Goldman Sachs ups Teva forecasts.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has obtained final US Food and Drug Administration (FDA) approval for the company’s Abbreviated New Drug Application (ANDA) for Terbinafine Hydrochloride tablets, 250 mg (base), the AB-rated generic equivalent of Novartis AG’s (NYSE:NVS; LSE: NOV; SWX: NOVZ) antifungal agent Lamisil. Teva will begin shipments of the product immediately.
Teva added that on the basis of IMS sales data, Lamisil had $685 million in US sales in the 12 months through March 2007.
In a separate development, Goldman Sachs has raised its forecasts for Teva and are reaffirmed its “Buy” rating. “Despite meaningful share appreciation (up 33% year to date versus 6% for the S&P500), solid trends in key product opportunities support a further bias to estimates on a still attractive valuation. We are taking our second quarter earnings per share (EPS) estimate to $0.58 ($0.03 above consensus) and 2007 EPS estimate to $2.28 (the upper-end of management’s $2.20-2.30 range) on potential for positive near-term surprise with room for further upside. Net, Teva remains a top idea across our 28-stock universe with what we view as attractive upside in shares.
Published by Globes [online], Israel business news - www.globes.co.il - on July 3, 2007
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