Stock Research and Analysis

by Michael Waterhouse

Bulls Say

As the largest pharmaceutical manufacturer with vertically integrated operations, Teva has the scale and resources to help minimize the threat of low-cost producers in emerging markets.
Teva's product pipeline and cost-savings plan, combined with Copaxone's manufacturing difficulty, should help insulate earnings from a potential generic Copaxone approval.
Teva is one of the few generic firms with the financial resources and manufacturing capabilities to reproduce complex drugs, such as biosimilars and respiratory inhalers. Read more 

Bears Say

With no major potential product launches prior to Copaxone's patent expiration in 2014, Teva's branded segment will likely shrink once a generic Copaxone launches.
Some pipeline mishaps, including laquinimod's failure to meet clinical endpoints in its second Phase III multiple sclerosis trial, raises doubt about the success of Teva's pipeline, including indications for laquinimod in Crohn's and Huntington's disease.
Teva faces considerable competition from low-cost producers in emerging markets, especially India. Aggressive entry pricing could weaken Teva's dominant market position. Read more 

Management

We’re lowering our stewardship rating for Teva to standard following Jeremy Levin’s abrupt departure as CEO. While we think management’s historical capital allocation practices have led to strong shareholder returns, the recent management turnover raises   Read more 

Profile

Headquartered in Israel, Teva Pharmaceutical is the world's largest generic pharmaceutical manufacturer. The company also develops and sells branded pharmaceuticals in central   Read more 

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