reports
- Pierre François Merveille
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...
- Pierre François Merveille
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...
- Research Team ACF
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 ...
NOVN NOVARTIS AG
CG3 CELGENE CORPORATION
QURE UNIQURE NV
MRK MERCK & CO. INC.
JNJ JOHNSON & JOHNSON
GILD GILEAD SCIENCES INC.
CYTK CYTOKINETICS INCORPORATED
BMY BRISTOL-MYERS SQUIBB COMPANY
BIIB BIOGEN INC.
BCLI BRAINSTORM CELL THERAPEUTICS
SAN SANOFI
4523 EISAI CO. LTD.
IONS IONIS PHARMACEUTICALS INC.
WVE WAVE LIFE SCIENCES
PFE PFIZER INC.
ABBV ABBVIE INC.
AMRX AMNEAL PHARMACEUTICALS INC. CLASS A
TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED
NOVO NOVO NORDISK A/S-B
- Pierre François Merveille
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 ...
- Pierre François Merveille
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...
- Dave Nicoski
- Ross LaDuke
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.
NUE NUCOR CORPORATION
WAT WATERS CORPORATION
VALE.N VALE S.A. ADS
TMO THERMO FISHER SCIENTIFIC INC.
SHOO STEVEN MADDEN LTD.
SBUX STARBUCKS CORPORATION
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
NXST NEXSTAR MEDIA GROUP INC. CLASS A
MTD METTLER-TOLEDO INTERNATIONAL INC.
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
HOO HERBALIFE NUTRITION LTD.
GPC GENUINE PARTS COMPANY
FDS FACTSET RESEARCH SYSTEMS INC.
ETSY ETSY INC.
CAL CALERES INC.
ASH ASHLAND GLOBAL HOLDINGS INC.
UPS UNITED PARCEL SERVICE INC. CLASS B
TGT 11 88 0 SOLUTIONS AG
COLM COLUMBIA SPORTSWEAR COMPANY
SCVL SHOE CARNIVAL INC.
VFC V.F. CORPORATION
BHP BHP GROUP
BL BLACKLINE INC.
MT ARCELORMITTAL
CLF CLEVELAND-CLIFFS INC
TEVA TEVA PHARMACEUTICAL INDUSTRIES LIMITED
BJ BJ'S WHOLESALE CLUB HOLDINGS
RPRX ROYALTY PHARMA PLC CLASS A
- Pierre François Merveille
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...
- Pierre François Merveille
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...
- Pierre François Merveille
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...
- Pierre François Merveille
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...
- Maxime Kogge
Teva : Manageable legal backdrop provides good buying opportunities
Teva's spreads have slightly underperformed peers, driven by mixed legal developments with the group settling a number of cases on favourable terms but failing to reach a final resolution in the crucial opioid case. Spreads hit a one-year high in December in the wake of the New York State liable verdict but rapidly subsided as the group in February settled claims in Texas on terms mirroring a possible upcoming national framework. Currently, spreads remain more than 150bp wider th...
- Maxime Kogge
Teva : Manageable legal backdrop provides good buying opportunities
Teva's spreads have slightly underperformed peers, driven by mixed legal developments with the group settling a number of cases on favourable terms but failing to reach a final resolution in the crucial opioid case. Spreads hit a one-year high in December in the wake of the New York State liable verdict but rapidly subsided as the group in February settled claims in Texas on terms mirroring a possible upcoming national framework. Currently, spreads remain more than 150bp wider th...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.