Teva Pharmaceuticals has cut $650 million in costs this year but needs to more than double that over the next two as it faces generic competition to its workhorse multiple sclerosis drug Copaxone. A big part of that will be to continue revamping its production network, CEO Erez Vigodman says.
Don't be surprised if Teva's revenue numbers don't meet analysts' expectations in 2015. According to the company's forecasts, generic competition to top-seller Copaxone and foreign currency hits will take their toll on Teva's top line next year.
Teva has already surprised analysts with the success it's had converting patients from multiple sclerosis star Copaxone to a new, long-acting version. And now, the company is preparing to take the med to Europe.
Sales of Teva's multiple sclerosis drug, Copaxone, are still growing--at least for now. The Israeli company's top-seller, whose patent is currently the subject of a Supreme Court appeal, ticked up 5% to reach $1.1 billion in Q3 sales.
Teva's been waiting a long time to get its Copaxone patent appeal before the Supreme Court. And now that the court has heard oral arguments, it seems to be divided on the issue.
After trying nearly everything in its power to protect lead product Copaxone from early generic competition, Teva just received some news it least wants to hear: Copycats are going after its new, long-acting version of the drug, too.
Teva's long-acting version of multiple sclerosis treatment Copaxone has surpassed most analysts' expectations. But as competition to the original looms, will Teva consider discontinuing off-patent Copaxone to push patients toward the protected version in a quest to maintain market share? The short answer: Yes, but not just yet.
Teva just won't give up on delaying generic Copaxone. Its latest tactic: filing a citizen petition with the FDA to once again push for full-scale, placebo-controlled clinical trials for all copies of its multiple sclerosis med.
Teva Pharmaceutical Industries CEO Erez Vigodman has been a busy man. So busy, in fact, it seems the company's press releases barely keep up with him. Today's announcement: Vigodman has overhauled Teva's management structure, winnowing out 6 executive jobs and creating two worldwide divisions. And he recruited a pharma-industry vet to take the helm of one of them.
Well, that's not going to work. Teva's latest move to try to fend off Copaxone copies, a lawsuit against the FDA, got tossed Wednesday by a federal judge in Washington just 10 days before the med's patent expiration date.