Teva to Launch Generic Lovaza

Zacks Equity Research

Teva Pharmaceutical Industries Ltd. (TEVA) announced that the U.S. Food and Drug Administration (:FDA) has approved its generic version of GlaxoSmithKline’s (GSK) Lovaza. Lovaza is used to lower very high triglyceride levels in adults.

Teva believes that it was the first to file and the only company to receive approval for generic Lovaza. Thus, the company may enjoy 180 days of marketing exclusivity. The product will be launched immediately.

As per IMS data, as of Dec 31, 2013, Lovaza annual sales were approximately $1.1 billion in the U.S.

Our Take

We view the launch of Lovaza in the U.S. as an important generic product launch for Teva this year and should boost the performance of its generics business.

We note that the performance of Teva’s U.S. generics business, which generated approximately 21% of total revenues, was soft in 2013 with revenues declining 5% to $4.2 billion. This was primarily due to the termination of a royalty agreement related to the generic version of Pfizer’s (PFE) Lipitor. Lower sales from generic versions of Lexapro, Actos and Actoplus also impacted revenues unfavorably.

On its fourth quarter conference call, the company stated that it had 133 abbreviated new drug applications (ANDAs) pending FDA approval, representing $81 billion in annual sales. These include 51 first-to-file opportunities, representing $40 billion in annual sales. Since then, the company has launched several products including generic versions of Xeloda and Evista.

Teva carries a Zacks Rank #2 (Buy). Some other stocks in the same sector worth considering include Dr. Reddy's Laboratories Ltd. (RDY) carrying a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on RDY
Read the Full Research Report on PFE
Read the Full Research Report on TEVA
Read the Full Research Report on GSK

Zacks Investment Research

  • Can I Tap My Retirement Savings Penalty-Free at Age 55?

    Can I Tap My Retirement Savings Penalty-Free at Age 55?

    Q.: I want to retire at 55 and was under the impression I had to wait until I was 59½ years old to avoid the 10% early withdrawal penalty on my retirement savings. A.: 403(b) plans are retirement savings accounts for certain employees in the nonprofit sector and public schools. “That’s something a lot of people don’t understand,” says Mike Piershale, president of Piershale Financial Group in Crystal Lake, Ill.

  • The $17 billion Walgreens-Rite Aid deal looks like it's in trouble
    Business Insider

    The $17 billion Walgreens-Rite Aid deal looks like it's in trouble

    Traders have lost faith in Walgreens' giant deal to buy Rite Aid. Rite Aid's shares were sliding Wednesday after a report from the New York Post said the supermarket chain Kroger may no longer be interested in acquiring 650 stores from the two companies as part of that deal. Walgreens and Rite Aid would have to sell the stores to gain antitrust approval for the deal.

  • Jailed 96 days on bogus charge: It is no one's fault?
    Associated Press

    Jailed 96 days on bogus charge: It is no one's fault?

    Pulled over for traffic violations, Jessica Jauch was held for 96 days in a Mississippi jail without seeing a judge, getting a lawyer or having a chance to make bail. "I think each state suffers from the symptoms we see in Mississippi," said Brandon Buskey, a senior staff attorney for the ACLU's Criminal Law Reform Project.

  • 3 States to Avoid in Retirement

    3 States to Avoid in Retirement

    These are the worst places to live based on living costs, taxes and other factors important to retirees. Nearing retirement? Think twice about where you plan to live. Some states are more welcoming than others. See Also: 10 Worst States for Taxes on Retirees We ranked all 50 states on cost of living, taxes, health care and other factors important to retirees. Here are the three states that fared the worst. Finishing dead last is New York. Living expenses in the Empire State are 29% above the national average. More worrisome: The percentage of residents 65 and up living in poverty is above average, too. The runner-up is New Jersey. The Garden State’s tax policies can be tough on retirees. There’s

  • 9 signs you bombed that job interview, even if it doesn't feel like it
    Business Insider

    9 signs you bombed that job interview, even if it doesn't feel like it

    Bungling a job interview is a truly terrible experience. It's possible that you inadvertently insulted the interviewer or failed to stick the landing with a particularly dumb question. Of course, if you recognize a few items on this list, that doesn't necessarily always mean you blew the job interview.

  • Hewlett Packard Enterprise begins laying off staffers in restructuring.
    Silicon Valley Business Journal

    Hewlett Packard Enterprise begins laying off staffers in restructuring.

    Hewlett Packard Enterprise has a rough road ahead as it faces layoffs, spinoff fallout and the sale of three IP/tech portfolios. HPE, created almost a year ago out of the breakup of Hewlett-Packard Co., began laying off staffers this week, according to social media buzz and the HPE spokeswoman Meghan Fintland confirmed to GeekWire that “previously announced restructuring changes took place.” “Workforce changes that are part of a company-wide strategy to give HPE the needed workforce to be a more nimble customer and partner-centric company,” Fintland told GeekWire. The news comes a week after HP Inc., which sells printers and PCs, revealed plans to eliminate an additional 3,000 to

  • Apple: Many 'genuine' Apple products on Amazon are fake
    Associated Press

    Apple: Many 'genuine' Apple products on Amazon are fake

    Apple says it has been buying Apple chargers and cables labeled as genuine on and has found nearly 90 percent of them to be counterfeit. The revelation comes in a federal lawsuit filed by Apple against a New Jersey company on Monday over what Apple says are counterfeit products that were sold on Amazon. In the lawsuit, Apple says Mobile Star imprinted Apple logos on cables and chargers that "pose a significant risk of overheating, fire, and electrical shock." It says the chargers and cables were being sold on Amazon as genuine Apple products.

  • 8 Things You Should Never Keep in Your Wallet

    8 Things You Should Never Keep in Your Wallet

    That overstuffed wallet of yours can’t be comfortable to sit on. It’s probably even too clunky to lug around in a purse, too. And with every new bank slip that bulges from the seams, your personal information is getting less and less safe. With just your name and Social Security number, identity thieves can open new credit accounts and make costly purchases in your name. If they can get their hands on (and doctor) a government-issued photo ID of yours, they can do even more damage, such as opening new bank accounts. These days, con artists are even profiting from tax-return fraud and health-care fraud, all with stolen IDs. We talked with consumer-protection advocates to identify the eight things

  • News
    ABC News

    Hyundai Recalls Midsize Cars; Sunroofs Can Fly Into Traffic

    Hyundai is recalling nearly 63,000 midsize cars in the U.S. because the panoramic glass sunroofs can come loose and fly into traffic. The recall covers certain Sonata midsize cars from the 2015 and 2016 model years, including gas-electric hybrids. The South Korean automaker says in government documents that a wind deflector anchor plate in front of the sunroof wasn't bonded properly to the car. A loose deflector can detach and interfere with the roof as it closes. If the owner tries to force the roof closed, it can fly off. The company says it has no reports of accidents or injuries due to the problem. But Hyundai had several reports of detached sunroofs in the U.S. Dealers will repair the wind

  • T-Mobile fined $48M over slowing 'unlimited' data plans
    Associated Press

    T-Mobile fined $48M over slowing 'unlimited' data plans

    T-Mobile, the country's No. 3 wireless carrier, will pay $48 million for not clearly telling customers how "unlimited" data plans weren't really, well, unlimited. The Federal Communications Commission said Wednesday that T-Mobile had a policy to slow down the speeds of customers who were the heaviest data users. The FCC said T-Mobile started doing a better job with disclosures in June 2015.

  • News
    WSJ Live

    Trump Calls Clinton a 'Nasty Woman' at Debate

    Donald Trump called Clinton "such a nasty woman" while Hillary Clinton was discussing entitlement reform during the final presidential debate Wednesday. Photo: AP

  • 10 Worst States for Taxes on Your Retirement Nest Egg

    10 Worst States for Taxes on Your Retirement Nest Egg

    Retirees have special concerns when evaluating state tax policies. For instance, the mortgage might be paid off, but how bad are the property taxes—and how generous are the property-tax breaks for seniors? Are Social Security benefits taxed? What about other forms of retirement income—including IRAs and pensions? Does the state impose its own estate tax that might subtract from your legacy? The answers might just determine which side of the state border you’ll settle on in retirement. These 10 states impose the highest taxes on retirees, according to Kiplinger’s exclusive 2016 analysis of state taxes. Three of them treat Social Security benefits just like Uncle Sam does—taxing as much as 85%

  • A recession is coming — so hide in gold, says influential investor Raoul Pal

    A recession is coming — so hide in gold, says influential investor Raoul Pal

    Mirror, mirror on the wall, which asset is most mispriced of all? According to a Goldman Sachs alum who predicted the financial crisis in 2008, it’s gold. The precious metal should be a lot more expensive when the likelihood of a global financial collapse and a move toward negative interest rates is accounted for, says Global Macro Investor founder Raoul Pal, who now sees a U.S. recession within 12 months. Recent losses for gold may have dented investor confidence. Gold GCZ6, -0.06%  is up 18% this year, but the first full week of October marked its worst seven-day performance in over three years; it also posted a three-month loss of nearly 6% on a continuous basis. Uncertainty about Brexit and

  • Lawmakers demand answers on leukemia drug price hikes
    Associated Press

    Lawmakers demand answers on leukemia drug price hikes

    Two top lawmakers on Thursday demanded information from a drug company that has raised prices on a leukemia drug, calling increases of tens of thousands of dollars a sign the company puts profits before patients. Sen. Bernie Sanders, I-Vt., and Rep. Elijah Cummings, D-Md., the top Democrat on the House Oversight and Government Reform Committee, wrote ARIAD Pharmaceuticals and asked about price hikes for Iclusig, which is used to treat chronic myeloid leukemia in some people. "These outrageous sales tactics indicate that ARIAD is more concerned with its profit than with its patients," Sanders and Cummings wrote.

  • Fiat Chrysler recalls 224K Jeeps; air bags may not work
    Associated Press

    Fiat Chrysler recalls 224K Jeeps; air bags may not work

    Fiat Chrysler is recalling more than 224,000 Jeep Wrangler SUVs worldwide because the air bags may not inflate in a crash. The company says in government documents that wiring to a sensor can come loose, cutting off signals to an air bag computer. If that happens, the seat belt pretensioners won't work and the air bags won't deploy.

  • Kinder Morgan Claims Progress, Investors Remain Wary

    Kinder Morgan Claims Progress, Investors Remain Wary

    Kinder Morgan Inc. (NYSE: KMI) reported third-quarter 2016 results after markets closed Wednesday. The midstream giant posted per Class P share loss of $0.10 per share on revenues of $3.33 billion. In the same period a year ago, KMI posted earnings per Class P share of $0.08 on revenues of $3.71 billion. Consensus estimates called for EPS of $0.16 and revenues of $3.45 billion. The company said it would pay a $0.125 quarterly dividend for the quarter and expects its full-year dividend to total $0.50. Kinder Morgan intends to use its cash in excess of dividends “to fund growth investments and strengthen its balance sheet.” Distributable cash flow (DCF) for the second quarter totaled $0.48 per

  • Fleeing Brexit to Berlin? Beware red tape, startups say

    Fleeing Brexit to Berlin? Beware red tape, startups say

    Despite a slick campaign to lure companies from London to Berlin after Britain voted to leave the European Union, some of those which have moved say it is not as easy as it first appeared. Following the unexpected referendum decision in June, Germany's liberal Free Democrats hired a truck to drive around London with a billboard declaring, 'Dear start-ups, Keep calm and move to Berlin'. An ironic reference to a popular poster entreating Britons to Keep Calm and Carry On at the outbreak of World War Two against then Nazi-ruled Germany, it was soon followed by the opening of an official Berlin marketing office in London.

  • Business

    India's Axis Bank says no loss from cyber attack

    Axis Bank Ltd, India's third-biggest private sector lender by assets, said on Wednesday there was no loss to its customers from a recent cyber attack. India's Economic Times newspaper, which first reported the news, said the bank filed a preliminary report about the breach to the regulator, Reserve Bank of India, and that it had hired EY to carry out an investigation. Separately, State Bank of India, the nation's top lender by assets, said on Wednesday it had blocked cards of certain customers, and was issuing them new cards, in "precautionary" measures after being informed of potential risks to those cards.

  • Business

    Ireland to hit foreign investors with new tax on real estate deals

    Non-resident investors in Irish real estate funds will have to pay a 20 percent withholding tax from next year on certain deals, the finance ministry said on Thursday, in a further clampdown on structures used to minimise tax bills. Ireland last month proposed to amend tax laws for "Section 110" special purpose vehicles and widened the net on Thursday to include all funds where 25 percent of their value is made up of Irish real estate assets. Such a change targets two other popular types of funds used by foreign investors to buy up swathes of Irish property in recent years: Irish Collective Asset-management Vehicles (ICAVs) and Qualifying Investor Alternative Investment Funds (QIAIFs).

  • News
    The Hollywood Reporter

    Time Warner in Talks to Merge With AT&T (Report)

    Time Warner and AT&T executives met recently to discuss a possible merger, Bloomberg reported on Thursday. If the informal talks do not lead to a merger, they could result in various other partnerships, Bloomberg said, citing people familiar with the matter. Time Warner CEO Jeff Bewkes and the rest of the board already turned down a $75 billion offer from 21st Century Fox.

  • Business

    RUBBER-Tokyo futures prices after evening session October 20

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Oct 2016. Contract Day Volume Evening Volume * Oct 174.2 34 170.5 153 * Nov 172.5 36 172.1 9 * Dec

  • Roche bets on new cancer drugs to offset patent expiries

    Roche bets on new cancer drugs to offset patent expiries

    By John Miller ZURICH (Reuters) - Roche said on Thursday strong sales of new medicines like cancer immunotherapy drug Tecentriq would help to sustain the company's growth as patents on older drugs start to expire. Chief Executive Severin Schwan is betting he can stay ahead of the sales erosion with new medicines that include five launched in 2016 alone. "That is an unprecedented number of launches of new medicines in a short period of time," Schwan said on a conference call after Roche reported third-quarter sales figures.

  • The Latest: Feds meet with Hawaii fishing vessel owners
    Associated Press

    The Latest: Feds meet with Hawaii fishing vessel owners

    HONOLULU (AP) — The Latest on a meeting between federal officials and fishing boat owners to discuss conditions among the Hawaii longline fleet (all times local):8:30 a.m.Federal and state officials are meeting with vessel owners from Hawaii's longline

  • Business
    Associated Press

    FCB Financial posts 3Q profit

    WESTON, Fla. (AP) _ FCB Financial Holdings Inc. (FCB) on Thursday reported third-quarter net income of $26.1 million. The bank, based in Weston, Florida, said it had earnings of 60 cents per share. Earnings, adjusted