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Thursday, February 15, 2007 3:09:44 AM
(If someone wants the full report, please PM me your email).
Solid Guidance; It's Amazing How Low Expectations Were
Our Takeaway.
We were surprised by the follow through in the stock especially after the recent
run up. We attribute it to the guidance for the 2007-2009 period, which was
basically in line with our estimates; however, we obviously didn’t appreciate how
low investor expectations were for the numbers.
With respect to 2007, the year is heavily back-end loaded and we have to
assume Teva will be doing additional deals like it did with Wellbutrin XL in order
to achieve much higher than the low end of its guidance range. In fact, we have
to admit, we struggle to even see how it can reach the bottom of the EPS
guidance range given what we know today.
We have been fairly positive on the stock recently in the low $30s, believing that
growth in the international business as well as the respiratory franchise is
underappreciated. We still think that this is the case, but given that the market
appears to have blessed the $2.50 in 2008 and $3.00 in 2009 company EPS
forecasts, and we don’t see significant upside to those numbers, it is difficult to
be excited about the name at $37.
Our year end price target has increased modestly to $40, based on a 15x P/E
multiple of our 2008e cash EPS estimate of $2.67 (equivalent to a 16x P/E
multiple of our 2008e GAAP EPS estimate of $2.54).
Recent TEVA News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 12:03:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 12:00:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:41:32 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:38:31 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:27:06 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:23:46 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:20:44 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:17:48 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:14:54 AM
- Adobe Soars 15% Pre-Market; Visa and Mastercard Encounter Hurdles in $30 Billion Agreement, and More • IH Market News • 06/14/2024 11:21:47 AM
- Teva to Present at the Goldman Sachs 45th Annual Global Healthcare Conference • Business Wire • 06/04/2024 08:05:00 PM
- New Data Provide Schizophrenia Treatment Insights into Switching to UZEDY® (risperidone) Extended-Release Injectable Suspension from Invega Sustenna® (paliperidone palmitate) • Business Wire • 06/01/2024 06:25:00 PM
- Teva Presents First Real-World Data from the IMPACT-TD Registry Study at Psych Congress Elevate 2024 • Business Wire • 06/01/2024 06:20:00 PM
- Teva Announces AUSTEDO® XR (deutetrabenazine) Extended-Release Tablets Now U.S. FDA Approved as a One Pill, Once-Daily Treatment Option for Clinically Therapeutic Doses (24–48 mg/day) • Business Wire • 05/29/2024 10:38:00 PM
- Teva and Alvotech Announce SIMLANDI® (adalimumab-ryvk) Injection Now Available in the U.S. • Business Wire • 05/21/2024 12:25:00 AM
- Teva and Alvotech Announce SIMLANDI® (adalimumab-ryvk) Injection Now Available in the U.S. • GlobeNewswire Inc. • 05/21/2024 12:25:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 12:36:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 12:30:32 PM
- Teva Announces Appointment of Matthew Shields to Executive Vice President, Teva Global Operations • Business Wire • 05/15/2024 12:15:00 PM
- Bain Capital in Talks to Acquire PowerSchool; Blackstone Emerges Victorious in Hipgnosis Bidding War, and More News • IH Market News • 05/09/2024 11:53:19 AM
- Teva Reports First Quarter 2024 Financial Results and Reaffirms 2024 Financial Outlook • Business Wire • 05/08/2024 11:00:00 AM
- Teva and Medincell Announce Positive Phase 3 Efficacy Results from SOLARIS Trial Evaluating TEV-‘749 (olanzapine) as a Once-Monthly Subcutaneous Long-Acting Injectable in Adults with Schizophrenia • Business Wire • 05/08/2024 10:30:00 AM
- Teva to Present at the 2024 Bank of America Healthcare Conference • Business Wire • 05/02/2024 10:30:00 PM
- Teva’s 2023 Healthy Future Report Showcases Renewed Sustainability Strategy and Ambitious Targets • Business Wire • 05/02/2024 12:30:00 PM
- U.S. Commercialization Agreement with Quallent to Drive Patient Savings with First High-Concentration Citrate-Free Interchangeable Biosimilar to Humira® (adalimumab) • Business Wire • 04/30/2024 08:00:00 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM