Teva Puts End Of 2022 Ambition On Nationwide US Opioids Settlement
‘We Believe We’re Getting Closer,’ Says CEO Kåre Schultz
After adding more than $1bn to its legal settlement contingency in Q1, Teva has given its clearest indication yet for when it expects to announce a nationwide deal in the US to settle opioid-related claims. The Israeli firm is facing two bench trials in the coming weeks and months but is optimistic on that front also.
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Teva has settled the final outstanding advanced US state-level opioid-related case against the firm, but recent allegations from the New York attorney general could see the firm back in court sooner rather than later.
This month, long-awaited new pricing measures in Canada will come into force, while several trials will either kick off or end, including a liability opioids case involving Teva in San Francisco and Hatch-Waxman litigation over Otsuka/Lundbeck’s Rexulti.
Teva acknowledged that it was “not independent of the macro environment in the US,” as it saw another significant drop off for its North America generics business amid a lack of new launches. The Israeli giant took the unusual step of singling out a complex generic asset – its proposed generic to Eli Lilly’s Forteo – as “the most important” potential launch for its 2022 top line.