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Teva Pharmaceutical Industries Ltd. (TEVA) Chairman Phillip Frost said he backed the management’s strategy following criticism from Goldman Sachs Group Inc. and Morgan Stanley analysts who are advising investors to sell. The drugmaker’s blockbuster multiple sclerosis treatment Copaxone, which faces potential generic competition as early as next year, has a “long way to go” as a commercially viable medicine, Frost, 76, said in a Bloomberg Television interview from Tel Aviv today. Teva is seeking approval for a new version of the injected drug that can be taken three times a week, replacing the daily doses patients must now endure.
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