Teva Pharm sees nationwide U.S. opioid settlement in 2022 By Reuters

By Steven Scheer

JERUSALEM (Reuters) -Teva Pharmaceutical Industries stays optimistic it may attain a nationwide settlement by the tip of the yr over lawsuits alleging it and different drug firms fueled the U.S. opioid epidemic, its chief govt mentioned on Tuesday.

Israel-based Teva, the world’s largest generic drugmaker, raised its authorized provision for the opioid litigation by $1.1 billion within the first quarter to $2.6 billion.

“It is the results of a holistic evaluation of what is the impact of (state) settlements we’ve performed to date, (and) what is the almost definitely final result primarily based on our present negotiations,” CEO Kåre Schultz advised a convention name of analysts after reporting as-expected first quarter revenue.

Schultz advised Reuters in February Teva was bracing to pay as a lot as $3.6 billion in money and medicines to settle hundreds of lawsuits.

Teva in March settled with Florida and Rhode Island, with a bench trial in West Virginia this month and one other in San Francisco slated for July. However Schultz is hoping for a nationwide settlement and to that finish, there are ongoing negotiations.

“We’re getting nearer there,” Schultz mentioned. “I am barely extra optimistic on the time schedule now. And that is why I hope that we’ll see a nationalised settlement earlier than the tip of this yr.”

Teva earned 55 cents per diluted share excluding one-time objects within the January-March interval, down from 63 cents a share a yr earlier.

Damage by decrease gross sales in North America of each generic medication and its personal a number of sclerosis remedy Copaxone, which is going through stiff competitors, income fell 8% to $3.66 billion.

Analysts had forecast Teva would earn 55 cents a share ex-items on income of $3.76 billion, in response to I/B/E/S information from Refinitiv.

Amid forex fluctuations, Teva lowered its 2022 income estimate to $15.4-$16.zero billion from $15.6-$16.2 billion, after income of $15.9 billion in 2021. It reiterated its projection for 2022 adjusted EPS of $2.40-$2.60, versus $2.58 final yr.

Gross sales of the corporate’s migraine drug Ajovy grew 16% to $36 million and reached a 24% market share, though Schultz mentioned he expects that to rise to 33%. Huntington’s illness remedy Austedo’s gross sales rose 6% to $154 million, with projections of $1 billion in 2022.

General generic drug gross sales in North America dipped 15% to $899 million because of competitors on many merchandise.

Income in Europe slipped 5% to $1.16 billion, though gross sales of Ajovy doubled to $30 million.

Teva’s internet debt fell to $20.7 billion and the corporate continues to make use of all its money to pay down debt.

Its New York-listed shares have been flat at $8.55 in early buying and selling.