reported strong quarterly results, prompting an analyst at Barclays to upgrade the stock.” data-reactid=”19″>Teva Pharmaceutical Industries Ltd (NYSE: TEVA) reported strong quarterly results, prompting an analyst at Barclays to upgrade the stock.
Among other things, Ajovy auto-injector saw an improvement in prescription trends and the company has laid long-term growth foundation with the Alvotech biosimilar partnership for five U.S. biosimilar candidates, which represented about $35 billion in innovator sales, the analyst noted.
View more earnings on TEVA” data-reactid=”27″>View more earnings on TEVA
Among Prasad’s key takeaways are:
- Positive prospects for Ajovy in both the U.S. and outside of the U.S.
- Austedo sales on track to meet fiscal year 2020 target
- Copaxone sales beating expectations
- Stable free cash flow
- Execution on long-term targets
Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates” data-reactid=”35″>See Also: Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates
Teva’s 2023 financial goals of more than 80% cash conversion and 28% EBIT margins are achievable and sustainable, according to the analyst.
“While we are cautious on potential legal risks arising from Opioid litigations and Gx Price Fixing cases, we acknowledge the stabilizing fundamentals, improving FCF Generation and reduced leverage profile,” Prasat said in the note.
Latest Ratings for TEVA
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 2020 | Barclays | Upgrades | Underweight | Equal-Weight |
| Aug 2020 | SVB Leerink | Maintains | Market Perform | |
| Jul 2020 | Goldman Sachs | Initiates Coverage On | Neutral |
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