Wednesday, April 30, 2014 12:17:03 PM
Analyst Pamela Bassett, D.M.D. coommented, "We are downgrading TEVA to Hold, from Buy, and lowering our price target to $49, from $55, as we anticipate a generic Copaxone approval and launch by June 2014. We expect Sandoz (NVS - $86.45 - NR)/Momenta (MNTA - $11.30 - NR) to launch M356 (generic Copaxone) in the U.S. by June 2014, likely negatively impacting Teva’s conversion of daily Copaxone patients to the three-times-weekly version. We expect M356 to receive interchangeable status from the FDA, which we believe could result in market share loss up to 50% in the first year—a $1.1 billion revenue cut for Teva. Additionally, we believe Teva could position and price three-times-weekly Copaxone like an authorized generic, potentially further eroding revenue and margins."
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