Teva SOS: Troubled Drug Maker Seeks Audacious Captain To Take The Wheel
Teva investors have moved beyond restless to the point of jumping ship as the company's generic drug business continues to underperform, with little guidance on plans for a turnaround.
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Pascal Soriot stands by the ambitious growth target he set for AstraZeneca in his defense against Pfizer's 2014 bid for the company. Any shortfall in the target of $45bn by 2023 will reflect the weakening of the dollar rather than product challenges for the UK company, the bullish CEO told Scrip one day after the company delivered disappointing Phase III data that slashed around 15% from its share price.
With US generic drug price erosion running at double digits, 2017 is expected to be a challenging year for the generic drug sector. Manufacturers are looking increasingly to complex generics, injectables and biosimilars as an offset, but it's unclear if wins in those areas will be enough to bridge the growth divide.
The company is pursuing the sale of global women's health and its oncology and pain businesses in Europe, Interim CEO Yitzhak Peterburg said during the firm's first quarter earnings call.