TEVA'S PROFITS FROM COPAXONE WILL DROP 42% IN 2014
Yet another leak is plaguing Teva Pharmaceuticals. This time, the drugmaker is chafing over a report in an Israeli business publication called The Marker that published an internal, five-year forecast showing that profits from its all-important Copaxone multiple sclerosis drug will drop 42 percent in 2014.
Teva issued a statement maintaining the numbers were from an “outdated presentation” that is “incomplete and does not reflect our full analysis.” The drugmaker “is extremely disappointed that confidential, potentially misleading and obsolete information was made public at this time and intends to investigate the unauthorized dissemination and publication.” Meanwhile, annual planning is under way and a full-year 2014 outlook will be issued next month.
Interestingly, the drugmaker did not deny that accuracy of the projection for Copaxone, which generates about half of company earnings and dominates the MS market. Teva is under pressure because the treatment loses patent protection next year following a recent court ruling.
This is the second time in recent weeks, by the way, that Teva has had to combat leaks. Earlier this month, another Israeli publication reported that former ceo Jeremy Levin demanded an investigation into leaks that he apparently believed were emanating from the board room and hired a firm to conduct polygraph tests of each Teva director. They were also questioned about their telephone conversations (back story). This became known just days after he unexpectedly resigned.
