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Turbulent times for Teva, interim CEO focuses on enhancing value

Turbulent several months for Teva in which it saw many challenges and achievements saw the company loosing its CEO, several trials in the USA – one of which being for bribery, and patent related trials that Teva filed, and was charged.

The period was also marked with inclusion of Actavis Generics and business venture in Japan with Takeda.

Israels drugmaker marked 2016 as a transitional year. Yitzhak Peterburg, Interim President and CEO of Teva, said that the focus in 2017 will be extracting synergies related to the Actavis Genercis transaction, and among others, paying down its debt.

“We are laser focused on execution at this critical juncture and are determined to deliver on our key priorities,” he said. “With the entire Teva team, I am conducting a thorough review of the business to find additional opportunities to enhance value. Our management team is committed to delivering for our shareholders and unlocking the full potential of our pipeline and global business. We remain excited about the future as we strive to create a platform that supports continued growth and value creation for patients, shareholders and healthcare systems around the world.”

The company said that GAAP net income attributable to ordinary shareholders and GAAP diluted EPS were $68 million and $0.07, respectively, in 2016, compared to $1.6 billion and $1.82, respectively, in 2015.

Gross profit of from generic drugs, mainly driven by inclusion of Actavis and business with Takeda, increased 57%, in the fourth quarter 2016 to 1.8 billion, compared to $1.2 billion in the fourth quarter of 2015. Net loss for the company in the fourth quarter 2016 was $974 million, compared to net income of $498 million in the fourth quarter 2015, while full year profit 2016 was $311 million, compared to net profit of $1,597 from the entire 2015.

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