Bloomberg the Company

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

Follow Us

Industry Products

Teva Drops Most in a Month in Tel Aviv on U.S. Lipitor Sales

Don't Miss Out —
Follow us on:

Dec. 20 (Bloomberg) -- Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, declined the most in a month on concern the sales of a cholesterol-lowering pill in the U.S. are falling short of analysts’ estimates.

The generic version of the Lipitor drug that Ranbaxy Laboratories Ltd. started selling in the U.S. this month achieved a market share of 9 percent, according to Wolters Kluwer. Teva will receive a portion of the profit for the first six months, under the terms of an agreement between the two companies. The partnership was expected to capture as much as 20 percent of total sales, according to Clal Finance Brokerage Ltd. in Tel Aviv. Watson Pharmaceuticals Inc.’s version of the same drug achieved a 47 percent share, the data showed.

The shares in the Petach-Tikva, Israel-based company dropped 2.3 percent, the most since Nov. 20, to 159.10 shekels, or the equivalent of $42.09, at the 4:30 p.m. close in Tel Aviv. Teva shares traded in the U.S. fell 2.4 percent to $41.71 yesterday. Teva has slid 14 percent in Tel Aviv this year.

“Teva’s weakness reflects investors’ disappointment from a lower-than-expected market share of the generic Lipitor since its launch,” said Jonathan Kreizman, an analyst in Tel Aviv at Clal Finance Brokerage.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net