Morningstar

Morningstar, Inc.

Equity Bottom-Up

We took a fresh deep dive into our analysis for Teva and Mylan and continue to view the companies with no moats. The two controversial healthcare names have been battered by generic drug pricing pressure, confluence of legal matters, and concern over high debt loads. The market backdrop has made it critical to focus on rapidly replenishing their generic and specialty pipelines, aggressively right size their infrastructures, and flex their scale to fend off international competitors with…

We assign Teva Pharmaceutical a no-moat and stable trend rating while lowering our fair value estimate to $15 per share from $16. Teva has some differentiation, including the necessary infrastructure to aggressively replenish its generic and specialty pipeline and manufacture increasingly complex drugs. The company is determined to right size the business and improve P&amp;L accountability to improve its position and deleverage the balance sheet
As the largest global generic manufacturer in an…

The Federal District Court in Connecticut filed a lawsuit against several generic drug manufacturers, including Teva and Mylan, claiming potential price fixing, but we don't expect any major fair value estimate changes based on the lawsuit. The potential range of outcomes is fairly large and difficult to predict at this point. We continue to rate Mylan and Teva with uncertainty ratings of Very High and Extreme, partly related to the high debt levels these firms carry. The increased legal…

Teva Pharmaceutical reported quarterly results that generally met our lowered expectations. While cost savings initiatives and debt reduction remain on track, overall quarterly results contained numerous gives and takes, including softness in net volumes (driven by around 50% declines in North American sales of multiple sclerosis drug Copaxone and respiratory drug ProAir), foreign exchange headwinds that were partially offset by encouraging initial signs of growth of recent product launches…

Fewer drug patent expirations, increased competitive pressure in the generics market, expected generic competition on Copaxone, and high financial leverage create large hurdles for Teva. While cost-cutting efforts, limited generic Copaxone competition, and a modest drug pipeline should partially offset these earnings headwinds, the firm's high financial leverage and eroding revenue raise serious financial health concerns. Although generics segment growth has slowed as drug launch opportunities…

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Teva Pharmaceutical Industries Ltd., is a global pharmaceutical company. The Company develops, manufactures, and markets generic and branded human pharmaceuticals as well as active pharmaceutical ingredients.

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