Teva introduces 2014 guidance

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) on Tuesday introduced two sets of 2014 financial guidance -- one assuming no U.S. generic competition during the year for Copaxone glatiramer acetate and the other accounting for the launch of at least two generic competitors for the company's multiple sclerosis drug. If there is no generic competition for Copaxone during the year, Teva said it expects 2014 non-GAAP diluted EPS of $4.80-$5.10 on net revenues of $19.8-$20.8 billion. If two generics are launched on June 1, Teva said it expects 2014 EPS of $4.20-$4.50 on net revenues of $19.3-$20.3 billion. The Street is expecting 2014 EPS of $4.94 on full-year revenues of $20 billion.

In November, U.S. Supreme Court Chief Justice John Roberts denied Teva's request to stay an appeals court ruling ending exclusivity for Copaxone on May 24, 2014. Teva had requested the stay while it appeals to the Supreme Court a July ruling by the U.S. Court of Appeals for the Federal Circuit that invalidated a process patent held by Teva that was set to expire on Sept. 1, 2015. Teva recorded U.S. Copaxone sales of $2.4 billion for the nine months ended Sept. 30 (see BioCentury Extra, Nov. 15). ...