In his latest survey of Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) UBS analyst Marc Goodman cites four key events for Teva's multiple sclerosis treatments, which he expects to lift the company's share price.
The first event is the presentation of data for Laquinimod, Teva's oral treatment for Multiple Sclerosis on April 15 at the American Academy of Neurology (AAN). Goodman believes that Teva will present positive data that will bring it nearer granting of approval by the US Food and Drug Administration (FDA) although he adds that he needs to see the data before changing sales forecasts.
Goodman said, "This is the first of four key events for Teva’s multiple sclerosis franchise and with good data we would expect the stock to move higher. Other key dates will follow with the FDA’s response to the Copaxone CP (citizen's petition) on June 10th, BRAVO data sometime in the third quarter, and the start of the Copaxone litigation vs Sandoz and Mylan on September 7. We continue to see Teva as positioned well heading into these events."
Copaxone, Teva's branded MS injection treatment accounts for one third of the company's profits.
Teva's share price was up 0.9% to NIS 176.20 in afternoon trading on the TASE today, having closed at $50.54 on Nasdaq on Friday, giving a market cap of $45.38 billion.
Published by Globes, Israel business news - www.globes-online.com - on April 3, 2011
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