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Biotech / Medical : Teva Pharmaceuticals

TEVA 20.03

-1.1%

Oct 30 3:59 PM EDT

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From: Lance Bredvold	11/11/2022 12:36:13 PM
	of 340

Just read through the CEO and CFO earnings conference call and am mildly positive. I had not noticed how much debt TEVA carried but it is high. They point out that $20B of interest has been paid over the last 5 years and that they've whittled the total down to $19B. But that is still almost twice equity and so lending agencies would rate their debt dangerous. Furthermore I see that most of that debt is due in the next 5 years. Another dangerous situation though the drugs Austevo (expected blockbuster status this year) and Ajovy are doing well. Today I also note a legal win for penalty from Eli Lilly about the same size as the increased legal contingency for opioid cases this last year. I've only seen headlines but apparently Kari is resigning at the end of his contract period this coming year. Wasn't he brought in after previous CEO's were ignominiously dismissed? As I recall, a senior board member who had retired but was called back to clean up messes? It does look to me now like TEVA will survive and probably recover some stock price over the next few years as they get out of their debt bind and also the opioid and trust legal challenges are completed. Is it time to buy yet? I wish I'd listened to Kari (CEO) before now but he sounds like the kind of guy who always reports the half full glass. Thus I must discount some of his positivity. I did sell a bit at $9 for the tax loss, but retain most of my holdings. I think it would be wise to keep an eye on the overall market but suspect TEVA will recover and may raise it's equity position enough to make the debt look more manageable. Thus I'm in the market to buy a bit more if the market doesn't continue to look frightening overall. Now to read the questions and answers.

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