Teva Pharmaceutical (Israel)

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The Israeli company Teva Industries emerged in the early 2010s as a fast-growing challenger to the old guard of traditional drug companies, but more recently hit something of a brick wall. Its core business is in off-patent generic pharmaceuticals - it is the global leader in that segment, filling more than 1.5m prescriptions every day in the US alone as well as several million more around the world. However it has also built up an increasingly important collection of its own branded drugs, led by Copaxone for multiple sclerosis. This had global sales of $4.2bn in 2016, but now faces generic competition in the US following the expiry of its patent. Other key products include ProAir inhalers, cancer drug Treanda and Parkinson's treatment Azilect. Teva has added to the portfolio through key acquisitions, including rival developers Taiyo of Japan and Cephalon. A third pillar of the business is provided by PGT Healthcare, a $1.5bn joint venture with Procter & Gamble launched in 2011, which assumed control of all the latter's OTC healthcare products outside North America, including Vicks, Metamucil and Pepto-Bismol. As a result, Teva's revenues rocketed from just $3.3bn in 2003 to a high of $20.4bn in 2014, putting it among the Top 15 drug companies globally. However growth slowed after that as a result of declining generics sales. That prompted the purchase in 2015 of US developer Auspex for $3.2bn, and then the acquisition of Allergan's generics business for a mammoth $41bn. However, the slowdown also prompted the sudden departure of CEO Erez Vigodman in early 2017, eventually replaced by Kare Schultz. Sales for 2016 came in at $21.9bn, including almost $12bn from generics. However, the group has also divested a number of non-core products since then, including its women's health division, in order to pay down its huge debt mountain. A decision to cut around a quarter of its global workforce prompted violent protests in Israel from disgruntled workers. Adbrands does not currently profile this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.

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Capsule checked 14th February 2017

Recent stories from Adbrands Weekly Update:

Adbrands Weekly Update 30th Jul 2015: Israeli pharma company Teva Industries abandoned its months-long pursuit of reluctant partner Mylan to seal a separate deal with Allergan (previously known as Actavis). Subject to regulatory approval, Teva will acquire Allergan's generic drugs division, currently the global #3, for $40.5bn. That combination will boost Teva's revenues from past-patent drugs to almost $16bn, around twice the sales of its closest rival, Novartis-owned Sandoz. Total sales will top $26bn, putting Teva among the top 10 drugmakers globally. Allergan will instead focus on its collection of in-patent products - the best-known is cosmetic enhancer Botox. It has already announced plans to use some of the cash from the deal to acquire biotech developer Naurex, which is developing a fast-acting antidepressant, for $560m. Other acquisitions are expected to follow, unless Allergan itself becomes a target, perhaps for Pfizer.

Adbrands Weekly Update 30th Apr 2015: There was deadlock in the three-way wrestling match between drug companies Teva, Mylan and Perrigo. Perrigo rejected not one but two increased offers from Mylan; Mylan in turn rejected Teva's existing bid, which it said "grossly undervalued" the company. Mylan's executive chairman Robert Coury went even further in an outspoken 3,000-word public letter in which he described Teva as a "poorly performing troubled company" with a "dysfunctional culture" that has "churned through" three different CEOs since 2007. He rejected the idea of payment at any level in Teva's own "low quality and high risk" shares, and suggested that only a cash offer in the region of $50bn - $10bn higher than Teva's current all-share bid - would be considered by the Mylan board.

Adbrands Weekly Update 23rd Apr 2015: Merger fever in the pharmaceutical industry reached new levels this week. Israeli group Teva Industries, the world leader in generic drugs, unveiled a $40bn unsolicited bid for smaller rival Mylan, potentially derailing that company's attempts to acquire Irish company Perrigo. Combined revenues for Teva-Mylan would be around $30bn, pushing the business into the top eight drug manufacturers ahead of AstraZeneca and Bayer. Like Teva, Mylan is a major player in generics but also has a sizeable collection of more profitable proprietary drugs. One of its best-known is the anti-allergic injection device EpiPen. The combined group would generate around 40% of revenues from non-generic products. However the deal is unlikely to come off unless Teva can win over the Mylan board - which has so far frowned on any such arrangement - and would also involve close scrutiny from competition regulators. 

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