Teva Pharmaceutical Industries Ltd. (TEVA) may be sitting on the edge of a patent cliff, with 21 percent of its revenue at risk. You wouldn’t know it, though, with its stock near a three-year-high. Two reasons: Teva’s legal efforts to block cheaper generic versions of the multiple-sclerosis shot Copaxone, which garnered $4.3 billion in sales last year, and its surprising success in shifting patients to a longer-acting version that won’t face competition until 2030. Teva analysts have raised their estimates for 2014 earnings.
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