Yeah ....but so are Bell Potter and their views were posted by Benelong.
03/06/16Time:15:28:38Post #: 17946056
With TEVA, from my perspective , worst case scenario (which I dont believe will transpire based , remarkable, astonishing results to date, understanding the hindsight of what it means when there is a "hockey stick" impact in recruiting + 121 locations now updated on Clinical trials.com and on potential contributions to GP by Revacsor chf alone - see current Teva GP ), if they were to concentrate on Generics... if would be unconscionable to think they wouldn't transfer the ceph/teva MPC licences for $$$$.
Via Lonza manufacturing, I think the Cogs to Teva are b/w 30-35%, thereby producing a GP margin of ~70% to ~65 %....no comparison to generics GP margin of 46%. Also, in good time, the cogs come down with scale.
A tale of two cities (extract from article)
Teva is a story of two business models: a generic business that is diversified across many drugs but is less profitable, and a specialty drug business that is more profitable but also heavily dependent on the success of the multiple sclerosis drug Copaxone.
Q1 2016 numbers. Source: TEVA Pharmaceuticals
Column 1 Column 2 Column 3 Column 4 Column 5 0 Division Revenue Gross margin Segment profit Revenue growth/decline year-over-year 1 Generic $2.17 billion 46% $584 million -17% 2 Specialty $2.15 billion 86.9% $1.19 billion 10%
As you can see, the gross margins on those drugs make a big difference. And of the $2.15 billion in revenue from specialty drugs, about half came from Copaxone, which sold just over $1 billion in the first quarter. Profit is an even more telling story, with $808 million (or 68% of the Specialty segment's total profit) provided by Copaxone.
GLTAH.
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