Teva’s Schultz Sets Sights On The Horizon While Continuing To Face Headwinds
Teva chief Kåre Schultz has set out his vision for the company to be a world leader in generics, complex generics and biologics, even as he continues to cut staff and shut manufacturing sites as part of cost-cutting measures. In the meantime, the firm faces a “trough year” in 2019, and its profitability is continuing to suffer due to impairments including charges linked to its acquisition of Actavis in 2016.
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Despite seeing an 8% drop in global turnover in 2019, an upbeat Teva says the completion of its restructuring plan has positioned the company to increase its turnover through newly-launched products – including biosimilars, brands and new generics – as well as improve its profit margins through manufacturing optimization.
As the CHMP refuses to recommend granting approval for TLC’s doxorubicin hybrid, the committee within the EMA has given the nod to Teva’s Ajovy monoclonal antibody migraine remedy as well as two small-molecule generics from Krka.
Pricing pressures that have affected the US generics market over the last few years have stabilized and this will continue to be the case in the future, according to Teva chief Kåre Schultz. Speaking at the 2019 J.P. Morgan Healthcare Conference, he also revealed that the firm was on track with its restructuring and debt-reduction plan.