Royal Philips and Teva Pharmaceutical Industries kicked off operations for the companies' new med tech incubator in Israel, reaffirming their commitment to R&D at a transitional moment.
For 9 months AstraZeneca has had the sales of its blockbuster heartburn drug Nexium protected by a bureaucratic dam that has kept generics from getting to market. But the agency opened the floodgates today, approving a copy from Teva Pharmaceutical Industries of the $3 billion seller.
Teva finally has the Supreme Court Copaxone patent battle victory it's been waiting for--but that doesn't mean its legal journey is over.
Since taking the helm at Teva early last year, CEO Erez Vigodman has expressed interest in bolstering several areas, including emerging markets, biosimilars and complex generics. But so far, he hasn't inked any deals to help his company do it, and judging where his competitors now stand after a feverish year of pharma M&A, it's high time to change that, analysts say.
Not so fast, Teva. The generics giant--which last week said it was set to roll out copies of Pfizer blockbuster Celebrex--now has to put those plans on hold, as per a U.S. appeals court ruling.
Teva Pharmaceuticals has cut $650 million in costs this year but needs to more than double that over the next two as it faces generic competition to its workhorse multiple sclerosis drug Copaxone. A big part of that will be to continue revamping its production network, CEO Erez Vigodman says.
With a bounce-back in share price, Teva's in a position to do something it hasn't done much over the past few years: buy companies. And when it comes to getting back into the M&A game, CEO Erez Vigodman has a few types of targets at the top of his list.
Don't be surprised if Teva's revenue numbers don't meet analysts' expectations in 2015. According to the company's forecasts, generic competition to top-seller Copaxone and foreign currency hits will take their toll on Teva's top line next year.
Look out, Pfizer--the generics are here. On Wednesday, Teva and Mylan both launched versions of the company's arthritis med Celebrex, meaning Pfizer is about to watch the sales decline of yet another blockbuster.
Teva has already surprised analysts with the success it's had converting patients from multiple sclerosis star Copaxone to a new, long-acting version. And now, the company is preparing to take the med to Europe.