|Bid||9.85 x 4000|
|Ask||9.86 x 800|
|Day's Range||9.58 - 9.91|
|52 Week Range||6.07 - 20.21|
|Beta (3Y Monthly)||1.84|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||8.89|
Axsome (AXSM) announces data from a phase II study evaluating AXS-12 in narcolepsy patients, demonstrating statistically significant reduction in weekly cataplexy attacks.
J&J (JNJ) says that two third-party labs conducted 155 tests on samples of its baby powders. All these tests confirm that the talc does not contain asbestos, a known carcinogen.
Shares of some manufacturers and distributors of opioid drugs decline on Tuesday following reports that a criminal probe has been initiated by federal prosecutors.
(Bloomberg) -- Teva Pharmaceutical Industries Ltd. and other generic drugmakers have held talks with the U.S. Justice Department in the past six months about resolving a long-running criminal antitrust probe of alleged price-fixing by the companies, according to people familiar with the matter.Among the possible outcomes that have been discussed are deferred prosecution agreements in which the companies would admit to certain allegations but would be shielded from indictment in exchange for cooperating with the investigation and paying fines.Talks are being held with drugmakers individually, and any one or all of the negotiations could fail to result in an agreement, according to the people, who asked to remain anonymous because the discussions are private. The timetable for reaching any accord isn’t clear. The government could still decide to indict any of the companies, a person familiar with the talks said.In addition to Israel-based Teva, a unit of Indian generics giant Sun Pharmaceutical Industries Ltd. has also been in talks with federal prosecutors.“We continue to cooperate with the DOJ’s investigation,” said Teva spokeswoman Kelley Dougherty. “As with any government investigation or litigation, we are willing to entertain possible resolution but only if it makes sense for the company, our shareholders and the patients that we serve. We will continue to defend ourselves vigorously in these matters.”The Justice Department declined to comment on the status of its probe. Sun spokeswoman Vinita Alexander declined to comment.Teva’s U.S.-traded shares jumped more than 7% in premarket trading in New York on Monday.Prosecutors have been investigating allegations that generic drugmakers conspired to prop up the prices of certain widely used medications for more than five years, and have hinted several times this year that charges could be imminent. Nine of every 10 prescription drugs dispensed in the U.S. are generics, and lawmakers say the alleged illegal coordination on pricing has cost federal health programs billions of dollars.At the same time, generics makers are grappling with extraordinarily forbidding economics. Profit margins in the business have always been thin. As more drugs come to market and drive prices even lower, new alliances among insurers and pharmacy-benefit managers have also eroded the companies’ pricing power.The case has also forced the government to wrestle with competing priorities: On the one hand, the Trump administration wants to make drugs as affordable as possible, and broaden access to a range of medicines. But a criminal conviction could lead to a drug company being barred from doing business with Medicare and Medicaid -- and drive up costs by narrowing the options of government drug purchasers.Those tectonics could make deferred prosecution pacts attractive to both sides. Under such an agreement, drugmakers could continue to do business with government, preserving billions in annual sales.For prosecutors, such an accord could avoid a conviction that would inadvertently limit competition and increase the prices of common medications. It would also help wrap up a case that has targeted the biggest names in the industry but has yet to produce charges against any major company, even as state officials have accused the drugmakers in civil cases of a sweeping conspiracy to raise prices.Numerous ObstaclesBloomberg has previously reported that the multiyear antitrust investigation, which has targeted more than a dozen companies, has faced numerous obstacles. Congress has recently pressured the department to disclose the status of the long-anticipated investigation.The Justice Department reached a deferred prosecution agreement with closely held generic drugmaker Heritage Pharmaceuticals Inc. in May, providing a potential roadmap for subsequent pacts. Previously, two executives from the drugmaker pleaded guilty to charges connected to the federal probe.Teva has met multiple times this summer and fall with prosecutors to discuss deferred prosecution agreements, according to people familiar with the matter. Chief Executive Officer Kare Schultz said on a Nov. 7 call with investors that the company had provided federal prosecutors with more than a million documents.“We have not found any evidence that we were in any way part of any structured collusion or price-fixing,” Schultz said on the call, “but we remain of course in dialogue with the Department of Justice.”Sun Pharmaceutical, India’s largest drugmaker, has been in discussions with federal prosecutors in recent months about the case against its subsidiary Taro Pharmaceutical Industries, according to people familiar with the talks. A Sun spokeswoman declined to comment, citing ongoing litigation.New WitnessesDeferred prosecution agreements have been used to resolve criminal allegations in high-profile probes of HSBC Holdings Plc and General Motors Co., though the Justice Department’s antitrust unit has used them only rarely. In July, the department’s antitrust division made changes to its criminal-enforcement policy that allow for deferred prosecution agreements to be considered.The Justice Department has struggled to secure cooperating witnesses in the generics probe, but former Teva employees and a former employee of Sandoz, the generic arm of Swiss drugmaker Novartis AG, have recently met with prosecutors to help them build their case, according to people familiar with the matter.Novartis spokesman Eric Althoff said that the company is cooperating with investigators.Makan Delrahim, head of the Justice Department’s antitrust unit, told the Senate in September that several additional cases are coming up in the investigation. His deputy, Richard Powers, who leads the antitrust criminal enforcement unit, said on Nov. 14 in San Francisco that the department would be making additional announcements about the probe.In addition to the Justice Department inquiry, Teva, Sun Pharma and other generic drugmakers are facing a similar but separate civil case brought by attorneys general for 48 states, the District of Columbia, and four U.S. territories.A settlement with federal prosecutors could help the states’ cases, as well as those of other civil litigants, said Robert Field, a professor of law, health management and policy at Drexel University. Were any drugmaker to concede facts as part of a settlement, it could expose them to additional civil liabilities.(Adds share-price movement in seventh paragraph)To contact the reporters on this story: Riley Griffin in New York at email@example.com;Emma Court in New York at firstname.lastname@example.org;David McLaughlin in Washington at email@example.comTo contact the editors responsible for this story: Drew Armstrong at firstname.lastname@example.org, Timothy AnnettFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Teva Pharmaceutical Industries Ltd. announced today the early tender results in connection with its previously announced tender offers
(Bloomberg) -- Demand for corporate bonds is deepening in emerging markets as political strife from Hong Kong to Lebanon and Latin America drives investors away from government debt.The Bloomberg Barclays index for corporate securities in the developing world is rising for a 12th successive month, while the gauge for sovereign notes is heading for its third decline in four months. That’s sent the ratio between them to the highest level since July 2015 in favor of corporate bonds.Investors are betting corporate debt is less vulnerable than government bonds to the spreading unrest. Fiscal concerns have returned as governments loosen budget discipline to dodge a global growth slowdown. Meanwhile, year-end caution to lock in returns is reducing demand for sovereign debt, said Richard Segal, a senior analyst at Manulife Asset Management in London.“Investors have had a good year and they are now switching from sovereigns to corporates, especially away from countries where the political situation has had an impact,” Segal said. “I expect this will go on for a while, perhaps until the first quarter of next year.”This quarter is the first time since June 2015 that the EM corporate-bond index is heading for a gain while the sovereign gauge is falling. The star of this outperformance is Israel, where bond returns are five times those of the next best performer, Turkey.In turn, Israel’s gains are being led by Teva Pharmaceutical Industries Ltd., as investors turn confident the drugmaker is on course to resolve a major legal case and whittle down its massive debt load. Teva’s tentative deal with U.S. authorities to settle claims against the company for its role in the opioid epidemic is being seen as credit-positive, according to Bloomberg Intelligence.Teva’s dollar bonds due 2036 have handed investors 17% this quarter, while five of its other notes have given double-digit total returns as they rebounded from third-quarter losses.From the sovereign side, the worst performer also comes from the same region. Lebanon’s international bonds have posted a 27% loss this quarter as an economic crisis and a perceived lack of accountability among the ruling class brought people to the streets. That’s sent the government’s borrowing costs soaring. The yield on its March 2020 securities hovers around 98%, meaning there’s a 30% return to be made in the next 111 days.The other poor performers are Ecuador (a 17.4% loss) and Suriname (minus 9.5%).In the coming months, Brazil and Indonesia might lure bond investors because of high yields, Segal said. Read:Emerging Market Bond Spreads Narrow in Week, Led by IsraelTeva Boosts Debt Sale to Over $2 Billion to Meet Strong DemandLebanon Bond Sell-Off Eclipses Argentina as Unrest Flares UpEcuador Bonds Hit Record Low Amid Latin America’s Month of ChaosBonds Tank as Investors Finally Notice Suriname’s Fiscal Deficit(Adds Segal’s picks at the end)To contact the reporter on this story: Srinivasan Sivabalan in London at email@example.comTo contact the editors responsible for this story: Dana El Baltaji at firstname.lastname@example.org, Robert Brand, Alex NicholsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Teva Pharmaceutical Industries Limited (NYSE and TASE: TEVA) (“Teva”) announced today that it successfully upsized and priced approximately $2.1 billion (equivalent) of its senior notes (the “Notes”). The principal amount of the offering was increased from the previously announced offering size of $1.5 billion (equivalent). Teva expects to use the net proceeds from the offerings, together with cash on hand, to (i) fund the announced tender offer to purchase, for cash, its 2.200% Senior Notes due 2021, its 3.650% Senior Notes due 2021 and its 3.650% Senior Notes due 2021 (the “Tendered Notes”) for a maximum combined aggregate purchase price (exclusive of accrued and unpaid interest but inclusive of tender premium) of up to $1.5 billion, (ii) to partially redeem €650,000,000 of the currently outstanding €1,660,154,000 aggregate principal amount of its 0.375% Senior Notes due 2020, (iii) to pay fees and expenses in connection therewith and (iv) to the extent of any remaining proceeds, for general corporate purposes, which may include the repayment of outstanding debt.
(Bloomberg) -- Teva Pharmaceutical Industries Ltd. may pay triple its usual borrowing costs for its planned $1.5 billion bond sale as investors demand more for holding its debt on account of its links to the U.S. opioid epidemic, according to investors approached about the deal.The Israel-based drugmaker is meeting with debt investors in London and New York this week for its first debt issue since being hit early this year with billions of dollars in potential liabilities from lawsuits. Bankers marketing the January 2025 U.S. and euro-denominated non call notes are targeting yields of around 8% and 6% respectively, according to the money-managers, who asked not to be identified because the information isn’t public.The bonds, which will be used to refinance existing debt, are due to price early next week after the roadshow wraps up in Los Angeles on Monday.The yields represent a significant increase in the company’s existing funding costs, which average about 2.1% for euro debt and 3.7% for U.S. securities, according to data compiled by Bloomberg. Much of its existing debt at low coupons was issued before the company was downgraded to junk status starting 2017.Teva representatives were not immediately available to comment.Bookrunners on the deal are BNP Paribas, Citi and Goldman Sachs.Read more: Teva to Refinance $1.5 Billion of Bonds Maturing in 2021(Adds details about pricing on third paragraph)To contact the reporter on this story: Laura Benitez in London at email@example.comTo contact the editors responsible for this story: Vivianne Rodrigues at firstname.lastname@example.org, Chris VellacottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Teva Pharmaceutical (TEVA) misses earnings estimate but beats the same for sales. The company increases the lower end of its 2019 sales and earnings guidance. Shares rise.
Teva Pharmaceutical Industries Ltd. announced today that it has commenced tender offers to purchase for cash for a combined aggregate purchase
Teva Pharmaceutical Finance Netherlands III B.V. (“Teva Finance III” and, together with Teva Finance II, the “Issuers”) intends to offer USD-denominated Senior Notes (the “USD Notes” and, together with the Euro Notes, the “Notes”).
JERUSALEM/NEW YORK (Reuters) - Teva Pharmaceutical Industries Ltd on Thursday expressed confidence in its ability to continue paying down its huge debt burden even if it is forced to pay billions of dollars to settle thousands of U.S. opioid lawsuits. Attorneys general of four U.S. states had agreed on a proposed settlement under which Israel-based Teva would provide $23 billion (£17.94 billion) worth of generic Suboxone and pay $250 million in cash over 10 years. Reuters reported that the generic Subaxone that Teva plans to give away as part of its settlement will likely cost the company far less than the $23 billion figure put forth by Teva based on the way the drugmaker plans to account for the value of the treatment.
JERUSALEM/NEW YORK, Nov 7 (Reuters) - Teva Pharmaceutical Industries Ltd on Thursday expressed confidence in its ability to continue paying down its huge debt burden even if it is forced to pay billions of dollars to settle thousands of U.S. opioid lawsuits. Attorneys general of four U.S. states had agreed on a proposed settlement under which Israel-based Teva would provide $23 billion worth of generic Suboxone and pay $250 million in cash over 10 years. Reuters reported that the generic Subaxone that Teva plans to give away as part of its settlement will likely cost the company far less than the $23 billion figure put forth by Teva based on the way the drugmaker plans to account for the value of the treatment.
Teva Pharmaceuticals USA, Inc., a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), Celltrion, Inc., (KRX KRX:068270) and Celltrion Healthcare, Co., Ltd. (KRX KOSDAQ:091990), today announced that TRUXIMA® (rituximab-abbs) injection is the first biosimilar to the reference product Rituxan®1 (rituximab) now available in the United States with a full oncology label.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced today the appointment of Eli Kalif as Executive Vice President and Chief Financial Officer. Mr. Kalif will begin his employment on December 22, 2019. Mr. Kalif joins Teva with broad experience in corporate and operational finance, most recently as Senior Vice President, Finance, leading the finance organization that supports the Global Operations, Components & services business at Flex Ltd. (FLEX), a global technology design and manufacturing service provider with extensive operations that include 85 production sites in 30 countries.
JERUSALEM-- -- Revenues of $4.3 billion GAAP diluted loss per share of $0.29 Non-GAAP diluted EPS of $0.58 Free cash flow of $551 million Spend base reduction of $2.9 billion since initiation of the restructuring plan in 2018; on-track to achieve $3.0 billion by the end of 2019 Full year 2019 business outlook revised to: Net revenues of $17.2 - $ 17.4 billion Operating income of $4.0 - $ 4.2 billion ...