Teva shares plunge over exposure to opioid suits; CFO quits
Teva stock has slightly rebounded after hitting a 52-week low earlier Wednesday after the Israeli pharmaceutical giant said it was setting aside $646 million for opioid painkiller settlements.
The Petah Tikva-based drugmaker reported slightly better than expected non-GAAP earnings of $0.60.
Shares slipped over 9.5% to a yearly low of $6.34, before rebounding to $6.90. Once Israel’s largest company, the generics maker has seen its share price plummet from over $25 in the last year, amid concerns over lost market position and exposure to lawsuits stemming from its prescription painkillers.
Teva CFO Michael McClellan said earlier Wednesday that he was stepping down for personal reasons, according to the Wall Street Journal.