In a report released today, Esther Rajavelu from Oppenheimer maintained a Hold rating on Teva Pharma (TEVA), with a price target of $21. The company’s shares opened today at $17.41.
Rajavelu wrote:
“We are updating our model to reflect FDA’s decision to delay launch of bendamustine products until 12/7/22. We view this as a favorable ruling to TEVA because it removes the risk of generic competition beginning in late 2019. While TEVA’s bendamustine franchise generated ~3% of revenues in 2018, and we do not view this as a growth driver, we note this is a high margin product for the company and a nice contributor to operating profit. We now model modest decline in bendamustine revenues through 2022 (vs. steep decline), and generic impact thereafter. Our updated 2019/2020 revenue estimates for this franchise are now $616M/$598M (vs. $542M/$488M). We maintain our Perform rating and $21 price target as we continue watching for leading indicators of top-line growth.”
According to TipRanks.com, Rajavelu is a 1-star analyst with an average return of -3.9% and a 36.8% success rate. Rajavelu covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Rocket Pharmaceuticals Inc, and Jazz Pharmaceuticals.
Teva Pharma has an analyst consensus of Hold, with a price target consensus of $20.19, which is a 16.0% upside from current levels. In a report issued on February 13, Cantor Fitzgerald also maintained a Hold rating on the stock with a $25 price target.
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Based on Teva Pharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $2.88 billion. In comparison, last year the company had a GAAP net loss of $11.58 billion.
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Teva Pharmaceutical Industries Ltd. is a global pharmaceutical company, which engages in development, production and marketing of drugs, generic drugs, over-the-counter drugs, active ingredients for the pharmaceutical industry (APIs) and therapeutic products. It operates through two segments: Generic Medicines and Specialty Medicines.
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