Teva Pharmaceutical Industries Limited (TEVA) Confirms Rumor, Picks Turnaround Specialist As New CEO
1/9/2014 7:35:21 AM
Teva Pharmaceutical Industries named industry outsider Erez Vigodman to lead a revival of the world's biggest generic drugmaker with a push beyond its ailing core business into branded drugs. Vigodman must first steady the ship with cost cuts and heal divisions in the board before moving to reduce Teva's reliance on copycat medicines, whose profits are waning as competition grows and business opportunities dwindle. Investors are not yet convinced that Teva, Israel's biggest company by market value, can find new income sources to offset the impending patent expiry on multiple sclerosis treatment Copaxone, its most profitable product by far.
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