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Teva Pharmaceutical Industries Ltd ADR TEVA

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Teva Reports In-Line Third Quarter Despite Slightly Light Revenue; Execution Remains Strong

Soo Romanoff Equity Analyst

Analyst Note

| Soo Romanoff |

No-moat Teva Pharmaceutical reported third-quarter results that included slightly lower-than-anticipated revenue with the pandemic normalization and slower traction of its migraine specialty drug, Ajovy. We view this as a reflection of the residual pull-through of COVID-19 stockpiling observed in the first quarter and stabilization of patient visits. Operational execution remains strong, and the company is tracking well on its long-term plans. There were no significant updates on the opioid and price-fixing litigation, which remains the primary overhang on the shares.

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Company Profile

Business Description

Headquartered in Israel, Teva Pharmaceutical is the largest generic drug manufacturer in the world with roughly 60 manufacturing and R&D facilities. The company was formed in 1901 and has a portfolio of more than 3,500 medicines--roughly 1 out of 9 generic prescriptions in the U.S. is filled with a Teva product. The company also develops branded pharmaceuticals in the central nervous system, oncology, and respiratory categories. Teva's generic drug sales represent slightly over half of total revenue, with branded drug and distribution revenue making up the balance. Teva is an aggressive filer to bring generic drugs to market when brand patents expire and has the most generic products pending Food and Drug Administration approval.

5 Basel Street
Petach Tikva, 4951033, Israel
T +972 39148171
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 40,039