PARSIPPANY, N.J. & JERUSALEM–(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.
Contacts
IR Contacts
United States
Kevin C. Mannix
(215)
591-8912
Israel
Ran Meir
972 (3) 926-7516
PR Contacts
United States
Kelley Dougherty
(973)
658-0237
Israel
Yonatan Beker
972 (54) 888 5898