Teva Pharmaceutical Industries Ltd. (TEVA) rose the most in more than a month on speculation it may start selling a generic of Pfizer Inc.’s Lipitor anti-cholesterol pill and as it formed a partnership with Procter & Gamble Co. (PG)
The shares of the world’s largest generic drugmaker climbed 5.2 percent, the biggest increase since Oct. 2, to 149.10 shekels, at the 4:30 p.m. close in Tel Aviv.
Teva said yesterday that if it manages to introduce an “important undisclosed product” in the fourth quarter, it would meet the upper range of its forecast of earnings excluding some costs of $4.92 to $5.02 a share this year.
“This is ostensibly Lipitor,” Sanford C. Bernstein & Co. analysts led by Ronny Gal wrote in a report late yesterday. “What other product can give Teva 10 cents of earnings per share or $89 million net income in one month?”
Separately, Teva and Procter & Gamble said a new consumer- health care partnership “has the potential to reach double- digit sales growth and $4 billion in sales towards end-of- decade.”
Also, Morgan Stanley raised its recommendation on Teva to “overweight” from “equal weight.”
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