asthma.
- Both applications will be assessed via standard review with an expected action date in Q1 2017.
- RespiClick is a breath-actuated, dry powder inhaler that eliminates the need for hand-breath coordination during inhalation.
Mon, Jun. 27, 7:13 PM
- Australia's Mayne Pharma Group (OTCPK:MAYNF -6.8%) is close to a deal worth about $600M to buy assets from Teva Pharmarceuticals (TEVA -3%), Reuters reports.
- The move is one of a few required of Teva for it to gain FTC approval for a $40B acquisition of Allergan's (NYSE:AGN) generic drugs portfolio. That OK could come as soon as early next month and solidify Teva's position as a generic drugs leader.
- Teva's U.S. asset divestitures would come to about $2B in total, a source said. European divestitures, including a UK/Irish generics business expected to be worth more than $1.3B, should wrap by this fall.
Mon, Jun. 27, 9:58 AM
- Teva Pharmaceutical Industries (TEVA -0.8%) launches its generic equivalent of GlaxoSmithKline's (NYSE:GSK) Imitrex (sumatriptan succinate) in the U.S. for the treatment of acute migraine, with or without aura, and acute cluster headaches in adults.
- The product is self-administered via a prefilled syringe autoinjector developed by Antares Pharma (ATRS +15.4%).
- Per IMS data, sumatriptan injection sales in the U.S. are ~$183M a year.
Fri, Jun. 24, 10:25 AM
- Intrepid biotech investors are, no doubt, seriously considering deploying some cash today in response to the (hopefully temporary) bearish reaction to the Brexit vote. Nasdaq is currently down 2.7%, the Dow 2.2% and the IBB 3.3%.
- Representative tickers: (GILD -2.2%)(GSK -2.4%)(AZN -2.7%)(PFE -1.1%)(MRK -1.9%)(CELG -3.2%)(BMY -2%)(BIIB -2.4%)(AMGN -2.7%)(AGN -2.8%)(TEVA -0.8%)(ABT -3.4%)(MDT -1.4%)
Fri, Jun. 24, 7:28 AM
- The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopts a positive opinion recommending approval of Teva Pharmaceutical Industries' (NYSE:TEVA) CINQAERO (reslizumab), a humanized monoclonal antibody that binds to interleukin 5 (IL-5), as add-on therapy in adult patients with severe inadequately controlled eosinophilic asthma despite high-dose inhaled corticosteroids plus another medicinal product for maintenance treatment.
- A final decision by the European Commission usually takes ~60 days.
- The FDA approved the product, branded as CINQAIR in the U.S., in March.
- Previously: FDA clears Teva's asthma med Cinqair (March 23)
Teva Pharmaceutical Industries Ltd. engages in the provision of pharmaceutical services. It operates through the following business divisions: Generic, Specialty Medicine, and Over-the-Counter (OTC). The Generic division involves the manufacture and sale of generic products such as tablets,... More
Industry: Drug Manufacturers - Other
Other News & PR