Teva warns on 2018 profit, may face migraine drug delays

Teva warns on 2018 profit, may face migraine drug delaysBy Tova Cohen and Steven Scheer TEL AVIV (Reuters) – Teva Pharmaceutical Industries on Thursday said its 2018 results would be weaker than expected and that it might encounter delays for an important new migraine drug, pushing the drugmaker’s shares down more than 9 percent. Israel-based Teva, the world’s largest generic drugmaker, is facing price erosion, fierce competition for its blockbuster multiple sclerosis drug Copaxone and a consolidating customer base, particularly in the United States. It also said that the approval and launch of its migraine drug fremanezumab, one of two drugs the company pegged to help return it to growth in the future, could be delayed by an FDA warning letter received by manufacturer Celltrion, which will supply the drug to Teva.

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