Competition and Patent Losses Offsetting Teva's Benefits From New Launches and Cost Savings
Teva wrapped up 2018 with fourth-quarter performance that broadly matched our expectations. However, management’s 2019 guidance for $17 billion to $17.4 billion in revenue, $2.20 to $2.50 in adjusted EPS, and $1.6 billion to $2 billion in free cash flow fall below our forecast. We don’t anticipate a dramatic change in our fair value estimate as we anticipated some of these headwinds further out in our model, especially for the respiratory business. Although Teva’s recently launched Ajovy and Aus...
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