Teva joins world's top 20 pharmaceutical companies

• Published date: 16 April 2024
• Author: JUDY SIEGEL-ITZKOVICH
• Publication title: Jerusalem Post, The: Web Edition Articles (Israel)

In 2022, Teva had revenues of $14.9 billion, which rose to $15.8b. last year

It has long specialized in generic drugs, but it has had some Israeli-created blockbuster original products, including Copaxone for multiple sclerosis, which was developed at the Weizmann Institute of Science in Rehovot. It is the largest generic drug company and the 18th-largest pharmaceutical company in the world.

Teva back in the rankings for first time since COVID

After 12 straight years in the top 20 – including two in the top 10 – Teva was knocked out of the rankings by COVID-19 vaccine sellers BioNTech and Moderna in 2021 and 2022. It reported growth in 2023 after five consecutive years of falling revenues from $22.4b. in 2017 to $14.9b. in 2022.

Teva reversed its fortunes with its "pivot to growth" strategy, which focuses on business development and the pipeline as the company tries to become less dependent on generics.

Listed on the New York and Tel Aviv stock exchanges, it manufactures its drugs in Israel, Europe, North and South America, and Australia. It has made a substantial number of acquisitions of foreign pharmaceutical companies, including ones in Japan and Germany.

But after a long past of legal trouble involving price-fixing and collusion to raise prices, resulting in criminal investigations by the US...