Brings 30 Years of Global Pharmaceutical and
Healthcare Experience, Including Leadership Positions at Lundbeck
and Novo Nordisk
Proven Track Record of Implementing Turnaround
Strategies
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
announced that its Board of Directors has named Kåre Schultz to
become the Company’s President and Chief Executive Officer. Mr.
Schultz will succeed Dr. Yitzhak Peterburg, who will continue to
serve as Interim Chief Executive Officer until Mr. Schultz joins
the Company. Today’s leadership announcement represents the
successful completion of the global search process to identify the
best leader for the Company and was executed by the Teva Board of
Directors, with the assistance of Heidrick & Struggles. Mr.
Schultz will be relocating to Israel and based out of the Company’s
Petah Tikva headquarters.
Mr. Schultz is a seasoned veteran in the healthcare industry
with a distinguished, nearly thirty year career in global
pharmaceutical and healthcare companies. Over the course of his
career, Mr. Schultz has developed a unique perspective overseeing
generic and specialty drug portfolios, while managing complex
business operations around the world. He most recently served as
the President and Chief Executive Officer of H. Lundbeck A/S, where
he is credited with leading significant restructuring initiatives
and launching a robust turnaround strategy focused on driving a
sustainable global cost structure and operational model. As a
result of his leadership, the company is on track to achieve
all-time high revenue and earnings. Prior to his role as President
and CEO of H. Lundbeck A/S, Mr. Shultz served as Chief Operating
Officer of Novo Nordisk, where he had a key role in building the
company into one of the world’s best-performing drugmakers and
implementing a metrics-focused approach to the company’s
operations.
“With extensive global pharmaceutical experience, a strong track
record executing corporate turnaround strategies, driving growth
and international expansion at low incremental cost and delivering
on promises to shareholders, as well as a commitment to a culture
of compliance, Kåre is the right leader to take Teva to the next
level,” said Dr. Sol J. Barer, Chairman of Teva’s Board of
Directors. “Kåre has deep insight into the global pharmaceutical
industry and a keen knowledge of the generic and specialty drug
markets. His proven strategic, financial and operational
capabilities and his strong commitment to growth will enhance value
for all stakeholders and position Teva for long-term success. He
brings a strong sense of corporate citizenship, and his disciplined
commitment to excellence makes him a clear professional and
cultural fit with our company. We are pleased to welcome a
world-class leader of Kåre’s stature to Teva and look forward to
working closely with him to build the Teva of the future for
shareholders, employees and patients around the world.”
Mr. Schultz said, “I am honored to join Teva, an iconic company
that I have long admired during my career. What drew me to Teva,
and what makes Teva different from its peers, is its unique
commitment to growing an extensive global reach while continuing to
provide new and high-quality treatments for patients and an
innovative culture for its employees. I am proud to be joining a
company that helps millions of patients around the world on a daily
basis with its broad range of generic and specialty drugs and
solutions. I look forward to working closely with the entire team
at Teva to build a future of success for the Company and its
stakeholders.”
Dr. Barer continued, “On behalf of the Board, I want to thank
Yitzhak for taking on the role of interim CEO during this critical
period. Yitzhak’s leadership and insight have greatly helped the
Company remain focused on the execution of its key strategic
priorities.”
Dr. Yitzhak Peterburg said, “We are delivering on the
commitments we have made over the last several months. We are
optimizing our operations and geographical footprint while focusing
our resources on the specialty and generics pipeline assets that
offer the most attractive return on investment. In addition, we are
on course to hit our target of generating at least $2 billion from
the sale of non-core assets, which we will use to strengthen Teva’s
balance sheet. It is a privilege to lead Teva and I look forward to
continuing to do so during this time, and will work with Kåre to
ensure a seamless transition once he joins.”
About Kåre Schultz
Mr. Schultz, 56, is a seasoned veteran in the healthcare
industry who has distinguished himself through his experience
leading financial and restructuring initiatives at global
companies. Since 2015, he has served as the President and Chief
Executive Officer of H. Lundbeck A/S, which he joined as the
company was facing the loss of critical patents. Mr. Schultz
conducted a top to bottom evaluation of the business and
implemented a robust turnaround strategy that involved cutting
operating costs while targeting new product launches.
Prior to joining Lundbeck, Mr. Schultz worked for nearly three
decades at Novo Nordisk, where he served in a number of leadership
roles, including Chief Operating Officer, Vice President in Product
Supply and Director of Product Planning and Customer Services in
the Diabetes Care Division. At Novo Nordisk, Mr. Schultz played a
major role in modernizing the company’s large scale biologic
production and leading the company’s expansion into the US and
Chinese markets.
In addition to his time at Novo Nordisk, Mr. Schultz has held
positions at McKinsey and Anderson Consulting. In these roles, he
developed a unique global perspective on the healthcare and
pharmaceutical industries, expanded his deep financial acumen,
demonstrated a commitment to strong compliance principles and
enforcement and oversaw business operations and teams across Europe
and North America and the Middle East.
Mr. Schultz serves as the Chairman of the Board of Directors of
Royal Unibrew A/S, as a member of the Board of Directors of LEGO
A/S and as a member of the Board of Directors of Bitten og Mads
Clausens Fond, the holding vehicle for Danfoss A/S.
He holds a master’s degree in Economics from the University of
Copenhagen.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a
leading global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by approximately 200
million patients in over 60 markets every day. Headquartered in
Israel, Teva is the world’s largest generic medicines producer,
leveraging its portfolio of more than 1,800 molecules to produce a
wide range of generic products in nearly every therapeutic area. In
specialty medicines, Teva has the world-leading innovative
treatment for multiple sclerosis as well as late-stage development
programs for other disorders of the central nervous system,
including movement disorders, migraine, pain and neurodegenerative
conditions, as well as a broad portfolio of respiratory products.
Teva is leveraging its generics and specialty capabilities in order
to seek new ways of addressing unmet patient needs by combining
drug development with devices, services and technologies. Teva’s
net revenues in 2016 were $21.9 billion. For more information,
visit 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 generics medicines business,
including: that we are substantially more dependent on this
business, with its significant attendant risks, following our
acquisition of Allergan plc’s worldwide generic pharmaceuticals
business (“Actavis Generics”); our ability to realize the
anticipated benefits of the acquisition (and any delay in realizing
those benefits) or difficulties in integrating Actavis Generics;
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
generic products, both from competing products and as a result of
increased governmental pricing pressures; and our ability to take
advantage of high-value biosimilar opportunities;
- our specialty medicines business,
including: competition for our specialty products, especially
Copaxone®, our leading medicine, which faces competition from
existing and potential additional generic versions and
orally-administered alternatives; our ability to achieve expected
results from investments in our product pipeline; competition from
companies with greater resources and capabilities; and the
effectiveness of our patents and other measures to protect our
intellectual property rights;
- our substantially increased
indebtedness and significantly decreased cash on hand, which may
limit our ability to incur additional indebtedness, engage in
additional transactions or make new investments, and may result in
a downgrade of our credit ratings;
- our business and operations in general,
including: uncertainties relating to our recent senior management
changes; our ability to develop and commercialize additional
pharmaceutical products; 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,
including those who joined us as part of the Actavis Generics
acquisition; the restructuring of our manufacturing network,
including potential related labor unrest; the impact of continuing
consolidation of our distributors and customers; variations in
patent laws that may adversely affect our ability to manufacture
our products; our ability to consummate dispositions on terms
acceptable to us; adverse effects of political or economic
instability, major hostilities or terrorism on our significant
worldwide operations; and our ability to successfully bid for
suitable acquisition targets or licensing opportunities, or to
consummate and integrate acquisitions;
- 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; potential additional adverse
consequences following our resolution with the U.S. government of
our FCPA investigation; governmental investigations into sales and
marketing practices; potential liability for sales of generic
products prior to a final resolution of outstanding patent
litigation; 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; the significant increase in our intangible
assets, which may result in additional substantial impairment
charges; potentially 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 20-F
for the year ended December 31, 2016 (“Annual Report”),
including in the section captioned “Risk Factors,” and in our other
filings with the U.S. Securities and Exchange Commission,
which are available at www.sec.gov and www.tevapharm.com.
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: http://www.businesswire.com/news/home/20170910005132/en/
Teva Pharmaceutical Industries Ltd.IR Contacts:Kevin C. Mannix,
United States, 215-591-8912Ran Meir, United States,
215-591-3033Tomer Amitai, Israel, 972 (3) 926-7656orPR
Contacts:Iris Beck Codner, Israel, 972 (3) 926-7687Denise Bradley,
United States, 215-591-8974
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