Teva Announces $4.35 Billion Nationwide Settlement Of Opioid Lawsuits

Teva Announces $4.35 Billion Nationwide Settlement Of Opioid Lawsuits: In reporting its Second Quarter 2022 Consolidated Financial Results, Teva Pharmaceuticals Industries Ltd. (“Teva”) announced its $4.35 billion settlement of nationwide lawsuits alleging its role in the nationwide opioid epidemic, stating:

  • Teva has reached an agreement in principle with the working group of States’ Attorneys General, counsel for Native American Tribes, and plaintiffs’ lawyers representing the States and subdivisions, on the primary financial terms of a nationwide opioids settlement.
  • Teva will pay up to $4.25 billion (including the already settled cases) plus approximately $100 million for the Tribes, spread over 13 years.
  • The figure above includes the supply of up to $1.2 billion (wholesale acquisition cost (“WAC”)) of its generic version of the life-saving medication, Narcan® (naloxone hydrochloride nasal spray)—which can reverse an overdose from opioids—over 10 years, or cash at 20% of WAC ($240 million) in lieu of product. The agreement provides the option for a significant supply of Narcan® to provide access across the nation to help combat the opioid epidemic.
  • Teva has revised its provision to reflect this agreement in principle on a nationwide settlement.
  • The agreement is contingent upon final documentation among the working group and Teva, and reaching the thresholds for participation that will be set forth in the final agreement.
  • The agreement is also contingent upon Teva reaching an agreement with Allergan with respect to any indemnification obligations, and Allergan reaching a nationwide opioids settlement.
  • Once the documentation is finalized, the nationwide agreement will need to be adopted by a sufficient number of plaintiffs, which would then resolve the vast majority of opioid-related claims and litigation by states, subdivisions, and Native-American tribes in the United States.
  • There are no remaining trials currently scheduled against Teva in 2022, with the possible exception of the relief phase of the trial in the New York opioids litigation; additionally, Teva, New York State, and its subdivisions are engaged in ongoing settlement negotiations.
  • The Company expects that it will have the documentation for the nationwide settlement agreement finalized within the coming weeks, with the nationwide settlement sign-on process for states, subdivisions, and tribes to follow.
  • While the agreement will include no admission of wrongdoing, it remains in our best interest to put these cases behind us and continue to focus on the patients we serve every day.

Teva reported that revenues in the second quarter of 2022 were $3,786 million, a decrease of 3% compared to the second quarter of 2021. Revenues in the United States, Teva’s largest market, were $1,773 million in the second quarter of 2022, a decrease of $46 million or 2% compared to the second quarter of 2021.

Source

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This entry was posted on Monday, August 1st, 2022 at 5:25 am. Both comments and pings are currently closed.

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