"Laquinimod can become a blockbuster"

Teva's CEO Shlomo Yanai says the company is trying to reduce its dependence on Copaxone.

"We have every reason to assume that we have an innovative drug that will benefit patients with multiple sclerosis and doctors," said Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) president and CEO Shlomo Yanai at a conference in Tel Aviv today. "We have another potential blockbuster, in addition to Copaxone."

Yesterday, Teva announced positive results of the Phase III clinical trial of Laquinimod, its oral treatment for multiple sclerosis, at the 63rd Annual Meeting of the American Academy of Neurology (AAN) in Honolulu yesterday. The announcement followed similar announcements by Teva's rivals about their new treatment for the disease.

"Teva operates with a long-term perspective, not according to daily volatility," added Yanai. "Under our five-year plan through 2015, I wish to state that we're on schedule, and even ahead of it. We're on the right path. Teva's business model is built on our primary business activity - generics. We can grow in this business and we see $150 billion potential in the generics market over the next few years, and we intend to take a substantial share of this market. We have where to grow in it."

Commenting on the market's sensitivity to any news about Copaxone, Yanai said, "We're trying to reduce our dependence on Copaxone, but it will be with us for many more years. It will ultimately be replaced, and we're getting ready for when that happens. We're changing from being the soloist of the orchestra."

Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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