Teva looks to China - (Globes via NewsPoints Desk)

  • Speaking at the JP Morgan Healthcare Conference, Teva CEO Kare Schultz said the drugmaker was on target with streamlining and debt reduction, and outlined its strategy for the Chinese market, reported Globes.

  • He said that since Teva's streamlining program began in 2017, 13 production sites have been shut down or sold, and ten more are in the process of a shut-down or sale, adding that the goal of annual cost savings of $3 billion has been achieved.

  • "We will continue optimizing the manufacturing footprint," he said, and in connection with Teva's full-year earnings in February, "we will give you a more precise picture of what the plans will be for the coming years."

  • In terms of debt, Schultz said that over the past two years the company had recycled debt, and had reduced its debt over the period through asset sales and through its cash flow. At the end of the third quarter of 2019, the debt totaled $26.9 billion.

  • Commenting on Teva's plans in China, Schultz said "I'm not a strong believer in joint ventures in these kinds of markets, so we've decided to do it organically...we're slowly building up."

  • The CEO noted "we've just launched Treanda in China. We have Austedo that has been filed, and the benefit here is we can do that without doing any trials in China, because the Chinese authorities have realized they would like to have these products in the marketplace."

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