Teva Emerges From Restructuring Ready To Grow
Captures 12%-15% Rituximab Share In US With Truxima Biosimilar
Despite seeing an 8% drop in global turnover in 2019, an upbeat Teva says the completion of its restructuring plan has positioned the company to increase its turnover through newly-launched products – including biosimilars, brands and new generics – as well as improve its profit margins through manufacturing optimization.
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Teva reported a substantial loss in the third quarter after registering a goodwill impairment of $4.6bn, largely linked to legal uncertainties as the firm continues to grapple with price-fixing litigation in the US and its pending opioids settlement.
As the global generics industry had predicted, the unexpected growth seen in the first quarter of 2020 due to forward buying caused by COVID-19 levelled off in the second quarter. However, a few companies managed to report a “mixed” second quarter or a positive first half for 2020, even after experiencing challenges, such as operational interruptions, posed by the pandemic.
Mylan has celebrated a reversal from the European Patent Office that has seen a key patent protecting Teva’s higher-strength 40mg/ml thrice-weekly version of Copaxone deemed invalid and revoked across Europe. Meanwhile, Teva has commented on the possibility of an appeal.