Teva Pharmaceutical (NYSE:TEVA) Would Close Unprofitable Plant in Israeli Port City Of Ashdod in March 2019- Bristol-Myers Squibb (NYSE:BMY)


Teva Pharmaceutical Industries Limited (NYSE:TEVA) try to make new thrust in street and making different trends, stocks trading ended with 1.48% to $17.13. Debt-laden Teva Pharmaceutical Industries declared on Monday that it would close an unprofitable plant in the Israeli port city of Ashdod in March 2019 after failing to find a buyer for the facility. Teva reported in a statement half of the factory’s 175 workers would lose their jobs in the coming months with the rest continuing to work until the plant closes.

Teva said in December that it would reduce 14,000 jobs – 25 percent of its worldwide workforce and close many plants as part of a restructuring aimed at helping to pay down debts. “The Teva Ashdod plant is part of the reorganization process being carried out in Israel and around the world in order to reduce the cost base due to the heavy debt the company faces and the complex business circumstances it is dealing with,” Teva said in an emailed statement to Reuters.

“Teva has examined the possibility of selling the plant in recent months but unfortunately no suitable buyer was found,” it said. Teva said some of the plant’s activities were outside of its core areas and the production of IV bags – which accounts for half the plant’s activity – was not profitable. The company had been saddled with nearly $35 billion of debt after it bought Allergan’s Actavis generic drug business for $40.5 billion in 2016.

In February, it said it had reduced its debt by $1.1 billion from the end of 2017 while also selling bonds to restructure its short-term debt. Israel’s Histadrut labor federation criticized Teva’s decision to shut the Ashdod plant, saying the company had no intention of strengthening or maintaining its activity in Israel. The share price of TEVA attracts active investors, as stock price of week volatility recorded 3.33%. The stock is going forward to its 52-week low with 57.88% and lagging behind from its 52-week high price with -49.35%.

Bristol-Myers Squibb Company (NYSE:BMY) moved down reacts as active mover, shares a decrease -0.66% to traded at $60.48 and the percentage gap between open changing to regular change was 0.05%. Levi &Korsinsky, LLP reminded Shareholders of Bristol-Myers Squibb Company of a Class Action and a Lead Plaintiff Deadline of April 10, 2018.

The complaint alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) that Bristol-Myers’ CheckMate-026 trial was more likely to fail than Defendants were representing; (2) that Bristol-Myers’ CheckMate-026 trial failed more severely than the Company indicated in its August 5, 2016, announcements and disclosures; and (3) that, as a result of the foregoing, Defendants’ statements about Bristol-Myers’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

Bristol-Myers revealed On August 5, 2016 that its CheckMate-026 trial exploring the use of Opdivo (nivolumab) as monotherapy failed to meet its primary endpoint of progression-free survival. Following this news, Bristol-Myers stock fell 16% to close at $63.28 per share on August 5, 2016. Then on October 9, 2016, Bristol-Myers revealed the final primary analysis of CheckMate-026, and that the overall Opdivo survival was only 14.4 months compared to chemotherapy’s 13.2 months. The firm’s current ratio calculated as 1.60 for the most recent quarter. The firm past twelve months price to sales ratio was 4.87 and price to cash ratio remained 14.86. As far as the returns are concern, the return on equity was recorded as 7.20% and return on investment was 20.20% while its return on asset stayed at 3.00%. The firm has total debt to equity ratio measured as 0.68.


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