The title Teva has again been shaken by Stock market Monday August 7, the pharmaceutical laboratory of israel lost 9.76 per cent, falling to 18,59 dollars at the stock Exchange the New York Stock Exchange. Result : between 2 and 8 August, the market capitalization of Teva rose from of 31.75 billion to $ 18,89 billion.
This new jolt of Scholarship can be partly explained by a note severe of Morgan Stanley, published on Monday, which lowered its recommendations on the title of the group. And this, like Moody’s, which had downgraded Friday by one notch the rating of the laboratory (from Baa2 to Baa3). The Argument put forward by the american bank : the pressure on the price of generic pésera heavy “on the profits and dividends of Teva”. Morgan Stanley estimates that he previously “underestimated the risk”.
The bank also refers to the disastrous results of the group published last week. In the second half, the israeli society has lost 5.97 billion dollars. The company explains have suffered an erosion of prices on generics in the United States, that is not offset by volumes sold. The loss is thus due to income less important than expected from Actavis, a laboratory, manufacturer of generic bought out by Teva for $ 40 billion in 2015. In addition, the group is expected to cope with the loss of an important patent expected this year : that of Copaxone, a drug against multiple sclerosis which brought in $ 4.2 billion in 2016.
Teva looking for a new boss ?
Morgan Stanley considers that Teva will take time to recover from this poor performance, and that this grèvera its ability to develop new sources of growth.
To start, the big pharma has chosen to reduce the wing with the elimination of 7,000 positions in the world, and the closure of a dozen plants over the next two years. The group may also change its direction. According to the israeli press, Teva hoped to offer the services of Pascal Soriot, boss of Astrazeneca. But he had insured in an internal letter that it will remain at the head of the laboratory of the uk.