Teva Releases Financial Guidance Dependent on Copaxone Generic Competition
Teva Pharmaceutical Industries released a financial outlook for 2014 based on two possible scenarios concerning Copaxone (glatiramer acetate). One scenario outlines the financial implications for generic-drug competition in the US on June 1, 2014, and the second scenario assumes no generic-drug competition for Copaxone in the US during 2014.
Teva’s non-GAAP financial outlook projects net revenues of $19.3 billion to $20.3 billion with a generic launch of Copaxone in the US on June 1, 2014, and net revenues of $19.8 billion to $20.8 billion if Copaxone remains exclusive in the US. Both scenarios assume the launch of Copaxone 40-mg three-times-a-week in early 2014 and exclusive sales of the generic version of Pulmicort (budesonide) in the US throughout 2014. The outlook is based on organic growth and does not include the potential impact of any business development activities. Teva estimates that each month of delay in the launch of generic competitors to Copaxone in the US will contribute on average of approximately $78 million to net revenues
“2014 will be a pivotal year for Teva and a year of major transitions across the company", said Eyal Desheh, acting president and CEO of Teva, in a Dec. 10, 2013 company press release. "We will continue to make significant progress in implementing our strategy. We will focus our efforts on our generics business and core R&D programs, including high-value complex generics, promising specialty medicines and new therapeutic entities. In our specialty business, we anticipate six important launches and the potential submission of ten additional medicines for approval. At the same time, we are focused on increasing our organizational effectiveness through our cost reduction program to ensure Teva’s leadership position, growth and sustainable profitability.”
In other news, Teva announced that the vice-chairman of its board of directors, Professor Moshe Many, will leave his position as vice-chairman, effective Jan. 1, 2014, for personal reasons. Professor Many will remain a member of Teva's Board. Following Professor Many's announcement, Teva's board of directors announced that Amir Elstein has been appointed to the position of vice-chairman, effective January 1, 2014, and will serve in this position until the 2014 annual meeting of shareholders.
Source: Teva Pharmaceutical Industries