Sanford C. Bernstein & Co. believes that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) will start selling a generic version of Pfizer Inc.'s (NYSE: PFE; LSE: PFZ) Lipitor, an anti-cholesterol pill, during the fourth quarter. The blockbuster drug is Pfizer's largest product.
Bernstein analyst Ronny Gal said that Teva's comments about a large drug it failed to introduce earlier in the year, could only mean Lipitor. "What other product can give Teva $0.10 of earnings per share or $89 million net income in one month?"
Teva said yesterday that if it manages to introduce the “important undisclosed product” in the fourth quarter, it would meet the upper range of its 2011 earnings per share forecast of $4.92-5.02.
Teva's share price rose 1.7% on Nasdaq yesterday to $39.76, giving a market cap of $35.4 billion, and rose 3.5% by midday on the TASE today to NIS 146.60.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2011
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