OGN - Teva raised to Neutral at BofA citing a near-term opioid deal

Bank of America upgraded the Israeli drugmaker Teva Pharmaceutical (NYSE:TEVA) to Neutral from Underperform on Tuesday, citing a shift in the attention to the company’s product portfolio following a potential countrywide opioid settlement. Teva (TEVA) ADRs have added ~3% in the pre-market so far. Pointing to media reports, management remarks, and a similar opioid settlement announced by Johnson & Johnson (JNJ), the analysts led by Jason M. Gerberry argue that Teva (TEVA) could be closer to a multi-party opioid deal valued at more than $5 billion, in line with their estimates. “Assuming the opioid issue is resolved near to medium term, this should allow some upside in the stock,” the team added, noting that the investors can then focus on the company’s biosimilar launches and Austedo, a treatment for tardive dyskinesia and Huntington's disease chorea. However, the concerns over the durability of the biosimilar-driven growth in 2023 – 24 and the lack

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Teva raised to Neutral at BofA citing a near-term opioid deal