"We, like the media, tend to overestimate the influence of Copaxone on the company, former Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) chairman Eli Hurvitz told Hebrew daily "Ma'ariv".
Hurvitz dismissed claims that Teva's business model largely depends on Copaxone, the company's treatment for multiple sclerosis. "It's simply not true. Teva's profits do not solely depend on Copaxone. Whoever says so doesn’t know what he's talking about."
As for the negative sentiment about Teva and recent recommendation downgrades by some analysts, Hurvitz said, "It's not that there's no money, but that we have to ask what to do with it."
Hurvitz concluded, "Teva knows that without competition it has no right to exist and it will fall asleep on the watch. I can already predict the company's results for 2050. For us, 2050 is tomorrow, and we're already planning for it. If you're not planning for 2050, you don’t know how to manage a company and you won't have results."
Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2011
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