Teva Pharmaceutical Industries is searching for a new CEO while in the midst of a restructuring that will whack 5,000 jobs and counting the days until its top-selling drug falls off a patent cliff. But its interim leader says investors should not worry. The company has a plan.
Teva Pharmaceutical Industries hasn't had much good news to share lately. Today, it had a little something to crow about: The FDA has granted orphan status to its cancer-fighting drug, Treanda.
Teva's best-selling drug Copaxone will face generic competition next year, fully 18 months before the company had anticipated. That's gonna hurt. How much will it hurt? An Israeli publication thinks it has Teva's answer to that--a 42% cut to the drug's sizable profits.
What do you do when you're a stranger in a new land, and suddenly out of work? If you're Jeremy Levin, you speak at Tel Aviv University's MBA commencement ceremony--and remind the audience that you're open to job offers.
New pay-for-delay lawsuits are popping up around the country. Endo Pharma and Actavis have been named, as has AstraZeneca, Teva, Ranbaxy and Dr. Reddy's. And with the U.S. Supreme Court having defined its position this year, the pay-for-delay legal issue is being litigated under a whole new set of rules.
Teva Pharmaceutical Industries took another shot at fending off early generic competition for its top-selling drug Copaxone. But the U.S. Supreme Court didn't cooperate. The court refused to stay a Federal Circuit ruling that would allow generic rivals onto the market next May, 18 months earlier than Teva had anticipated.
Teva Pharmaceutical Industries and Israeli tax authorities have buried the hatchet. The generics giant agreed to pay 2.54 billion shekels, or about $718 million, to resolve longstanding disputes over back taxes. Teva gets a big discount on its tax bill, and the Israeli government gets its money--or at least part of it.
The dust hasn't settled after ex-CEO Jeremy Levin's quick-and-dirty departure from Teva Pharmaceutical Industries. In fact, the dust just keeps getting stirred up as more details emerge about the company's inner workings. Meanwhile, the company is trying to get the wagon train moving again by asking the U.S. Supreme Court to block generic versions of its top-selling multiple sclerosis drug, Copaxone.
While other countries are scrambling to understand if they have exposure to a Chinese probe into bribery, Teva Pharmaceutical Industries says it has found it has similar issues elsewhere. The Israeli drugmaker said in a securities filing that its own investigation has turned up suspect practices in Latin America, Eastern Europe and Russia.
In the aftermath of Teva CEO Jeremy Levin's departure announcement yesterday, media reports offer a few puzzle pieces that combine into one picture: Who in the world will the generics giant find to take on the job?