Teva Statement Following New York Jury Ruling in Opioids Trial

Rhea-AI Summary

Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries, announces plans to appeal a recent unfavorable legal ruling regarding opioid prescriptions. The company argues that the plaintiffs failed to provide evidence of wrongdoing, including medically unnecessary prescriptions or harm caused by Teva's actions. Teva emphasizes its commitment to increasing access to essential medicines and is pursuing a national settlement. Recent court rulings in California and Oklahoma have found no evidence of public nuisance related to Teva's opioid marketing practices.

Positive

• Recent court decisions in California and Oklahoma ruled favorably for Teva, stating no public nuisance was caused by opioid marketing.
• Teva's commitment to appealing the recent ruling indicates a proactive approach to protect shareholder interests.

Negative

• The recent legal outcome against Teva could potentially lead to negative public perception and financial implications.
• Teva's assertion of a mistrial indicates ongoing legal challenges and uncertainties in the opioid litigation landscape.

PARSIPPANY, N.J.--(BUSINESS WIRE)-- Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries, Ltd. (NYSE and TASE: TEVA) strongly disagrees with today’s outcome and will prepare for a swift appeal as well as continue to pursue a mistrial.

In NY, the plaintiffs presented no evidence of medically unnecessary prescriptions, suspicious or diverted orders, no evidence of oversupply by the defendants – or any indication of what volumes were appropriate – and no causal relationship between Teva’s conduct including its marketing and any harm to the public in the state.

Prior to deliberation, Teva sought a mistrial based on, among other issues, the state’s misrepresentation of the amount of opioids sold by Teva in NY by more than 500 times.

Teva continues to focus on increasing access to essential medicines to patients, including opioid medications for approved indications. Most importantly, the Company continues to pursue a national settlement in the best interest of patients.

As recently as last month, a court in California issued a decision finding that Teva did not cause a public nuisance in Orange County, Los Angeles County, Santa Clara County and the City of Oakland and that Teva did not make any false or misleading statements in connection with marketing prescription opioids in California.

Additionally, last month the Oklahoma Supreme Court overturned an earlier judgment against a pharmaceutical manufacturer and ruled that the public nuisance law in Oklahoma does not extend to the manufacturing, marketing and selling of prescription opioids.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211230005283/en/

IR Contacts

United States

Ran Meir

(267) 468-4475

Israel

Yael Ashman

972 (3) 914-8262

PR Contacts

United States

Kelley Dougherty

(973) 658-0237

Yonatan Beker

(973) 264 7378

Source: Teva Pharmaceutical Industries Limited

FAQ

What is Teva Pharmaceuticals planning after the recent legal ruling?

Teva is preparing to appeal the unfavorable legal outcome and is also pursuing a mistrial.

What evidence was presented against Teva in the recent opioid lawsuit?

The plaintiffs did not present evidence of medically unnecessary prescriptions or any causal relationship to public harm.

What have recent court rulings said about Teva's marketing of opioids?

Recent rulings in California and Oklahoma found that Teva did not cause a public nuisance through its marketing practices.

How does Teva Pharmaceuticals plan to address its legal challenges?

Teva is focusing on a swift appeal and pursuing a national settlement.