* Says targeting revenue of $31 bln in 2015
* To seek US, EU approval for 10 products by 2015
* Says six of the 10 to be new brands (Adds details on meeting)
NEW YORK, Nov 4 (Reuters) - Teva Pharmaceutical Industries Ltd TEVA.TATEVA.O said on Thursday it expects respiratory products, including several new medicines, to contribute about $2.4 billion to its $31 billion revenue target for 2015.
The world’s largest maker of generic drugs has plans to bolster its portfolio of its own branded medicines over the next five years.
Israel-based Teva said it intends to seek U.S. and European approval for 10 products -- six of them new brands -- by 2015, with an eye toward significantly expanding its presence in the market for respiratory products. It expects four such submissions next year.
“One of the key pillars of Teva’s long-term strategy is the expansion of our branded business, and our respiratory franchise will play an important role in this growth,” Chief Executive Shlomo Yanai said in a statement.
The forecasts came as Teva shined a spotlight on its respiratory business in a meeting for investors and analysts in New York. Many on Wall Street have been preoccupied with competitive threats to Teva’s big-selling multiple sclerosis drug, Copaxone.
Since its 2006 acquisition of Ivax Pharmaceuticals, Teva said its annual global respiratory product sales have nearly tripled and are expected to reach $1 billion this year.
At the meeting, company executives said the respiratory portfolio has the potential to achieve peak sales of $5 billion.
In the U.S., Teva plans to pursue branded respiratory products, citing high regulatory barriers to winning approval for generic versions.
Teva shares were down 73 cents, or 1.4 percent, at $50.67 on Nasdaq. (Reporting by Bill Berkrot and Lewis Krauskopf; Editing by Derek Caney and Gunna Dickson)
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