Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Teva to Buy Back $1 Billion of Stock Over Next Year

Dec. 1 (Bloomberg) -- Teva Pharmaceutical Industries Ltd. will buy back as much as $1 billion in shares and American depositary receipts over the next 12 months.

Teva will use its own cash to fund the share repurchase program and may buy back the stock either in the open market or in private transactions, the Petah Tikva, Israel-based company said today in a statement.

The program, which has been approved by the board, isn’t expected to affect the company’s goal to reach $31 billion in revenue and $6.8 billion in net income by 2015, Teva said. The generic drugmaker is also sticking to its plan to make additional acquisitions.

“It’s a good sign and it shows that management thinks the stock is cheap,” David Levinson, an analyst at Bank Hapoalim, said in a telephone interview. “They’re also still on track with their plans for 2015.”

Teva shares fell 1.2 percent to 185.50 shekels in Tel Aviv. The stock has lost about 13 percent this year, compared with a 2.8 percent rise in the Bloomberg Europe Pharmaceutical Index.

To contact the reporter on this story: Dermot Doherty in Geneva at ddoherty9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.