Months after joining, Teva CEO pulls curtain back on strategy to return to growth
18 May 2023
Phase 3Phase 2Executive Change
Teva on Thursday outlined its latest strategy as it looks to return to growth under new CEO Richard Francis. "Our new strategy is built on four key pillars to deliver short- and long-term growth from our commercial portfolio and biosimilars, innovative pipeline, generics powerhouse and focused capital allocation," remarked Francis, who took over after Kåre Schultz retired at the end of last year.
The first pillar comprises Teva's growth products, with the company forecasting on Thursday that annual sales of Austedo – which is used to treat Huntington's disease and tardive dyskinesia – will surpass $2.5 billion by 2027. The drug is expected to generate sales of $1.2 billion this year. Growth products also include the migraine treatment Ajovy and schizophrenia therapy Uzedy, while the drugmaker has seven biosimilars in late-stage development or under regulatory review.
According to Teva, it aims to return to growth this year and next, with this accelerating between 2025 and 2027 and being sustained in 2028 and beyond. "With our pivot to growth strategy, I am confident we will gain momentum as a stronger, bolder and simpler organisation," Francis said.
Betting on innovative drugs...
Teva also highlighted its pipeline of innovative drugs, focused on core areas of neuroscience, immunology and immuno-oncology, as well as its capabilities in product formulation, complex devices and antibody engineering. The company singled-out its long-acting formulation of olanzapine, which is in Phase III for schizophrenia, as well as the inhaled corticosteroid/ short-acting beta2 agonist combination therapy TEV-56248 in late-stage studies for asthma and the anti-TL1A TEV-48574 under Phase II investigation for ulcerative colitis and Crohn's disease.
Earlier-stage assets highlighted by Teva include: the anti-IL15 TEV-53408 for celiac disease; the anti-PAR2 TEV-56192 in neuroscience; and anle138b1, also known as TEV-56286, for multiple system atrophy. The company added that it also sees promise in its Attenukine technology in immuno-oncology, which has been used in its anti-PD1-IL2 TEV-56278.
..whilst committing to generics
Teva reaffirmed the commitment to its generics business – which it noted has been the cornerstone of its previous success and heritage – although it will shift focus to "a prioritised portfolio and pipeline of high-value generics opportunities." These include mainly complex generics products, such as drug-device combinations and long-acting injectables. The drugmaker said that it will also adapt its generics manufacturing network and modify its global footprint, without providing specific details.
Meanwhile, the company indicated that as part of its strategy, it "plans to…optimise its businesses and its portfolio, and reallocate resources to fund growth," including creating a standalone API unit. Teva added that it also "expects to more actively engage in business development opportunities to ensure pipeline-led, long-term growth."
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