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Shares of Teva Pharmaceutical Industries (TEVA – Get Report) fell 13.5% to 9.40 dollars on Tuesday after UBS downgraded the company's shares by making them neutral in the light of litigation compared with opioids.
Analyst Navin Jacob has also lowered his price target on Israeli company shares from $ 22 to $ 12.
Teva recently said he had reached an agreement with Oklahoma that provided $ 85 million to the state, just days before the trial scheduled for Tuesday for opioid complaints filed by the Attorney General against the drug maker.
In a note to clients, Jacob said he was anticipating larger potential legal costs than expected after the settlement between Teva and Oklahoma. He estimated that the dispute could cost $ 4.1 billion to Teva, against 1 billion previously estimated.
Teva is one of two defendants who settled before the lawsuit, following the Purdue Pharma agreement and $ 270 million payment in March. Johnson & Johnson (JNJ – Get Report), another target of the Attorney General of Oklahoma, said through the intermediary of its subsidiary Janssen Pharmaceuticals that she was ready to defend herself and her family. is declared open to a resolution.
The CNBC announced that Oklahoma State Attorney General Mike Hunter had denounced Johnson & Johnson and other opioid manufacturers during the first day of the trial for having led a "multi-billion dollar brainwashing campaign" that has killed more than 46,000 people in the country in a decade.
Hunter said Johnson & Johnson was "the backbone behind this public health emergency" by developing and importing the raw materials used by other drug companies to manufacture their products, "said CNBC.
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