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Teva Pharmaceuticals USA and companies related to Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), as well as the state of Oklahoma, have reached an agreement providing for a one-time payment of $ 85 million to the state. The settlement resolves state claims against Teva.
The regulation does not establish any reprehensible act on the part of society; Teva has not in any way contributed to the opioid abuse in Oklahoma.
The company has solved the problem in a way that benefits people who have been victims of opioid abuse and helps to stem the effects of the opioid crisis. Teva continues to maintain the long-term stability of the company in the foreground.
Teva remains focused on its future as a leader in creating access to life-saving medicines, such as the company's recent final approval of the first generic naloxone spray, which is widely recognized as an essential medicine to save lives and fight the opioid.
Although the company has long stated that the courtroom is not a place to resolve the crisis, Teva is pleased to advance Oklahoma's case and remains willing to vigorously defend any claim against the company, including the next trial in federal court cases are ongoing.
The State will allocate the payment made by Teva at its discretion, including the payment of its fees and costs related to this settlement.
Teva recognizes the devastating impact on communities in the United States as a result of the illegal use of drugs, abuse, and prescription-use opioids. Teva continues to advocate for collaborative solutions across the country.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) develops and manufactures drugs to improve the lives of people for over a century. We are a global leader in generic and specialty medicines with a portfolio of more than 35,000 products in almost every therapeutic area. About 200 million people worldwide take a Teva drug every day and are served by one of the largest and most complex supply chains in the pharmaceutical industry. In conjunction with our established presence in generics, we are conducting significant innovative research and operating activities that support our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com
Caution regarding forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on current beliefs and expectations of management and are subject to significant risks and uncertainties, known and unknown, which may result in our future results, performance or achievements differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include the following:
- our ability to successfully resolve outstanding claims related to the opioid crisis in the United States;
- our ability to successfully compete in the market, including: that we are highly dependent on our generic products; competition for our specialty products, in particular COPAXONE, our lead drug, which faces competition from existing and potential additional generic versions and oral alternatives; the uncertainty of the commercial success of AJOVY or AUSTEDO; competition from companies with more resources and capabilities; efforts by pharmaceutical companies to limit the use of generics, including through laws and regulations; consolidation of our customers and commercial alliances between our customers; the increase in the number of competitors targeting generic opportunities and seeking exclusivity in the US market for generic versions of significant products; the erosion of the prices of our products, due to competing products and increased regulation; delays in launching new products and our ability to achieve the expected results of investments in our product portfolio; our ability to take advantage of high value opportunities; the difficulty and cost of obtaining licenses for proprietary technologies; and the effectiveness of our patents and other measures to protect our intellectual property rights;
- our significant indebtedness, which may limit our ability to incur additional borrowings, carry out additional transactions or make new investments, may further degrade our credit ratings; and our inability to borrow or borrow funds in an amount or on terms that are favorable to us;
- our business and operations in general, including: failure to effectively execute our restructuring plan announced in December 2017; uncertainties related to the potential benefits and success of our new management team and organizational structure, and our inability to achieve them; prejudice to our future product portfolio due to the ongoing review of our research and development programs; our ability to develop and market additional pharmaceutical products; additional potential negative consequences as a result of our resolution with the US Government of our FCPA investigation; compliance with sanctions and other trade control laws; manufacturing or quality control issues that could affect our reputation for quality production and require costly repair actions; interruptions in our supply chain; disruption of our computer systems or third parties, or breaches of the security of our data; the inability to recruit or retain key personnel; variations in intellectual property laws that could affect our ability to manufacture our products; the challenges badociated with doing business on a global scale, including the adverse effects of political or economic instability, major hostilities or terrorism; significant sales to a limited number of customers in our US market; our ability to successfully bid for appropriate acquisition goals or licensing opportunities, or to execute and integrate acquisitions; and our prospects and growth opportunities if we sell badets;
- compliance, regulatory and litigation issues, including: costs and delays resulting from the extensive government regulation to which we are subject; the effects of regulatory reforms on health care and reductions in the prices, reimbursement and coverage of pharmaceuticals; government surveys of sales and marketing practices; potential liability for patent infringement; claims for product liability; increased government review of our patent settlement agreements; failure to comply with complex Medicare and Medicaid reporting and payment obligations; and environmental risks;
- other financial and economic risks, including: our exposure to exchange rate fluctuations and exchange rate restrictions as well as credit risks; potential impairment losses on our intangible badets; potential significant increases in tax debts; and the impact on our overall effective tax rate of the termination or expiration of government programs or tax benefits, or a change in our business;
and other factors described in our annual report on Form 10-K for the year ended December 31, 2018, including its sections entitled "Risk Factors". Forward-looking statements speak only as of the date on which they are made, and badume no obligation to update or revise any forward-looking statements or other information contained in this document, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements.
IR Contacts
United States
Kevin C. Mannix
(215)
591-8912
Israel
Ran Meir
972 (3) 926-7516
PR Contacts
United States
Kelley Dougherty
(973)
658-0237
Israel
Yonatan Beker
972 (54) 888 5898
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