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Teva May Raise Forecast After Provigil Decision, Analyst Says

Teva Pharmaceutical Industries Ltd. may raise its earnings forecast when it reports results next month to reflect the U.S. Food and Drug Administration’s decision on the narcolepsy drug Provigil, an analyst said.

“Teva’s estimates are looking conservative following the Provigil announcement,” Natali Gotlieb, an analyst for Israel Brokerage & Investments Ltd., said in an interview in Tel Aviv. “Though Teva tends to be conservative with their guidance, there’s a chance they will increase their guidance in their first-quarter conference call.”

The FDA this month allowed Teva to sell copies of Provigil for 180 days, giving it exclusive rights along with Par Pharmaceutical Cos. Teva, the world’s largest maker of generic drugs, said on Feb. 15 earnings excluding some costs will be $5.48 to $5.68 a share this year.

“The exclusivity for Provigil wasn’t in Teva’s guidance,” said Gotlieb, who recommends investors buy the Petach Tikva, Israel-based company’s shares. She declined to quantify the potential boost to earnings. Teva had no immediate comment on Gotlieb’s estimates.

Teva may not get to enjoy the entire 180-day period of exclusivity if rival Mylan Inc. prevails, according to Gotlieb. Mylan is challenging the FDA’s decision and applying for permission to sell its own generic of Provigil, which it says garnered U.S. sales of as much as $1.1 billion last year. The drug is used to improve daytime wakefulness in people with narcolepsy and sleep apnea.

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