Teva Posts Modest Positives in 3Q Thanks to Cost Cuts and Copaxone
Teva posted encouraging third-quarter results, and we may slightly boost our fair value estimate as we incorporate a few changes into our model. Teva’s recent performance has exceeded our expectations, including more-resilient Copaxone sales and early benefits from the company’s $3 billion cost-reduction efforts, which have so far shaved about $1.8 billion off expenses (including a currency headwind). Regardless, we still think the outlook for the company remains challenging, given ongoing press...
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