Teva Pharmaceutical Industries Ltd. (NYSE & TASE:TEVA)
announced today a new organization and leadership structure aimed
to achieve better commercial focus and drive value creation. The
new structure will enable strategic alignment across the portfolio,
across regions and between functions, leveraging scale, enhancing
agility, extracting efficiencies and providing increased proximity
to the markets. This new structure will be implemented effective
immediately.
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the full release here:
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Kåre Schultz, Teva’s President and CEO, said, “Teva is taking
decisive and immediate action to address external pressures and
internal inefficiencies. Our new company structure will enable
stronger alignment and integration between R&D, operations and
the commercial regions, allowing us to become a more agile, lean
and profitable company."
Schultz continued, "We will focus on driving sustainable value
creation. The new management team will position Teva for turnaround
in the short to medium term. We are already working on a detailed
restructuring plan for Teva and will share it in mid-December. It
remains our absolute priority to stabilize the company’s operating
profit and cash flow in order to improve our financial situation,
while being focused on short-term revenue and cash generation, and
at the same time, ensure we deliver on our commitment to supply
high-quality medicines to patients around the world."
New structure
- The commercial business will no longer
have two separate global groups for generics and specialty
medicines, and will be integrated into one commercial organization,
operating through three regions – North America, Europe and Growth
Markets. Each of the regions will manage the entire portfolio –
including generics, specialty and OTC - with full end-to-end
P&L accountability. Some of the former global units will be
integrated into the new structure, while others will be made
redundant.
- The former Generic R&D and
Specialty R&D organizations will be combined into one global
group with overall responsibility for all R&D activities –
generic, specialty and biologics – maximizing ROI through better
focus and efficiency.
- A newly formed Marketing &
Portfolio function will be responsible for overseeing the interface
between regions, R&D and operations throughout all product
lifecycle stages and optimizing generic and specialty portfolios
across the therapeutic areas.
- The new structure will enhance
alignment and seamless integration between Teva's Global
Operations, the commercial regions, R&D and the Portfolio
function, will increase productivity and simplify the
organization.
- The commercial structure will rely on
one leaner supporting organizational infrastructure that includes
Finance, Legal, HR, and Global Brand & Communications.
As a result of these changes, Dr. Michael Hayden, Dr. Rob
Koremans and Dipankar Bhattacharjee will retire from Teva,
effective December 31, 2017.
New executive management team
Michael (Mike) McClellan is appointed Executive Vice
President, Chief Financial Officer and will oversee the Finance
Group, Business Development, Investor Relations and Information
Technology. Previously, he served as Interim CFO and as SVP &
CFO Global Specialty Medicines. Prior to joining Teva, Mike was the
U.S. CFO at Sanofi.
Dr. Hafrun Fridriksdottir is appointed Executive Vice
President, Global R&D. Previously, she served as President
of Global Generics R&D. Prior to joining Teva, Hafrun served as
Senior Vice President and President of Global Generics R&D in
Allergan plc.
Brendan O'Grady is appointed Executive Vice President,
North America Commercial. Brendan has previously served as
Chief Commercial Officer, Global Specialty Medicine, as interim
head of Teva’s European specialty business and as President and CEO
for Teva’s North America generics business and as VP US Market
Access and Reimbursement.
Richard Daniell is appointed Executive Vice President,
European Commercial, after having served as President and CEO,
Teva Generics Europe.
Gianfranco Nazzi is appointed Executive Vice
President, Growth Markets Commercial. Gianfranco has
previously served as President and CEO of Growth Markets at the
Global Generic Medicines group, and prior to that he was he has
served as Senior Vice President, Specialty Medicines Europe.
Sven Dethlefs is appointed Executive Vice President,
Global Marketing & Portfolio. He previously served as
Global Head of Respiratory Medicines and as Chief Operating
Officer, Teva Global Operations.
All appointments are effective immediately, while the retiring
executives will stay with Teva to support the transition until the
end of the year.
The following members of Teva's executive management team
will continue in their current positions:
Carlo de Notaristefani, Executive Vice President, Global
Operations;
Iris Beck-Codner, Executive Vice President, Global Brand
& Communications;
Mark Sabag, Executive Vice President, Global Human
Resources;
David Stark, Executive Vice President, Chief Legal
Officer.
Kåre Schultz concluded, "I would like to thank Dr. Michael
Hayden, Dr. Rob Koremans and Dipankar Bhattacharjee for their
profound contributions to Teva over the past decade and for their
tireless dedication to the many patients we serve."
Bios of new appointments
Michael (Mike) McClellan has been serving as Teva Interim
Group CFO since July 2017. Prior to this role, he had served as SVP
& CFO Global Specialty Medicines since July 2015. Prior to
joining Teva, Mike was the U.S. CFO at Sanofi, where his career
spanned nearly 20 years in roles of increased responsibility in
global finance and healthcare. Mr. McClellan received his BSBA,
Accounting & Economics from the University of Missouri Trulaske
College of Business.
Dr. Hafrun Fridriksdottir has been serving as Executive
Vice President, President of Global Generics R&D since February
2017, after serving as Senior Vice President and President of
Global Generics R&D from 2016. Prior to joining Teva, from 2015
to 2016, Ms. Fridriksdottir served as Senior Vice President and
President of Global Generics R&D in Allergan plc. From 2002 to
2015, she held positions of increasing responsibility within the
Actavis Group, including Senior Vice President, R&D. From 1997
to 2002, Ms. Fridriksdottir served as Divisional Manager of
Development at Omega Pharma, until its merger with Actavis. Ms.
Fridriksdottir started her career as a scientist for 2 years at a
research and development company owned by Pharmacia in Sweden,
after receiving an MS degree in pharmacy and a Ph.D. in physical
pharmacy from the University of Iceland.
Brendan O’Grady has been serving as Chief Commercial
Officer, Global Specialty Medicine division since Aug 2016. In
addition, he currently serves as the interim head of Teva’s
European Specialty business. Prior to these roles, Mr. O’Grady held
the position of President and CEO for Teva’s North America generic
business in 2015 and held various senior roles since he joined Teva
in 2011 as Regional Account Manager. Prior to joining Teva, Mr.
O’Grady spent 10 years with Sanofi predecessor companies in a
variety of commercial and medical affairs roles that began in field
sales. He received his B.S. from Geneseo State University, NY in
Management Science/Marketing and holds an M.B.A. from Baker
University in Baldwinsville, Kansas.
Gianfranco Nazzi has been serving as President & CEO
of Growth Markets, Global Generic Medicines Group since March 2017.
Mr. Nazzi joined Teva as Senior Vice President Specialty Medicines
Europe in 2014. Prior to joining Teva, he served 7 years at
AstraZeneca in various senior roles, including Sales and Marketing
Vice President Europe, Global Vice President Respiratory, General
Manager of the Balkans and Vice President Primary Care in Italy. At
GlaxoSmithKline he served for two years as BU Director Metabolic
& Cardiovascular and at Eli Lilly and Company he served for 5
years in various sales and marketing roles in both Italy and the
US. He began his career at Danieli. Mr. Nazzi received his BA
degree in economics from the University of Udine, and his Masters
degree in Management Studies from SDA Bocconi.
Richard Daniell has been serving as President and Chief
Executive Officer, Teva Generics Europe since Dec 2016. Prior to
that, he had served as Chief Integration Officer Leading
Actavis-Teva Integration since Sep 2015 after holding various
senior roles, including Chief Operating Officer, Growth Markets and
Regional General Manager for Teva in the UK and Ireland from 2012
through 2014. Mr. Daniell joined Teva as Senior Director Teva UK
Limited in 2006, following the acquisition of IVAX Pharmaceuticals
UK. Prior to joining Teva, he served three years at IVAX
Pharmaceuticals UK as Director of Generics. Mr. Daniell received
his BSc in chemistry from the University of Auckland.
Sven Dethlefs has been serving as Global Head of
Respiratory Medicines, Global Specialty Medicines since January
2016. Prior to that, he had served as Chief Operating Officer, Teva
Global Operations, since October 2013. Mr. Dethlefs joined Teva as
General Manager, Teva Germany in 2008. Prior to joining Teva, he
served for over 11 years as a partner at McKinsey & Company.
Mr. Dethlefs received his PhD in biochemistry from the FU
Berlin/Pasteur Institute Paris.
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:
- uncertainties relating to the potential
benefits and success of our new structure and recent senior
management changes as well as the potential success and our ability
to effectively execute a restructuring plan;
- 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: 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;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/20171127005389/en/
Teva Pharmaceutical Industries Ltd.IR Contacts:United
StatesKevin C. Mannix, 215-591-8912orRan Meir,
215-591-3033orIsraelTomer Amitai, 972 (3) 926-7656orPR
Contacts:IsraelIris Beck Codner, 972 (3) 926-7208orUnited
StatesDenise Bradley, 215-591-8974
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