Teva Moves On From Restructuring To Improving Margins
As Israeli Firm Sees Mixed Impact From COVID-19 Pandemic
Teva has expanded on plans to improve its profit margins after emerging from a years-long restructuring program that has cut its cost base by over $3bn. The Israeli company reported first-quarter sales ahead by 5% to $4.36bn, seeing a “mixed bag” effect from the COVID-19 pandemic as well as positive results from new launches including two US biosimilars.
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Teva faced questions about the current environment in the US for generics, following weakness in its numbers and in those of rival Sandoz during the third quarter. Management remains “very committed to the US generics segment,” after sales dropped by 7%.
Teva was drawn into the conversation around generic price erosion, especially in the US and Europe, after Sandoz singled out the unfavorable effect during a lackluster Q1.
Daily round-up from the virtual J.P. Morgan Healthcare Conference: Teva promises growth is coming; Relay joins Roche in the KRAS race; UCB embraces the digital age; Agios and Ionis prepare for commercial battles.