TEVA PHARMACEUTICAL INDUSTRIES LIMITED

(TEVA)
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Delayed Nyse  -  04:00 2022-07-01 pm EDT
7.890 USD   +4.92%
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Teva Pharmaceutical Settles Opioid Suit With West Virginia

05/25/2022 | 08:23am EDT

By Chris Wack


Teva Pharmaceutical Industries Ltd. said its Teva Pharmaceuticals affiliate reached an agreement with the attorney general of West Virginia that settles the state's and its subdivisions opioid-related claims.

The company said the settlement will provide West Virginia with $75 million over 15 years, in addition to $8 million in attorneys' fees and costs incurred during the trial.

Teva said it will also provide its generic version of Narcan naloxone hydrochloride nasal spray, valued at $27 million, over 10 years.

West Virginia Attorney General Patrick Morrisey said Wednesday that the settlement announced was a total of $161.5 million, because it also included Allergan, now owned by AbbVie Inc.

According to the settlement, West Virginia will receive payments totaling more than $134.5 million in cash over the length of the agreement, provided that the state has received sign-ons from its political subdivisions.

The settlement structure is consistent with previously announced settlements. In April, Johnson & Johnson said it would pay $99 million to settle its own West Virginia lawsuit. West Virginia was one of several states that didn't join a nationwide $5 billion opioid settlement that Johnson & Johnson completed in February to resolve state and local government lawsuits against the company.

Teva said the settlement agreement isn't an admission of any liability or wrongdoing, and it continues to actively negotiate a national settlement.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

05-25-22 1023ET

Stocks mentioned in the article
ChangeLast1st jan.
ABBVIE INC. 0.42% 153.8 Delayed Quote.13.59%
TEVA PHARMACEUTICAL INDUSTRIES LIMITED 4.92% 7.89 Delayed Quote.-1.50%
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Financials (USD)
Sales 2022 15 600 M - -
Net income 2022 -494 M - -
Net Debt 2022 18 954 M - -
P/E ratio 2022 -236x
Yield 2022 -
Capitalization 8 761 M 8 761 M -
EV / Sales 2022 1,78x
EV / Sales 2023 1,60x
Nbr of Employees 35 346
Free-Float 89,9%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 7,89 $
Average target price 9,89 $
Spread / Average Target 25,3%
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Managers and Directors
Kåre Schultz President, Chief Executive Officer & Director
Eli Kalif Chief Financial Officer & Executive Vice President
Sol J. Barer Chairman
Eric Drapé SVP-Technical Operations Steriles & Respiratory
Lori A. Queisser Senior Vice President & Global Compliance Officer
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