Teva Announces Bold Restructuring Plan, but Company Remains in Rough Shape
We plan to review our assumptions for no-moat Teva following the announcement of a $3 billion cost savings restructuring plan. The plan is more aggressive than we anticipated, which may result in a slight increase to our fair value estimate. However, we still have serious concerns over the company’s growth potential and financial health. Generic competition on Copaxone and recent erosion of the generics business create uncertainty about future growth and profitability. Meanwhile, the company’s d...
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