Company Statement: Teva Reaches Agreement with State of Oklahoma to Resolve State’s Claims Against the Company
May 26 2019 - 10:30AM
Business Wire
Teva Pharmaceuticals USA and related affiliates of Teva
Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), and the state
of Oklahoma, have entered into an agreement for a one-time payment
of $85 million to the state. The settlement resolves the state’s
claims against Teva.
The settlement does not establish any wrongdoing on the part of
the company; Teva has not contributed to the abuse of opioids in
Oklahoma in any way.
The company has resolved this matter in a way that benefits the
people who have suffered from abuse of opioids and to help stop the
effects of the opioid crisis. Teva continues to keep the long-term
stability of the company at the forefront.
Teva remains focused on its future as a leader in creating
access to life saving medications like the company’s recent final
approval for the first generic naloxone spray, which is widely
recognized as an essential lifesaving medication to combat opioid
abuse.
While the company has long stated that the courtroom is not a
place to address the crisis, Teva is pleased to put the Oklahoma
case behind it and remains prepared to vigorously defend claims
against the company, including the upcoming federal court trial in
Cleveland where the majority of the cases are pending.
The state will allocate the payment made by Teva at its
discretion including for payment of its fees and costs in
connection with this settlement.
Teva recognizes the devastating impact to communities across the
U.S. as a result of illegal drug use and the misuse and abuse of
opioids that are available legally by prescription. Teva continues
to advocate for collaborative solutions throughout the country.
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 35,000
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 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
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 resolve
outstanding claims relating to the US opioid crisis;
- our ability to successfully compete in
the marketplace, including: that we are substantially dependent on
our generic products; competition for our specialty products,
especially COPAXONE®, our leading medicine, which faces competition
from existing and potential additional generic versions and
orally-administered alternatives; the uncertainty of commercial
success of AJOVY® or AUSTEDO®; competition from companies with
greater resources and capabilities; efforts of pharmaceutical
companies to limit the use of generics, including through
legislation and regulations; 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; price erosion relating to our products, both from
competing products and increased regulation; delays in launches of
new products and our ability to achieve expected results from
investments in our product pipeline; our ability to take advantage
of high-value opportunities; the difficulty and expense of
obtaining licenses to proprietary technologies; 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: failure to effectively execute our restructuring plan
announced in December 2017; uncertainties related to, and failure
to achieve, the potential benefits and success of our new senior
management team and organizational structure; harm to our pipeline
of future products due to the ongoing review of our R&D
programs; our ability to develop and commercialize additional
pharmaceutical products; potential additional adverse consequences
following our resolution with the U.S. government of our FCPA
investigation; compliance with sanctions and other trade control
laws; manufacturing or quality control problems, which may damage
our reputation for quality production and require costly
remediation; interruptions in our supply chain; disruptions of our
or third party information technology systems or breaches of our
data security; the failure to recruit or retain key personnel;
variations in intellectual property laws that may adversely affect
our ability to manufacture our products; challenges associated with
conducting business globally, including adverse effects of
political or economic instability, major hostilities or terrorism;
significant sales to a limited number of customers in our U.S.
market; our ability to successfully bid for suitable acquisition
targets or licensing opportunities, or to consummate and integrate
acquisitions; and our prospects and opportunities for growth if we
sell assets;
- compliance, regulatory and litigation
matters, including: costs and delays resulting from the extensive
governmental regulation to which we are subject; the effects of
reforms in healthcare regulation and reductions in pharmaceutical
pricing, reimbursement and coverage; governmental investigations
into selling and marketing 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 Annual Report on Form 10-K
for the year ended December 31, 2018, including the sections
thereof captioned "Risk Factors." 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190526005019/en/
IR ContactsUnited StatesKevin C. Mannix(215)
591-8912
IsraelRan Meir972 (3) 926-7516
PR ContactsUnited StatesKelley Dougherty(973)
658-0237
IsraelYonatan Beker972 (54) 888 5898
Teva Pharmaceutical Indu... (NYSE:TEVA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Teva Pharmaceutical Indu... (NYSE:TEVA)
Historical Stock Chart
From Sep 2023 to Sep 2024