Pending Litigation Weighs On Teva

Teva’s better than expected earnings failed to allay investor concerns about potential legal liabilities and the departure of the chief financial officer, sending shares in the Israeli pharmaceutical company down more than 5 per cent, the Financial Times reported. The drugmaker put aside $646m for liabilities related to litigation over the opioid epidemic, which it said is likely to be at the low end of the range, after it agreed to pay Oklahoma state $85m on the eve of a court case in the quarter. Kare Schultz, Teva president and chief executive, said the mounting lawsuits addressed at opioid makers and distributors were “political” rather than a “classical legal situation”. “Prescription drug misuse has existed for a hundred of years but now they have made a claim that it was created by the manufacturers,” he told the Financial Times. Read more