Teva’s Legal Woes Lead To $4.6bn Hit
‘Frustrating’ Legal Situation On Price-Fixing Could Last For Years
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.
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Keeping a keen eye on costs through a multi-pronged strategy allowed Teva to bolster its margins and direct cash flow towards debt in 2021. But revenues declined and 2022 is set to be another bumpy year for the Israeli giant’s top line.
Uncertainty over resolving opioids litigation led Teva to write down the value of its goodwill by more than $4bn in 2020. Management has provided the latest update on getting a deal over the line and removing a significant legal overhang.
Israeli giant Teva is hoping to follow the recent big-ticket launches of generic Truvada/Atripla and NuvaRing with multiple complex generics launches in the US this year. Management discussed individual product opportunities as Teva disclosed full-year financial earnings.