Biotech Values

[DewDiligence]

Let me reiterate the passage from Teva’s PR highlighted in #msg-75390703:

In the U.S., in-market sales slightly decreased 1% to $617 million, as a result of the renegotiation of certain distribution services agreements so as to establish a new fee structure, partially offset by price increases.

The word partially is a tip-off that the net effect of these changes was a lower ASP.

Unit volume could have accounted for a little of 17% decline in US Copaxone sales relative to 4Q11, but the bulk of the decline clearly stemmed from pricing.