Bernstein Research analyst Ronny Gal was skeptical about some of the things said and projections made by top officials from Teva Pharmaceutical Industries Ltd., during a conference call with analysts on Tuesday. The reason for the call was to give financial guidance and projections for 2014.
But everything is relative.
Gal wrote in a note to clients that the risk-reward calculation for Teva has improved for three reasons, but the first was a case of being damned by feint praise.
PhillyPharma is helping with other chores at The Inquirer. We'll resume when possible.
Drugmaker Shire, Plc, said Monday it will pay $4.2 billion for Exton-based ViroPharma.
Shire is registered, headquartered and based in the Channel Islands, Ireland and the United Kingdom, but one of its main U.S. facilities is in Chesterbrook.
Shire's best-selling drug is the Vyvanse, a medicine for attention deficit hyperactivity disorder.
PhillyPharma is on furlough. Be well.
Israeli media reported earlier this week that part of the disagreement between now-former Teva Pharmaceuticals CEO Jeremy Levin and the company's board of directors is that Levin ordered an investigation that involved lie detectors tests for some key employees and board members.
Israel's Channel 2 reported, according to the Globes, a business publication, that Levin was frustrated with the board's day-to-day involvement and its tendency to chat with reporters. A link to the Globes story is here.
Here is the key passage:
Despite 18.4 percent profit decline, AstraZeneca CEO tells Inquirer no new layoffs are planned in Delaware
Despite an 18.4 percent drop in quarterly profit, AstraZeneca Chief Executive Officer Pascal Soriot said Thursday in response to a question from the Inquirer that there are no plans for more layoffs at the company's facilities in Delaware.
AstraZeneca is based in London and has facilities in Wilmington and Newark.
In March, the company cut 2,300 jobs from its worldwide workforce, including 1200 from its Delaware facility. Some of the positions were moved to AstraZeneca's facility in Gaithersburg, Md., but not all. And reports at the time suggested AstraZeneca considered closing its Wilmington facility entirely. Though most of the research jobs are gone, some U.S. commercial operations remain in Wilmington.
A day after surprising markets with the resignation of chief executive Jeremy Levin, Teva Pharmaceutical Industries reported Thursday a 2 percent revenue increase and a $711 million profit in the third-quarter of 2013, with the profit attributable to a big drop in money set aside for legal settlements.
Teva is based in Israel, but has several operations in Philadelphia suburbs and employs about 2,300 people in Pennsylvania.
Teva is the world's leading seller of generic drugs and the company attributed the revenue gains to improvements in U.S. generic sales. Still, the branded-drug Copaxone, which is used to treat multiple sclerosis, remains the company's single largest revenue generator with $1.01 billion in third quarter sales, a 1 percent increase. The challenge is that Copaxone might have generic competition as soon as May.
British drugmaker AstraZeneca said Thursday that its profit declined 18.4 percent in the third quarter of 2013 compared with the same period in 2012.
AstraZeneca is based in London and has facilities in Wilmington and Newark, Del. The company has cut jobs worldwide and in Delaware in recent months but there was no mention of new layoffs in the report issued Thursday morning before the London Stock Exchange opened.
A link to the press release, with the numbers, is here. The company has conference calls with reporters and analysts scheduled for later Thursday.