Teva Pharmaceutical Announces Direct Listing of Ordinary Shares on NYSE Starting September 14
Teva Pharmaceutical Industries Limited (TEVA) is transitioning from American Depository Shares to a direct listing of its ordinary shares on the New York Stock Exchange, set for trading beginning September 14. This move aims to expand Teva's shareholder base and optimize capital costs while potentially qualifying the stock for inclusion in major indices. Teva has been shifting focus toward high-margin branded drugs under CEO Richard Francis as part of its 'Pivot to Growth' strategy. Branded drug sales, including Austedo, Ajovy, and Uzedy, have driven strong performance despite a decline in generic revenue due to factors like reduced lenalidomide capsule sales. The company's stock has surged 108% over the past year and is up 12.2% YTD. Recent results showed branded drugs contributing significantly to growth with Austedo, Ajovy, and Uzedy reporting double-digit increases in revenue.
Tickers: $TEVA