Bloomberg News

Teva Pharmaceutical Releases Generic Version of HIV Drug in U.S.

December 30, 2011

Dec. 29 (Bloomberg) -- Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, is shipping its generic version of GlaxoSmithKline Plc’s Combivir for HIV in the U.S.

“Pursuant to our agreement with Glaxo Group and Viiv Healthcare, we did commence shipping on Dec. 27,” Denise Bradley, a spokeswoman for the Petach Tikva, Israel-based company, said today in an e-mailed response to an enquiry by Bloomberg News. Viiv is the HIV drug joint venture of GlaxoSmithKline and Pfizer Inc.

Teva said in November that it planned to start selling the generic medicine in the fourth quarter. Jonathan Kreizman, an analyst at Clal Finance Brokerage Ltd. in Tel Aviv, said he expects the drug “to generate between two to three cents in earnings per share in the next 180 days.”

Teva reported its first decline in quarterly earnings in four years last month. It has forecast lackluster profit growth for next year and indicated that it may not meet its long-term target of $31 billion in sales by 2015.

Teva has fallen 18 percent to 153.40 shekels, or the equivalent of $40.26, in Tel Aviv trading this year, compared with an 18 percent drop for the benchmark TA-25 index. In New York trading, Teva has fallen 22 percent this year.

--With assistance from Gwen Ackerman in Jerusalem. Editors: Robert Valpuesta, Phil Serafino.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net.

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net.


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