Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) shares sank on Tuesday after the company announced a change in its management. The company has appointed Dipankar Bhattacharjee as chief executive for its global generic medicines group, replacing Siggi Olafsson.
Keep in mind that 24/7 Wall St. rates Teva as one of the top 10 stocks to own for the decade.
Bhattacharjee has served as CEO of Teva Generics Europe since April 2013. Along with this new appointment, Olafsson will retire at the end of the first quarter of 2017. Bhattacharjee will be based in the United States.
Teva said in a statement on Monday that Bhattacharjee “has a proven track record of improving revenues and profitability, significantly increasing operating profit margins in the European generics business.”
The share price is actually down by 44% in 2016, despite the recent completion a $40.5 billion purchase of Allergan’s Actavis generic drug business in August. The company also has reaffirmed its outlook for 2016, with its EPS in the range of $5.10 to $5.20 and revenue between $21.6 billion to $21.9 billion. The consensus estimates from Thomson Reuters are $5.13 in EPS and $21.7 billion in revenue.
Erez Vigodman, CEO of Teva CEO, commented:
As we continue to focus on integrating and realizing the value of the Actavis Generics transaction, which is progressing according to plan, Dipankar and his team will focus on generating organic growth through new launches and replenishing the pipeline.
Shares of Teva were last trading seen almost 6% at $34.84, with a consensus analyst price target of $54.87 and a 52-week trading range of $35.07 to $66.55.
Are You Ahead, or Behind on Retirement? (sponsor)
If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention.
Finding a financial advisor who puts your interest first can be the difference between a rich retirement and barely getting by, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors that serve your area in minutes. Each advisor has been carefully vetted, and must act in your best interests. Start your search now.
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.