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Teva Pharmaceutical Industries Limited stock price
Teva Pharmaceutical Industries Limited latest news:
BRIEF-CTI BioPharma to receive $10 mln milestone payment for Trisenox
Cti Biopharma Corp(CTIC): * CTI BIOPHARMA TO RECEIVE $10 MILLION MILESTONE PAYMENT FOR TRISENOX®. * CTI BIOPHARMA (CTIC) - TO RECEIVE $10 MILLION MILESTONE PAYMENT FROM TEVA PHARMACEUTICAL INDUSTRIES RELATED TO U.S. FDA APPROVAL OF TRISENOX Source text for Eikon: Further company coverage:
Teva credit rating downgraded to junk status at Moody's
Teva Pharmaceuticals Industries Ltd.'s credit rating was downgraded two notches into junk status at Moody's Investors Service, which cited concerns over the drug maker's sizable debt. The rating agency cut Teva's senior unsecured rating to Ba2 from Baa3, which is the lowest investment grade rating, and assigned a Ba2 corporate family rating. The outlook is stable. "The downgrade of Teva's ratings to speculative grade reflects the challenge of managing its significant debt burden while facing a prolonged period of earnings erosion," said Morris Borenstein, an assistant vice president at Moody's. "While Teva's cost restructuring program will help to partially offset declines, execution risk is high." Teva's credit is also rated junk at Fitch Ratings, but S&P Global Ratings rates it BBB-, which is its lowest investment grade rating. The stock, which rose 2.2% in afternoon trade, has tumbled 34.5% over the past 12 months, while the SPDR S&P Pharmaceuticals ETF has gained 15.7% and the S&P 500 has climbed 22.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
The Big Reason Teva Pharmaceutical Industries Catapulted 28% Higher in December
Plans to "trim the fat" have Wall Street and investors excited.
BRIEF-Teva Announces Launch Of An Authorized Generic Of Estrace Cream In The U.S.
Teva Pharmaceutical Industries Ltd(TEVA) : * TEVA ANNOUNCES LAUNCH OF AN AUTHORIZED GENERIC OF ESTRACE® CREAM IN THE UNITED STATES Source text for Eikon: Further company coverage:
Teva Pharm to lay off a quarter of workforce, suspends dividend
TEL AVIV (Reuters) - Teva Pharmaceutical Industries is to cut its workforce by more than a quarter, give up many of its manufacturing plants and suspend its dividend on ordinary shares in a much-anticipated overhaul to help pay off its debts.
Teva shares jump 14% premarket as company says it will cut 14,000 jobs in restructuring
Teva Pharmaceutical Industries Ltd.(TEVA) shares jumped 14% in premarket trade Thursday, after the company announced further restructuring moves aimed at improving its financial performance. The Israeli generic drug maker has been hit by competition from cheap generics and announced a major overhaul of its management structure in November. The company said it is now planning to cut 14,000 jobs, or 25% of its workforce, in the next three years, as part of measures aimed at cutting...
Teva to lay off 14,000 workers in bid for survival -- but some are skeptical
Teva hopes major cost cuts will help turn its fortunes around, but the change could affect its competitiveness, analysts said. Teva Pharmaceutical Industries Ltd. (TEVA) will lay off more than a quarter of its workforce-- 14,000 people-- as part of a two-year cost-cutting plan aimed at turning the beleaguered generics company's fortunes around. Investors cheered the cuts, which were higher than expected, sending the company's shares up 15% in extremely heavy Thursday morning trade.
REFILE-UPDATE 3-Fears of Israeli job cuts at Teva sparks call for general strike
TEL AVIV, Dec 13 (Reuters) - Reports that Teva
Pharmaceutical Industries is planning a restructuring
involving mass layoffs in Israel sparked calls on Wednesday for
a half-day general strike to be held in protest.
UPDATE 2-Israel's Teva to launch restructuring plan on Thursday
TEL AVIV, Dec 13 (Reuters) - Israel-based Teva
Pharmaceutical Industries will unveil a restructuring
plan on Thursday, the company said on Wednesday, after a
financial news website said the jobs of more than a half of its
Israeli workforce were set to be cut.
Teva's Yitzhak Peterburg resigns from board
Dec 12 (Reuters) - Teva Pharmaceuticals Industries Ltd
said on Tuesday Yitzhak Peterburg, who
previously served as the company's chairman and interim chief
executive, resigned from its board, effective immediately.
Teva considering cutting up to 10,000 jobs: Bloomberg
(Reuters) - Teva Pharmaceutical Industries Ltd is considering cutting up to 10,000 jobs as CEO Kare Schultz seeks to reduce $1.5 billion to $2 billion in costs over the next two years, Bloomberg reported, citing people familiar with the matter.
UPDATE 1-Teva considering cutting up to 10,000 jobs - Bloomberg
Dec 8 (Reuters) - Teva Pharmaceutical Industries Ltd
is considering cutting up to 10,000 jobs as CEO Kare
Schultz seeks to reduce $1.5 billion to $2 billion in costs over
the next two years, Bloomberg reported, citing people familiar
with the matter.
Teva shares surge 6% on corporate shake-up
The generic drugmaker is betting on leadership changes, cost cuts. Struggling generic drugmaker Teva Pharmaceutical Industries Ltd. (TEVA) announced a slate of new changes Monday, including the departure of three top executives, in an effort to cut costs and move its business onto firmer ground. Teva also plans to announce additional restructuring details in mid-December.
Teva shares rise 4% on major reorganization, leadership changes
Teva Pharmaceutical Industries Ltd. shares rose 4% in Monday morning trade after the company announced a major reorganization and several top leadership changes. Cheap generic drug prices have put significant pressure on the generic drugmaker in recent months, and the changes -- under new Chief Executive Kare Schultz -- were described as a way to take "decisive and immediate action to address external pressures and internal inefficiencies," according to a statement by Schultz. Teva, which previously organized its generics and specialty drug businesses in two separate units, will now instead operate through three regions -- North America, Europe and Growth Markets -- that will manage all Teva drugs "with full end-to-end P&L accountability," the company said. Some of Teva's previous business units will be retained, but not all, Teva said. Leadership changes include the retirement of Michael Hayden, president of global research and development, Rob Koremans, president and chief executive of global specialty medicines, and Dipankar Bhattacharjee, president and chief executive officer of the global generic medicines group, at the end of the year. The company's new management team includes now-Chief Financial Officer and Executive Vice President Michael McClellan, Executive Vice President, Global R&D Hafrun Fridriksdottir, Executive Vice President, North America Commercial Brendan O'Grady, Executive Vice President, European Commercial Richard Daniell, Executive Vice President, Growth Markets Commercial Gianfranco Nazzi and Executive Vice President, Global Marketing & Portfolio Sven Dethlefs. Teva shares have dropped 13% over the last three months and 61% year-to-date, compared with a 6.5% rise in the S&P 500 over the last three months and a 8% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Teva's stock drops after J.P. Morgan downgrades to rare bearish rating
Shares of Teva Pharmaceutical Industries Ltd. shed 2.2% in premarket trade Monday, after the generic drug maker was downgraded at J.P. Morgan to a rare bearish rating, citing concerns over the U.S. generics business and growing debt levels. Analyst Chris Schott cut his rating to underweight, after being at neutral the past 10 months. Only 6% of companies covered by J.P. Morgan analysts have an underweight rating. "While admittedly Teva shares have been under pressure (down 68% in 2017 and 16% since 3Q results), we see an extended road to recovery and no clear fundamental inflection in sight given ongoing challenges in the company's U.S. generics business (which we do not see growing until 2019), Copaxone generic competition, and growing levels of leverage (>5x in 2018 based on our estimates). Last week, Fitch Ratings downgraded Teva's credit rating in "junk" territory. Teva's stock has underperformed its peers and the broader market by a wide margin, as the SPDR S&P Pharmaceuticals ETF has gained 5.7% year to date and the S&P 500 has climbed 15%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Teva's stock, bonds fall after credit rating slashed to junk at Fitch
Shares of Teva Pharmaceutical Industries Ltd. sank 3.6% in premarket trade Tuesday, after the Israel-based generic drug maker's credit rating was cut by two notches into "junk" territory by Fitch Ratings. Teva's most active bonds, the 3.150% notes that mature in October of 2026, fell about 3 points to 83 cents on the dollar, sending its yield up to 5.466%. The spread widened by 27 basis points to 315 basis points over comparable Treasuries. The credit rating agency said the cut in the rating, down to BB from BBB-, reflects concerns over "significant operational stress" at a time when it needs to reduce debt. "Pricing pressure in Teva's North American generics segment and erosion of sales of Copaxone will continue to weigh on free cash flow in the near term, requiring the company to continue to sell assets or find external capital resources to meed debt obligations in 2018 and 2019 and beyond," Fitch said in a statement. The rating outlook is negative. Teva's stock has plunged 66% year to date through Monday, while the SPDR S&P Pharmaceuticals ETF has gained 5.4% and the S&P 500 has climbed 16%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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