Teva results out, no surprises, in line to slight beat.

All,

Teva results are out, conference call at 1pm.  Results are inline to slight beat to previous guidance given.  And the Company has given strong guidance for 2020 projections, with our 2020 EBITDA at the bottom end of their range.  

But the focus of the call/Q&A should be the potential unravelling of the Framework Agreement with the Attorney Generals.  There is a court case set for March in New York and it is imperative that the framework Agreement is finalised by that date, otherwise increased uncertainty will fall upon the name again.  Teva spoke at the JPM conference in early January, and CEO said he was confident it would be finalised before the NY trial.  If it isn’t agreed before then, it kind of hinges on a new trial in New York and all the possibilities that entails.

We remain positive on the name and have low expectation of the Framework Agreement failing.  

I can’t see any update in their release on this topic.