Guggenheim Reiterates Buy on Teva Pharma (TEVA) Following AGN Deal
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Guggenheim reiterated a Buy rating and $80.00 price target on Teva Pharma (NYSE: TEVA) following the close of the company's AGN generics deal earlier this month. Later this month, TEVA will receive two decisions on the IPR challenge for Copaxone 40mg, about whether three patents have been invalidated and if a fourth will be considered for IPR.
Analyst Louise Chen commented, "After closing the AGN generics deal earlier this month, TEVA plans to provide investors with an overview of its generics business in September. We expect TEVA to give more details on the generics pipeline, integration, and synergy capture. We believe this could give the Street more confidence in TEVA's generics platform and its ability to mitigate risk from Copaxone. We do not expect generic competition until 2018+. Later this month, TEVA will receive two decisions on the IPR challenge for Copaxone 40mg, about whether three patents have been invalidated and if a fourth will be considered for IPR. However, the decision on the first three patents can be appealed, and even if IPR is instituted on the fourth, a decision may not come until 2018. There is also a parallel PIV process involving 5 companies in motion, and the trial starts 9/26. We expect a decision by 1Q17 when the 30-month stays expire, but if the decision is unfavorable, TEVA can appeal, which could take until 2018. A generic could still launch at-risk upon approval, but FDA has not approved any generics yet. We think MNTA (NC, $11.97) and NVS's (NC, $82.08) Sandoz could be approved, but note that they waited for the appellate decision before launching their generic 20mg last year."
Shares of Teva Pharma closed at $53.86 yesterday.
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