Statement in Response to News of the Indictment of Teva USA
August 25 2020 - 8:39PM
Business Wire
Today Teva Pharmaceutical Industries Ltd. (NYSE: and TASE: TEVA)
is responding to news reports detailing that a federal grand jury
in Philadelphia, Pennsylvania has returned a criminal indictment
charging Teva USA with three counts of antitrust violations under
the Sherman Act.
Teva is deeply disappointed that the government has chosen to
proceed with this prosecution. The Company has been investigating
this matter for over four years and has concluded that Teva did not
participate in price fixing. Based on our internal review, Teva
firmly rejects the allegations and will vigorously defend the
Company in court. Teva has fully cooperated throughout the course
of the Department of Justice (DOJ) investigation and has attempted
to reach a resolution in the best interest of the Company, its
stakeholders and the patients the company serves. The DOJ has shown
an unwillingness to consider alternatives that would not deeply
impact Teva and the stakeholders who depend on the Company,
including the patients who benefit from our medicines.
As we defend this matter, Teva will maintain focus on its
critical role in the U.S. healthcare system, ensuring access to
affordable medicines, including helping millions of patients who
suffer multiple chronic conditions. One out of every 10 of the 3.69
billion generic prescriptions written in the United States each
year is filled with a Teva product.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has
been developing and producing medicines to improve people’s lives
for more than a century. We are a global leader in generic and
specialty medicines with a portfolio consisting of over 3,500
products in nearly every therapeutic area. Around 200 million
people around the world take a Teva medicine every day, and are
served by one of the largest and most complex supply chains in the
pharmaceutical industry. Along with our established presence in
generics, we have significant innovative research and operations
supporting our growing portfolio of specialty and biopharmaceutical
products. Learn more at http://www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, regarding criminal charges filed by the DOJ against Teva USA,
which are based on management’s current beliefs and expectations
and are subject to substantial risks and uncertainties, both known
and unknown, that could cause our future results, performance or
achievements to differ significantly from that expressed or implied
by such forward-looking statements. Important factors that could
cause or contribute to such differences include risks relating
to:
- our ability to successfully defend against the DOJ criminal
charges;
- the potential impact the DOJ criminal charges, and a potential
criminal conviction, may have on our business and operations in
general, including our ability to defend and reach a favorable
resolution of the civil, private and other litigations related to
this matter, the effects on our current indebtedness and our
ability to incur additional indebtedness, engage in additional
transactions, make new investments, and our ability to continue to
do business with governmental bodies in the United States;
- our ability to successfully compete in the marketplace,
including: that we are substantially dependent on our generic
products; consolidation of our customer base and commercial
alliances among our customers; the increase in the number of
competitors targeting generic opportunities and seeking U.S. market
exclusivity for generic versions of significant products;
competition for our specialty products, especially COPAXONE®, our
leading medicine, which faces competition from existing and
potential additional generic versions, competing glatiramer acetate
products and orally-administered alternatives; the uncertainty of
commercial success of AJOVY® or AUSTEDO®; competition from
companies with greater resources and capabilities; delays in
launches of new products and our ability to achieve expected
results from investments in our product pipeline; ability to
develop and commercialize biopharmaceutical products; efforts of
pharmaceutical companies to limit the use of generics, including
through legislation and regulations and the effectiveness of our
patents and other measures to protect our intellectual property
rights;
- our substantial indebtedness, which may limit our ability to
incur additional indebtedness, engage in additional transactions or
make new investments, may result in a further downgrade of our
credit ratings; and our inability to raise debt or borrow funds in
amounts or on terms that are favorable to us;
- our business and operations in general, including: uncertainty
regarding the magnitude, duration, and geographic reach of the
COVID-19 pandemic and its impact on our business, financial
condition, operations, cash flows, and liquidity and on the economy
in general; interruptions in our supply chain, including due to
potential effects of the COVID-19 pandemic on our operations and
business in geographic locations impacted by the pandemic and on
the business operations of our customers and suppliers; adequacy of
and our ability to successfully execute and maintain the activities
and efforts related to the measures we have taken or may take in
response to the COVID-19 pandemic and associated costs therewith;
effectiveness of our restructuring plan announced in December 2017;
challenges associated with conducting business globally, including
adverse effects of the COVID-19 pandemic, political or economic
instability, major hostilities or terrorism; our ability to
attract, hire and retain highly skilled personnel; our ability to
develop and commercialize additional pharmaceutical products;
compliance with anti-corruption sanctions and trade control laws;
manufacturing or quality control problems; disruptions of
information technology systems; breaches of our data security;
variations in intellectual property laws; significant sales to a
limited number of customers; our ability to successfully bid for
suitable acquisition targets or licensing opportunities, or to
consummate and integrate acquisitions; our prospects and
opportunities for growth if we sell assets and potential
difficulties related to the operation of our new global enterprise
resource planning (ERP) system;
- compliance, regulatory and litigation matters, including:
increased legal and regulatory action in connection with public
concern over the abuse of opioid medications in the U.S. and our
ability to reach a final resolution of the remaining opioid-related
litigation; costs and delays resulting from the extensive
governmental regulation to which we are subject or delays in
governmental processing time including due to modified government
operations due to the COVID-19 pandemic and effects on product and
patent approvals; the effects of reforms in healthcare regulation
and reductions in pharmaceutical pricing, reimbursement and
coverage; governmental investigations into S&M practices;
potential liability for patent infringement; product liability
claims; increased government scrutiny 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
currency fluctuations and restrictions as well as credit risks;
potential impairments of our intangible assets; potential
significant increases in tax liabilities; and the effect on our
overall effective tax rate of the termination or expiration of
governmental programs or tax benefits, or of a change in our
business;
and other factors discussed in our Quarterly Reports on Form
10-Q for the first and second quarters of 2020 and our Annual
Report on Form 10-K for the year ended December 31, 2019, including
in the sections captioned "Risk Factors” and “Forward Looking
Statements.” Forward-looking statements speak only as of the date
on which they are made, and we assume no obligation to update or
revise any forward-looking statements or other information
contained herein, whether as a result of new information, future
events or otherwise. You are cautioned not to put undue reliance on
these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200825005952/en/
IR Contacts United States Kevin C. Mannix (215)
591-8912 Israel Yael Ashman 972 (3) 926-7516
PR Contacts United States Kelley Dougherty (973)
832-2810 Israel Yonatan Beker 972 (54) 888 5898
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