COVID-19 Continues To Hinder Teva Opioid Settlement – Although Deal Is ‘Close’
Teva ‘Optimistic’ About Proposed Framework; But ‘Pessimistic’ About Timing
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.
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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.
Teva and three distributors settle with two plaintiffs; PBMs are defendants in next case as Teva also reaches an agreement in principal with four attorneys general for global settlement framework.
In a dramatic twist, Gilenya ANDA sponsors are now unable to launch their generic products in the US after the US Supreme Court intervened in favor of originator Novartis, superseding the US Federal Circuit.