Company Update (NYSE:TEVA): Teva Pharmaceutical Industries Ltd (ADR) Exclusively Launches Generic Version of Reyataz Capsules in U.S. HIV Market


TEVA logoTeva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) has been hit with recent negative sentiment on its home front in Israel, as the company deals with protests from a workforce none too pleased that under the helm of new Danish CEO Kare Schultz, 14,000 employees of the beleaguered biotech giant around the world and 1,700 within Israel are facing layoffs. Yet, perhaps the Israeli pharma company hopes its news today will center the media buzz around something a little more positive: the forthcoming exclusive launch of a generic version of Reyataz (atazanavir) capsules in the U.S.

Atazanavir sulfate capsules are a protease inhibitor indicated for use in combination with other antiretroviral agents for the treatment of HIV-1 infection for patients 6 years and older weighing at least 15 kg.

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“The exclusive launch of our generic version of Reyataz marks our fifth generic product offering for the treatment of HIV-1 infection,” said Brendan O’Grady, Executive Vice President, North America Commercial at Teva. “Antiviral medications continue to be a focus for Teva Generics, and this is an important addition to our portfolio.”

With nearly 600 generic medicines available, Teva has the largest portfolio of FDA-approved generic products on the market and holds the leading position in first-to-file opportunities, with over 100 pending first-to-files in the U.S. Currently, one in seven generic prescriptions dispensed in the U.S. is filled with a Teva generic product.

Reyataz had annual sales of approximately $402 million in the U.S., according to IMS data as of October 2017.

Shares of Teva Pharmaceutical are trading up 0.05% to $18.93 in pre-market trading Wednesday, or up $0.01. TEVA has a 1-year high of $38.31 and a 1-year low of $10.85. The stock’s 50-day moving average is $14.94 and its 200-day moving average is $20.17.

On the ratings front, Teva has been the subject of a number of recent research reports. In a report issued on December 22, Cantor Fitzgerald analyst Louise Chen maintained a Hold rating on TEVA, with a price target of $18, which represents a slight downside potential from current levels. Separately, on December 18, UBS’s Marc Goodman maintained a Hold rating on the stock and has a price target of $20.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Louise Chen and Marc Goodman have a yearly average loss of -6.9% and a return of 1.0% respectively. Chen has a success rate of 41% and is ranked #4588 out of 4726 analysts, while Goodman has a success rate of 48% and is ranked #2412.

Overall, 2 research analysts have rated the stock with a Sell rating, 14 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $18.44 which is -2.5% under where the stock closed yesterday.

Teva Pharmaceutical Industries Ltd. is a global pharmaceutical company, which provides patient-centric healthcare solutions. It operates through two segments: Generic Medicines and Specialty Medicines. The Generic Medicines segment includes chemical and therapeutic equivalents of originator medicines in a variety of dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments and creams. The Specialty Medicine segment engages in the provision of core therapeutic areas of central nervous system medicines.