2023-08-02 13:01:38 ET
Teva Pharmaceutical ( NYSE: TEVA ) CEO Richard Francis said the company has no current plans to separate its brands and generics businesses.
"Right now, we don't see the value in that," Francis told CNBC in an interview on Wednesday. "Right now we have a lot of synergies within our business, and actually even from R&D to manufacturing to our commercial footprint, we see great leverage that we can put our branded products and our generic products through the same infrastructure."
"So right now we are benefiting from that, and our generics business, which is significant, over $8 billion a year, does throw off a lot of cash, which we are using to invest and drive this innovative portfolio and growth," Francis added. "So right now, it's a great pairing."
Teva gained 11% i n trading on Wednesday after its Q2 2023 results, as the generic drugmaker lifted the midpoint of its full-year revenue outlook and posted its first quarterly earnings beat in three quarters.
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Teva CEO sees no value now in separating brands, generics businesses