Teva CFO: Talks continue over the US opioid compensation deal

Negotiations continue on the signing of a settlement agreement in legal proceedings regarding the marketing of opioid painkillers in the United States, Executive Vice President and Chief Financial Officer Eli Calev said at the annual Oppenheimer Israel Conference. . Calev was asked if there had been any further progress towards signing an agreement, the scheme of which had already been agreed upon at the end of 2019. “Another factor appeared, when a trial began on this matter at Orange,” he said. County is in California, so I can’t provide details. I can say that the outline agreement remains unchanged and there are talks all the time but only with us but with others, and nothing here has been frozen, or that we are not trying to find a solution. There are still negotiations. ” The all-US settlement reported at the end of 2019 included a drug contribution of $ 23 billion over 10 years for addiction treatment. Teva is just one of several companies involved in this, which also includes distributors. At the conference, Calev also spoke about the flagship Teva-branded drugs and said the company expects continued growth in Ostido sales for the treatment of choreography associated with Huntington’s disease and tardive dyskinesia. ”The market has about 500,000 patients. At the moment we serve only a small portion of that number and the potential is great. We have started a campaign in the US to raise awareness. ”Regarding the biosimilar Truxima, Kalev said:“ Since its launch in the fourth quarter of 2019, we have seen good market penetration, and we have had a market share of 26% according to the latest figures. We are very optimistic. ”Calev reiterated Teva’s long-term goal to reach 28% of operational profitability by 2023.“ When we embarked on the plan, we were at 24.5% at the end of 2019. We entered 18 months and during the first quarter we were at 27.1%. He also noted that Teva’s net debt decreased by $ 10 billion since the third quarter of 2017, after which the company’s simplification plan was launched. Teva, managed by CEO Kare Schultz, has a market value of $ 11.8 billion on the New York Stock Exchange. Posted by Globes, Israel business news – en.globes.co.il – on May 24, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021