Teva's 2Q Results Reflect Ongoing Copaxone and Generics Headwinds
We plan to modestly raise our fair value estimate for no-moat Teva, especially as Copaxone is holding up better than our initial expectations following generic competition, but we still think the current stock price reflects too much optimism about the company's turnaround efforts. Although management slightly increased its bottom line outlook for the year, Teva still faces a number of significant hurdles, including increasing price competition from Copaxone generics, an uncertain generics prici...
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