Teva Reaches Agreement With Kentucky to Settle the State’s Price Fixing Claims
12 Juin 2023 - 10:00PM
Business Wire
Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical
Industries Ltd. (NYSE and TASE: TEVA), has reached agreement with
the Attorney General of Kentucky to settle the state’s price-fixing
claims against Teva. Under the terms of the settlement, Teva will
pay the state $1.407 million, and the state will dismiss all of its
claims against Teva and its affiliates once payment has been
made.
This is the sixth settlement of price-fixing claims that Teva
has reached in the U.S. to date. Each settlement, including this
settlement with Kentucky, has followed the same framework, with
Teva agreeing to pay each state an amount proportional to its share
of the national population (approximately $1,000,000 for each 1%
share of the national population). And Teva’s $1.407 million
payment to Kentucky falls within the estimated provision that
Teva’s management recorded in the third quarter of 2022, related to
this litigation.
The Company is pleased to put Kentucky’s claims behind us, and
we believe the amounts included in the settlements to date reflect
our position on the allegations against us, which we continue to
deny. We remain focused on delivering high-quality medicines to the
patients around the world who need them, while also working
cooperatively with state regulators to resolve legacy litigation
matters in the United States, including these cases. We are in
discussions with additional states to settle these cases within the
framework outlined above.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has
been developing and producing medicines to improve people’s lives
for more than a century. We are a global leader in generic and
innovative medicines with a portfolio consisting of over 3,500
products in nearly every therapeutic area. Around 200 million
people around the world take a Teva medicine every day, and are
served by one of the largest and most complex supply chains in the
pharmaceutical industry. Along with our established presence in
generics, we have significant innovative research and operations
supporting our growing portfolio of innovative medicines and
biopharmaceutical products. Learn more at www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements. You
can identify these forward-looking statements by the use of words
such as “should,” “expect,” “anticipate,” “estimate,” “target,”
“may,” “project,” “guidance,” “intend,” “plan,” “believe” and other
words and terms of similar meaning and expression in connection
with any discussion of future operating or financial performance.
Important factors that could cause or contribute to such
differences include risks relating to: our ability to reach
additional agreements with other U.S. states on price-fixing claims
against Teva, other compliance, regulatory and litigation matters,
including scrutiny from competition and pricing authorities around
the world, including our ability to successfully defend against the
U.S. Department of Justice criminal charges of Sherman Act
violations, our ability to successfully compete in the marketplace,
our substantial indebtedness, our business and operations in
general, including, the impact of global economic conditions and
other macroeconomic developments and the governmental and societal
responses thereto; other financial and economic risks, and other
factors discussed in this press release, in our Quarterly Report on
Form 10-Q for the first quarter of 2023, and in our Annual Report
on Form 10-K for the year ended December 31, 2022, including in the
sections captioned "Risk Factors.” Forward-looking statements speak
only as of the date on which they are made, and we assume no
obligation to update or revise any forward-looking statements or
other information contained herein, whether as a result of new
information, future events or otherwise. You are cautioned not to
put undue reliance on these forward-looking statements.
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IR Contacts United States Ran Meir (267) 468-4475
Sanjeev Sharma (973) 5241908
PR Contacts United States Kelley Dougherty (973)
658-0237 Yonatan Beker (973) 2647378
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