"Multiple upside potential comes from Lotrel, which is a $1.4 billion product."
WR Hambrecht has published an updated review for Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), in which it reiterated its "Buy" rating and set a target price of $50. This is a 15% premium over Teva's closing price on Friday.
Echoing previous positive forecasts from Goldman Sachs and Bear Sterns for Teva's second quarter results, WR Hambrecht says, "Our $0.55 earnings per share estimate is essentially in line with the consensus estimate of $0.56. Multiple upside potential comes from the recently launched Lotrel, which is a $1.4 billion product enjoying exclusivity until the end of this year. Further, with competition withdrawing from the generic OxyContin market, which is a $2 billion product, Teva was able to significantly expand its market share with favorable pricing."
As for Teva's ethical blockbuster drug, Copaxone for multiple sclerosis, WR Hambrecht says, "we forecast sales for the quarter of $410 million, up 15% year-over-year."
Published by Globes [online], Israel business news - www.globes.co.il - on July 15, 2007
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