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Teva warns could face legal costs of $2.07 bln
February 14, 2013 / 2:25 AM / 5 years ago

Teva warns could face legal costs of $2.07 bln

NEW YORK, Feb 13 (Reuters) - Teva Pharmaceutical Industries Ltd may face legal losses of up to $2.07 billion resolving a case related to its sale of a generic version of a Pfizer Inc drug Protonix.

Teva said in a regulatory filing that it recorded a provision of $670 million in its financial statements for this matter because of a “legal development in the third quarter of 2012 in an unrelated case” pertaining to one of its patent infringement defenses.

It estimated that “the ultimate resolution of this matter could result in a loss of up to $1.4 billion in excess of the amount accrued,” in its annual report filed at the Securities and Exchange Commission on Feb. 12.

Teva said earlier this month that it expects 2013 revenue of $19.5 billion to $20.5 billion.

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