EFTA00820227Set 9
2016-08-243p568w
TEVA going into a patent
decision expected tomorrow relating to its key drug Copaxone Copaxone US is -16% of sales, —21% globally)). If the
decision is unfavorable, we would likely ... look to add on any weakness. Our analyst is already building in considerable
Copaxone generics competition starting in 2017, as do most analysts, so our model is conservative vs. Teva ... awaiting an inter partes (IPR) decision (expected by 25-Aug / Thursday) for Teva's Copaxone 40mg
3x/week (3TW) multiple sclerosis drug.
As a quick background, the IPR (filed by MYUAmneal
https://www.justice.gov/epstein/files/DataSet%209/EFTA00820227.pdf
EFTA02341736Set 11
2017-02-145p1,237w
model. While Teva sees
an incremental $0.10-0.15 downside if 2 generics of Copaxone 40mg are launched in Feb-17 (vs. prior outlook issued on
1/6), Teva reiterated its base ... case outlook (no generic Copaxone 40mg in '17). Importantly, the co. also stated it had no
plans to change its dividend at this time. If Teva continues to execute well ... generic launches is a risk to TEVA's
2017 outlook (we already model Copaxone generics in 1Q17). That said, we continue to like the risk/reward on the
shares especially
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02341736.pdf
EFTA01784265Set 10
2016-08-244p597w
TEVA going into a
patent =ecision expected tomorrow relating to its key drug Copaxone Copaxone US is —16% of sales, —21% globally)). If
the decision =s unfavorable, we would likely ... weakness. Our analyst =s already building in
EFTA_R1_00105455
EFTA01784265
considerable Copaxone generics competition =tarting in 2017, as do most analysts, so our model is conservative vs.
Teva ... awaiting an inter partes (IPR) =ecision (expected by 25-Aug / Thursday) for Teva's Copaxone 40mg
=x/week (3TW) multiple sclerosis drug.
As a quick background, the IPR (filed by MYL/Amneal
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01784265.pdf
EFTA00702577Set 9
2016-07-282p1,007w
conservative vs. TEVA's issued 2017-19 outlook as we assume generic competition to Copaxone 3TW in '17.
Company Description
Teva, an Israeli/US generics company, is one of the largest ... integration into the active pharmaceutical ingredients (API) business, and a branded specialty
pharma business (Copaxone, Treanda, Ai lett, Nuvigil and other products).
Investment Rationale
We believe Teva is a compelling
https://www.justice.gov/epstein/files/DataSet%209/EFTA00702577.pdf
EFTA00506070Set 9
2013-08-2236p3,940w
prevalence of approx. 400,000 patients; Potential market of approx. $1.5.3 billion based on Copaxone,
Avonex, & Rebif comparables
• ldlopathk Pulmonary Fibrosis (IPF)
• US incidence of approx. 20,000-50,CCOcases
https://www.justice.gov/epstein/files/DataSet%209/EFTA00506070.pdf