Teva : Recent mixed achievements, low long-term potential, legal uncertainties prompt us to confirm Reduce stance on all issues apart from 2020
We feel vindicated in our 'Reduce' recommendation that we adopted in March 2018 in the frame of the $Â 4.5bn bond issuance. Since then, the group has delivered modestly in view of its main challenges, i.e. stabilising the US generics business, managing the erosion of Copaxone and the take-up of Ajovy. In contrast, the group has made good headway on cost control, which limited the deterioration in profitability and cash flow. That said, we suspect that the group is now paying the p...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.
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