Teva Reaches Agreement With Florida to Settle the State’s Price Fixing Claims
TEL AVIV, Israel & PARSIPPANY, N.J.--(BUSINESS WIRE)-- Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), has reached agreement with the Attorney General of Florida to settle the state’s price-fixing claims against Teva. Under the terms of the settlement, Teva will pay the state $6.73 million, and the state will dismiss all of its claims against Teva and its affiliates once payment has been made.
Teva is committed to doing business the right way, in compliance with all applicable laws. Consistent with that commitment, Teva has also agreed, as part of its settlement with Florida, to maintain its robust antitrust training and compliance efforts throughout the United States.
This is the fifth settlement of price-fixing claims that Teva has reached to date. Each settlement, including this settlement with Florida, has followed the same framework, with Teva agreeing to pay each state an amount proportional to its share of the national population (approximately $1,000,000 for each 1% share of the national population). And Teva’s $6.73 million payment to Florida falls within the estimated provision that Teva’s management recorded in the third quarter of 2022, related to this litigation.
The Company is pleased to put Florida’s claims behind us, and we believe the amounts included in the settlements to date reflect our position on the allegations against us, which we continue to deny. We remain focused on delivering high-quality medicines to the patients around the world who need them, while also working cooperatively with state regulators to resolve legacy litigation matters in the United States, including these cases. We are in discussions with additional states to settle these cases within the framework outlined above.
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 innovative medicines with a portfolio consisting of over 3,500 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 innovative medicines 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: compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory environments; scrutiny from competition and pricing authorities around the world, including our ability to successfully defend against the U.S. Department of Justice criminal charges of Sherman Act violations; increased legal and regulatory action in connection with public concern over the abuse of opioid medications and our ability to our ability to obtain sufficient participation of plaintiffs for the nationwide opioid settlement to take effect; potential liability for patent infringement; product liability claims; failure to comply with complex Medicare and Medicaid reporting and payment obligations; compliance with anti-corruption sanctions and trade control laws; environmental risks; and the impact of ESG issues; our ability to successfully compete in the marketplace; our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments, may result in a further downgrade of our credit ratings; our business and operations in general; the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; other financial and economic risks; and other factors discussed in this press release, in our Quarterly Report on Form 10-Q for the third quarter of 2022, and in our Annual Report on Form 10-K for the year ended December 31, 2021, including in the sections captioned "Risk Factors” and “Forward Looking Statements.” 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005854/en/
United States Ran Meir (267) 468-4475
Israel Yael Ashman 972 (3) 914-8262
United States Kelley Dougherty (973) 658-0237
Israel Eden Klein 972 (3) 906-2645
Source: Teva Pharmaceutical Industries Limited