Teva : Buy recommendation on the new SLN notes due 2031

Teva : Recommandation Achat sur les nouvelles obligations SLN 2031

ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition. The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period. LCC is a prevalent symptom among lung cancer patients, and its management is...

Teva : On the road to investment grade

Teva successfully delivered the 1st phase of its ‘Pivot To Growth’ strategy with a return to revenue growth in 2023 and 2024 (+3% and +9% on constant FX respectively, excluding a $ 500m payment from Sanofi in Q4 2023). The company will now enter the 2nd phase of its strategy (‘accelerate growth’) with a sustained momentum for its AUSTEDO/AJOVY and a good a pipeline of biosimilar and innovative drugs (Olanzapine LAI in 2026, DARI in 2027). These developments should more than compensate for pricin...

Teva : On the road to investment grade

Teva successfully delivered the 1st phase of its ‘Pivot To Growth’ strategy with a return to revenue growth in 2023 and 2024 (+3% and +9% on constant FX respectively, excluding a $ 500m payment from Sanofi in Q4 2023). The company will now enter the 2nd phase of its strategy (‘accelerate growth’) with a sustained momentum for its AUSTEDO/AJOVY and a good a pipeline of biosimilar and innovative drugs (Olanzapine LAI in 2026, DARI in 2027). These developments should more than compensate for pricin...

Teva Pharmaceutical Industries Ltd: Update to credit analysis followin...

Teva's credit profile reflects its global scale, leading position in generic pharmaceuticals, product diversity and strong cash flows partially offset by moderately high financial leverage.

Teva Pharmaceutical Industries Ltd - March 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Regenerative Healthcare - Stem Cells & ALS Thematic 10062024

Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential. In spite of the usual setbacks in valuation and strategy, the sub-sector has pivoted and the market remains innovative and attracts investment capital. Rather than replace entire tissues, which is a complex activity, we believe the immediate future for stem cells is more likely to be in the successful stimulation of the bodies on repair mechanisms. Within regenerative medicine we believe there ...

Teva : New products support return to growth

2023 has been a transition year for Teva with the appointment of a new CEO at the beginning of the year and the launch of the “Pivot To Growth” strategy. The group returned to positive revenue growth last year but profitability was hit on an underlying basis by commercial and R&D efforts. Teva should start to bear fruits from its growth initiatives this year with underlying growth adjusted for the upfront payment from Sanofi in 2023. Austedo and Ajovy revenues are increasing at ...

Teva : New products support return to growth

2023 has been a transition year for Teva with the appointment of a new CEO at the beginning of the year and the launch of the “Pivot To Growth” strategy. The group returned to positive revenue growth last year but profitability was hit on an underlying basis by commercial and R&D efforts. Teva should start to bear fruits from its growth initiatives this year with underlying growth adjusted for the upfront payment from Sanofi in 2023. Austedo and Ajovy revenues are increasing at d...

Teva Pharmaceutical Industries Ltd: Update to credit analysis followin...

Teva's credit profile reflects high financial leverage and payouts related to several litigations offset by leading position as a generic drug manufacturer with material free cash flow.

Teva Pharmaceutical Industries Ltd - June 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

Teva Pharmaceutical Industries Ltd - December 2022 (LTM): Peer Snapsho...

Compares key performance metrics against industry peers.

Teva : New bond issuance, tenders and FCF to address near-term debt ma...

>Results and leverage should improve in 2023, successful product launches and litigation remain key risks on the name - After several years of decline, we expect revenues to return to stable to positive growth in 2023. Improving AJOVY and AUSTEDO revenues as well as new product launches should offset the persisting decline in COPAXONE sales and price pressure in the generics business in the US. We also believe that ongoing efficiency measures will help to contain cost...

Teva : New bond issuance, tenders and FCF to address near-term debt ma...

>Results and leverage should improve in 2023, successful product launches and litigation remain key risks on the name - After several years of decline, we expect revenues to return to stable to positive growth in 2023. Improving AJOVY and AUSTEDO revenues as well as new product launches should offset the persisting decline in COPAXONE sales and price pressure in the generics business in the US. We also believe that ongoing efficiency measures will help to contain cost...

Teva Pharmaceutical Industries Ltd - September 2022 (LTM): Peer Snapsh...

Compares key performance metrics against industry peers.

Teva Pharmaceutical Industries Ltd: Business stabilization and ongoing...

Our credit view of this issuer reflects its status as a leading generic drug manufacturer, offset by high financial leverage, legal exposures, and challenging industry conditions

Teva : Reinitiation of coverage with a Buy recommendation, reduced unc...

Teva released reassuring results in Q2 2022 at the end of July with a return to positive revenue growth on constant currency and the confirmation of most of its full-year targets. The revenue objective was cut owing to the appreciation of the US dollar whilst the guidance for EBITDA ($ 4.7-5.0bn) and FCF ($ 1.9-2.2bn) is intact. - The Q2 results publication was also marked by the unveiling of (1) the company’s long-term targets and (2) an in-principle nationwide agreement in the U...

Teva : Reinitiation of coverage with a Buy recommendation, reduced unc...

Teva released reassuring results in Q2 2022 at the end of July with a return to positive revenue growth on constant currency and the confirmation of most of its full-year targets. The revenue objective was cut owing to the appreciation of the US dollar whilst the guidance for EBITDA ($ 4.7-5.0bn) and FCF ($ 1.9-2.2bn) is intact. - The Q2 results publication was also marked by the unveiling of (1) the company’s long-term targets and (2) an in-principle nationwide agreement in the U...