Teva Pharm sees 2014 profit drop if Copaxone competition launched
TEL AVIV Dec 10 (Reuters) - Teva Pharmaceutical Industries , the world's biggest generic drugmaker, forecast a big drop in profit in 2014 if cheap generic competition to its blockbuster multiple sclerosis treatment Copaxone is launched.
Teva on Tuesday provided two sets of forecasts for next year - one assuming the launch of at least two generic competitors to Copaxone in the United States on June 1, 2014, and the other assuming no generic competition in the U.S. in 2014.
Assuming Copaxone does face competition, Teva estimates it will earn $4.20 to $4.50 a share on an adjusted basis on revenue of $19.3 billion to $20.3 billion. Without competition, Teva projects earnings of $4.80-$5.10 a share on revenue of $19.8 billion to $20.8 billion.
Israel-based Teva is expected to earn $4.99 per share on revenue of $20.1 billion in 2013, according to Thomson Reuters I/B/E/S. In 2014 analysts forecast the company would earn $4.94 on revenue of $20 billion.
"2014 will be a pivotal year for Teva and a year of major transitions across the company," said Eyal Desheh, acting chief executive of Teva.
The former finance head took over as CEO on an interim basis following the abrupt departure of Jeremy Levin at the end of October, after a clash with Chairman Phillip Frost that left the company's direction and decision-making process in doubt.
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