- Return to growth by accelerating a strong innovative medicines
portfolio
- Expand innovative pipeline and focus on core therapeutic areas
with first-in-class and best-in-class opportunities
- Sustain generics powerhouse based on high-value and complex
products
- Focus the business on areas with the greatest potential for
growth and patient impact
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today
announced a new strategic framework with four main pillars to
position the Company for a new era of growth. This strategy aims to
bolster the Company’s strong commercial portfolio with AUSTEDO®,
AJOVY®, UZEDYTM and biosimilars, amplify its innovative pipeline,
sustain its generics powerhouse and focus the business. These four
pillars are expected to deliver enhanced value and create a greater
impact for patients.
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the full release here:
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Teva’s President and Chief Executive Officer, Richard Francis,
and additional members of Teva’s executive management team will
provide a detailed overview of the Company’s new strategy during a
live webcast today, May 18, 2023 at 12:00 p.m. ET. The live webcast
of the event and presentation materials will be available on Teva's
website here.
“Our new strategy is built on four key pillars to deliver short-
and long-term growth from our commercial portfolio and biosimilars,
innovative pipeline, generics powerhouse and focused capital
allocation,” said Richard Francis, President and CEO, Teva. “With
our Pivot to Growth strategy, I am confident we will gain momentum
as a stronger, bolder and simpler organization.”
Deliver on Growth
Engines
Teva expects to return to growth in the short term by
accelerating its strong innovative portfolio and delivering on its
promising biosimilars pipeline.
Teva expects to achieve annual revenues of more than $2.5
billion by 2027 for AUSTEDO, across its indications by addressing
the unmet needs of a significantly under-diagnosed patient
population and by expanding its coverage in key geographies. With
UZEDY, the Company has an opportunity to reach a population of more
than 600,000 patients living with schizophrenia with a
best-in-class, differentiated therapy profile. Teva is additionally
well-positioned to capitalize on its late-stage pipeline of
biosimilars with 7 products in late-stage development and/or under
regulatory review.
Step up Innovation
Teva aims to expand its innovative pipeline and focus on its
core therapeutic areas of neuroscience, immunology and
immuno-oncology, with assets aiming to be first-in-class and
best-in-class.
The Company is already developing promising innovative assets,
which will improve the standard of care for many patients worldwide
and illustrate Teva’s unique capabilities in product formulation,
complex devices and antibody engineering:
- Olanzapine LAI (44749) in phase 3 for schizophrenia has the
potential to be a first long-acting olanzapine with favorable
safety profile
- ICS/SABA (56248) in phase 3 for asthma is a de-risked
fixed-dose addressing market needs and newest Asthma medical
guidelines
- Anti-TL1A (48574) in phase 2 has the potential to be
best-in-class for the underserved ulcerative colitis / Crohn’s
disease market, as demonstrated by the data showcased by the
Company.
Teva also sees promising application of its Attenukine
technology – a new mechanism of action for high efficacy and low
toxicity, for a broad array of immuno-oncology indications. The
technology’s potential was demonstrated by the results of
CD38-targeted Attenukine for multiple myeloma (out-licensed); and
is being developed with a novel Anti-PD1-IL2 (56278) in oncology
(in-house).
Additional assets within Teva’s promising innovative pipeline
include:
- Anti-IL15 (53408) in Phase 1 for Celiac Disease
- Anti-PAR2 (56192) in Phase 1 in neuroscience
- Anle138b1 (56286) in Phase 1 for multiple system atrophy
(MSA)
Teva also expects to more actively engage in business
development opportunities to ensure pipeline-led, long-term
growth.
Sustain Generics
Powerhouse
Teva has a strong core generics business. The Company plans to
continue to lead in generics and make it a sustainable powerhouse.
Generics are the cornerstone of Teva’s success and heritage. Moving
forward, the Company is committed to leveraging its unparalleled
technological, development and clinical expertise to focus on a
prioritized portfolio and pipeline of high-value generics
opportunities. This would include mainly complex generics products,
such as drug device combinations and long-acting injectables
(LAIs).
Focus the Business
Teva has made decisive choices to focus its business and
allocate resources on areas that show the greatest potential for
growth and patient impact. Moving forward, the Company plans to
increase its focus, optimize its businesses and its portfolio, and
reallocate resources to fund growth. Teva is staying committed to
continue serving its debt, and has reiterated its financial targets
for 2027.
To join today's webcast please click here. Following the
conclusion of the live webcast, a replay of the webcast will be
available within 24 hours on Teva's website.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has
been developing and producing medicines to improve people’s lives
for more than a century. We are a global leader in generic and
innovative medicines with a portfolio consisting of over 3,500
products in nearly every therapeutic area. Around 200 million
people around the world take a Teva medicine every day and are
served by one of the largest and most complex supply chains in the
pharmaceutical industry. Along with our established presence in
generics, we have significant innovative medicines research and
operations supporting our growing portfolio of innovative medicines
and biopharmaceutical products. Learn more at
www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements. You
can identify these forward-looking statements by the use of words
such as “should,” “expect,” “anticipate,” “estimate,” “target,”
“may,” “project,” “guidance,” “intend,” “plan,” “believe” and other
words and terms of similar meaning and expression in connection
with any discussion of future operating or financial performance.
Important factors that could cause or contribute to such
differences include risks relating to:
- our ability to successfully launch and execute our new
strategy, including to expand our innovative medicines pipeline and
profitably commercialize the innovative portfolio, whether
organically or through business development; and to sustain and
focus our portfolio of generics medicines;
- our ability to successfully compete in the marketplace,
including: that we are substantially dependent on our generic
products; concentration of our customer base and commercial
alliances among our customers; delays in launches of new generic
products; the increase in the number of competitors targeting
generic opportunities and seeking U.S. market exclusivity for
generic versions of significant products; our ability to develop
and commercialize biopharmaceutical products; competition for our
innovative medicines, including AUSTEDO, AJOVY and COPAXONE®; our
ability to achieve expected results from investments in our product
pipeline; our ability to develop and commercialize additional
pharmaceutical products; and the effectiveness of our patents and
other measures to protect our intellectual property rights;
- our substantial indebtedness, which may limit our ability to
incur additional indebtedness, engage in additional transactions or
make new investments, may result in a further downgrade of our
credit ratings; and our inability to raise debt or borrow funds in
amounts or on terms that are favorable to us;
- our business and operations in general, including: the impact
of global economic conditions and other macroeconomic developments
and the governmental and societal responses thereto; the widespread
outbreak of an illness or any other communicable disease, or any
other public health crisis; effectiveness of our optimization
efforts; our ability to attract, hire, integrate and retain highly
skilled personnel; manufacturing or quality control problems;
interruptions in our supply chain; disruptions of information
technology systems; breaches of our data security; variations in
intellectual property laws; challenges associated with conducting
business globally, including political or economic instability,
major hostilities or terrorism; costs and delays resulting from the
extensive pharmaceutical regulation to which we are subject; the
effects of reforms in healthcare regulation and reductions in
pharmaceutical pricing, reimbursement and coverage; significant
sales to a limited number of customers; our ability to successfully
bid for suitable acquisition targets or licensing opportunities, or
to consummate and integrate acquisitions; and our prospects and
opportunities for growth if we sell assets;
- compliance, regulatory and litigation matters, including:
failure to comply with complex legal and regulatory environments;
increased legal and regulatory action in connection with public
concern over the abuse of opioid medications and any delay in our
ability to obtain sufficient participation of plaintiffs for the
nationwide settlement of our opioid-related litigation in the
United States; scrutiny from competition and pricing authorities
around the world, including our ability to successfully defend
against the U.S. Department of Justice criminal charges of Sherman
Act violations; potential liability for intellectual property right
infringement; product liability claims; failure to comply with
complex Medicare and Medicaid reporting and payment obligations;
compliance with anti-corruption, sanctions and trade control laws;
environmental risks; and the impact of ESG issues;
- other financial and economic risks, including: our exposure to
currency fluctuations and restrictions as well as credit risks;
potential impairments of our long-lived assets; the impact of
geopolitical conflicts including the ongoing conflict between
Russia and Ukraine; potential significant increases in tax
liabilities; and the effect on our overall effective tax rate of
the termination or expiration of governmental programs or tax
benefits, or of a change in our business;
and other factors discussed in this press release, in our
Quarterly Report on Form 10-Q for the first quarter of 2023 and in
our Annual Report on Form 10-K for the year ended December 31,
2022, including in the section captioned "Risk Factors.”
Forward-looking statements speak only as of the date on which they
are made, and we assume no obligation to update or revise any
forward-looking statements or other information contained herein,
whether as a result of new information, future events or otherwise.
You are cautioned not to put undue reliance on these
forward-looking statements.
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IR Contacts Ran Meir +1 (267) 468-4475 Yael Ashman +972
(3) 914-8262 Sanjeev Sharma +1 (973) 658 2700
PR Contacts Kelley Dougherty +1 (973) 832-2810 Eden Klein
+972 (3) 906-2645
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