Teva Says Lemmon On Target As Share Price Falls

7 July 1996

In the last 12 months, Teva of Israel's share price has climbed almost 100% to a peak of around $48.50. But in recent weeks the stock has fallen over 30% to $34.50.

The most recent sharp fall, almost 9%, occurred on the same day that US generics company Ivax warned that second-quarter results are to be significantly affected by the continuing price erosion in the US generic drugs market. Following the acquisition of Biocraft Laboratories, Teva is considered to be the second largest generics firm in the USA.

Following the comments from Ivax, William Fletcher, president of Lemmon, Teva's US generics unit, stated: "while it is too early to comment on Lemmon's results for the second quarter, Lemmon's sales (excluding Biocraft, which will be consolidated for the first time this quarter) are expected to be ahead of both the first quarter of 1996 and the comparable quarter last year."

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