Teva sees big profit drop if Copaxone competition launched
TEL AVIV, Dec 10 (Reuters) canada goose deals Teva Pharmaceutical Industries forecast a sharp drop in Canada Goose Coats On Sale profit next year if rivals are allowed to launch canada goose outlet toronto factory cheaper versions of its most profitable drug, multiple sclerosis canada goose coats on sale treatment Copaxone. Supreme Court upheld an earlier ruling to strip the company $4 billion a year Copaxone of patent protection canada goose clearance sale in 2014, rather than 2015.
The imminent loss of protection to cheap Canada Goose its top branded Canada Goose Jackets drug comes as Teva searches for a new canada goose store chief executive following canada goose black friday sale the abrupt departure of Jeremy Levin in October. He resigned after a clash with Chairman Phillip Frost leaving the company direction and decision making process in doubt.
Israel based Teva, which itself makes copycat versions of other companies drugs, lost its patent fight against two teams that are developing generic forms of Copaxone: Novartis AG and Momenta Pharmaceuticals Inc 2018 canada goose outlet ; and another between Mylan Inc and Natco Pharma Ltd. Food and Drug Administration before they could Canada Goose Online launch cheaper versions of Copaxone, which analysts say could come as early as May.
Teva on Tuesday gave two sets of buy canada goose jacket cheap forecasts for next year one assuming the launch of at least two generic Canada Goose Parka competitors to Copaxone in the United States on June 1 after the patent expires and the other canada goose outlet store locations assuming no competition.
Teva estimated it will earn $4.20 to $4.50 a share on an adjusted basis on revenue of $19.3 billion to $20.3 billion with competition and $4.80 canada goose $5 2018 canada goose .10 a share on revenue Canada Goose sale of $19.8 billion to $20.8 billion without.
Analysts had forecast the company would earn $4.94 a share on revenue of $20 billion in canada goose clearance 2014, according to Thomson Reuters I/B/E/S. But that consensus contains some forecasts that assume competition and some that don so is not directly comparable.
This year, analysts project Teva will earn $4.99 per share on revenue of $20.1 billion.
PIVOTAL YEAR Teva shares were up 1.5 percent to $40.74 in early New York trade canada goose coats on Canada Goose Outlet relief that its forecasts were roughly in line with investors expectations.
Teva shares have risen only 9 percent this year due to its uncertain future particularly with regards to Copaxone. It has sharply underperformed rivals Mylan, up 60 percent and Momenta, up canadian goose jacket 49 pct since the start of the year.
Cowen Co analyst Ken Cacciatore said Teva investors were more interested canada goose replica in who the company picks as its new chief executive.
decision Canada Goose online will likely more than outweigh any 2014 2015 financial guidance and is clearly much more critical for future value creation, Cacciatore said.
Acting chief executive and former finance chief Eyal Desheh told a conference call of analysts that finding a new CEO was a top priority topparka .
He said 2014 would be a year for Teva which plans to cut 5,000 buy canada goose jacket jobs, or 10 percent of its workforce, as it prepares for competition to Copaxone.
He said the company will focus its efforts on its generics business and research and development programmes, including high value complex generics and promising specialty medicines, where it anticipates six important launches.
Separately, Teva said its vice chairman Moshe Many has decided to leave his position on Jan. 1 for personal reasons but will remain a board member. He will be replaced by Amir Elstein, who is stepping down as chairman of holding company Israel Corp.