Teva CEO Schultz To Sign On For Another Year
Schultz Set For At Least Six Years As Teva’s CEO
Teva CEO Kåre Schultz has received full backing to add another year onto his five-year contract, with a significant rise in compensation available if Teva’s shareholders say so later this year.
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To meet expected demand in the weeks and months ahead, Novartis' Sandoz has committed to donate up to 130 million doses of generic hydroxychloroquine – a treatment for malaria currently under investigation as a therapy to aid in the COVID-19 pandemic – while Teva and Mylan have also made strides, as the generics industry continues to play its part in tackling the coronavirus outbreak.
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.
India’s Cipla has received the first US approval for a generic rival to Nexium delayed-release oral suspension in the US. The firm recently declared its intention to direct funds to more complex formulations in the US but nevertheless continues to grow its vast portfolio in the market.