Despite Short-Term Glitches, Teva Maintains It Is On Track To Double Revenues By 2015
This article was originally published in The Pink Sheet Daily
Despite a string of uncharacteristic setbacks, Teva remains confident in its long-term strategy and five-year financial goals it outlined a year ago.
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In a hastily scheduled, between-quarters update, Teva takes down its 2012 guidance issued only five months ago. New CEO Jeremy Levin promises a full strategic rendering by year end, announces long-time Teva exec Allan Oberman as new head of U.S. generics and establishment of a global compliance committee.
Most of the top 20 generic drug makers are subsidiaries of diversified pharmas or smaller generics-only plays based in the Far East. But diversification, although long a goal, is now urgent for the three major independent generic firms – Teva, Mylan and Watson.
Jeremy Levin, who left Bristol-Myers Squibb on Jan. 1, will succeed outgoing Teva CEO Shlomo Yanai in May, as the Israeli generics giant seeks to increase its emphasis on branded drugs.