Teva Up 25% on NYSE Since Third Quarter Reports
The Israeli drugmaker closed 8.74% up on Friday after a Cleveland County District judge reduced the fine placed on Johnson and Jonhson in Oklahoma by $107 million, citing a math error made in the original ruling
Sophie Shulman | 10:48 17.11.2019
Teva Pharmaceutical Industries Ltd. has had one of its best weeks in recent memory. The Israeli drugmaker closed 8.74% up on NYSE on Friday after a Cleveland County District Judge reduced a fine placed on Johnson and Jonhson in Oklahoma by $107 million, stating he had made a math error in the original ruling. Teva, who was one of the defendants in the state’s opioid-related lawsuits, settled out of court with an $85 million payment in May. Johnson and Johnson chose to go to court and was originally fined $572 million but appealed. Since Teva published its third quarter reports for 2019 earlier this month, the company has jumped 25% on NYSE, bringing it to an almost six months high. Even after its recent recuperation, however, Teva has a market capitalization of $11.15 billion, almost 40% under its market capitalization at the beginning of 2019. announced a $1.5 billion debt tender offer intended to help it manage the debentures it needs to repay in 2020 and 2021.