Teva : Business turnaround leaves plenty of room for legal threats. We stay Buy
On the back of solid FY results and new legal developments, we revisit our recommendation on Teva's bonds. Our 'Buy' case on the whole curve remains valid as Teva's short-term prospects are buttressed by solid liquidity, a good operational momentum while longer-term investors will benefit from good market fundamentals through the cycles and Teva's leading positions. We also deem legal risks manageable. Against that backdrop, the 100bp spread premium of Teva's bonds on other 'BB'-...Teva Pharmaceutical Industries is engaged in the development, manufacturing, marketing and distribution of generic, specialty, and other pharmaceutical products. The Generic Medicines segment offers a range of basic chemical entities, as well as specialized product families such as sterile products, hormones, narcotics, high-potency drugs and cytotoxic substances, in both parenteral and solid dosage forms. Co.'s specialty medicines business is focused on delivering innovative solutions to patients and providers via medicines, devices and services, includes Co.'s core therapeutic areas of the central nervous system and respiratory medicines.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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