The world’s largest maker of generic drugs is looking for growth in an unlikely place: high-price biotech medicines. Teva Pharmaceutical Industries Ltd., which supplies more than one in 10 drugs taken in the U.S., has struggled in recent years with slumping generics prices and heavy debt. Forced to cut thousands of jobs and shut research facilities, the Israeli company is now turning to biotech drugs to revive its fortunes. “We...
Teva Pharmaceutical Industries plans to expand into biotech medicines to revive its prospects after several years of falling prices for generic products, coupled with heavy debts. The expansion news came as Teva reported a 16% fall in annual revenue to $18.9bn in 2018, accompanied by a 27% fall in earnings per share to $2.92. It said revenue would fall further during 2019, possibly to $17bn. Biotech drugs are made with living cells and because they are more complex than tablet-form medicine they attract higher prices. Teva says it will continue selling generic drugs alongside the biotech products.