Teva Bets on Reformulating Drugs as Investors Say ‘Show Me’
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Teva Pharmaceutical Industries Ltd., which just two years ago was analysts’ highest-rated stock among the world’s 20 biggest drugmakers, is struggling to convince investors that a key part of its strategy will revive growth.
A new focus to reformulate or repurpose existing drugs to tackle unmet needs in areas such as HIV and pain will create a “multibillion-dollar business,” Chief Executive Officer Jeremy Levin said in an interview this month. Investors may be less optimistic. Shares of Petach Tikva, Israel-based Teva had the worst performance this year among the 25 largest drugmakers as analysts seek more details on the strategy and fret over competition to best-selling Copaxone.