Teva Pharmaceuticals USA and related affiliates of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), and the state of Oklahoma, have entered into an agreement for a one-time payment of $85 million to the state. The settlement resolves the state’s claims against Teva.
The settlement does not establish any wrongdoing on the part of the company; Teva has not contributed to the abuse of opioids in Oklahoma in any way.
The company has resolved this matter in a way that benefits the people who have suffered from abuse of opioids and to help stop the effects of the opioid crisis. Teva continues to keep the long-term stability of the company at the forefront.
Teva remains focused on its future as a leader in creating access to life saving medications like the company’s recent final approval for the first generic naloxone spray, which is widely recognized as an essential lifesaving medication to combat opioid abuse.
While the company has long stated that the courtroom is not a place to address the crisis, Teva is pleased to put the Oklahoma case behind it and remains prepared to vigorously defend claims against the company, including the upcoming federal court trial in Cleveland where the majority of the cases are pending.
The state will allocate the payment made by Teva at its discretion including for payment of its fees and costs in connection with this settlement.
Teva recognizes the devastating impact to communities across the U.S. as a result of illegal drug use and the misuse and abuse of opioids that are available legally by prescription. Teva continues to advocate for collaborative solutions throughout the country.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 35,000 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to:
and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2018, including the sections thereof captioned "Risk Factors." Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.
Kevin C. Mannix
972 (3) 926-7516
972 (54) 888 5898