Teva Pharma (TEVA): 3 Key Points From Analyst Event - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Buy rating on shares of Teva Pharma (NYSE: TEVA) after the company hosted a 2.5+ hour event Friday with the investment community, providing updates on the combined generics businesses following the completion of the $40.5B AGN transaction last month. Mgt believes that they are well positioned for growth driven by the deepest pipeline in the industry with 320 ANDAs on file at the FDA and 325 products in development targeting a massive $200B in innovator sales. Key takeaways include:
1) While consensus forecasts project low single digit growth ahead for TEVA’s US generics business, mgt continues to believe that they can generate 5% annual topline growth (~10% growth from new products offset by ~5% base erosion).
2) Mgt believes that they are well positioned globally to benefit from growth of the middle class and an aging population – particularly in what the co terms as “growth markets” (AsiaPacific/Japan, Russia/CE Europe, Latin America) representing a population of 6B people and 50% of global GDP.
3) Mgt confirmed that it still has two gAdvair programs in development following the merger with AGN. And while declining to comment on specifics relating to the development programs, mgt indicated its optimism in filing sometime in 2017.
No change to the price target of $69.
Shares of Teva Pharma closed at $50.21 yesterday.
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