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.”
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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.
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