Teva Names Bhattacharjee As CEO Global Generic Medicines; Backs 2016 Outlook

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) announced that it has appointed Dipankar Bhattacharjee as President and Chief Executive Officer, Global Generic Medicines Group, effective today. Bhattacharjee, who has served as President and CEO of Teva Generics Europe since April 2013, succeeds Sigurdur (Siggi) Olafsson, who will step down from his role and remain active with the Company until officially retiring at the end of the first quarter of 2017 to ensure an orderly transition. Bhattacharjee will be based in the U.S.

Dipankar Bhattacharjee was appointed President and CEO, Generics Europe in April 2013. Bhattacharjee joined Teva as General Manager, Teva UK Limited in 2009. Prior to joining Teva, he served 15 years at Bausch + Lomb in various senior roles, including Vice President Commercial in both Europe and Asia-Pacific regions and Corporate Vice President and President, Asia Pacific Region. He began his career at Nestle S.A. and Bank of America. Mr. Bhattacharjee received his BA degree in economics from St. Stephens College, University of Delhi, and his Masters degree in Management Studies from Jamnalal Bajaj Institute of Management Studies, University of Mumbai.

Teva reaffirmed its full-year 2016 outlook. Revenues for full year 2016 are expected to be $21.6-$21.9 billion and revenues for the fourth quarter of year 2016 are expected to be $6.2-$6.5 billion. Non-GAAP EPS for 2016 is expected to be $5.10-$5.20, based on a weighted average number of shares of 1,020 million; non-GAAP EPS is expected to be $1.34-$1.44, based on a weighted average number of shares of 1,077 million. Cash flow from operating activities for 2016 is expected to be $4.8-$5.0 billion; cash flow from operating activities for the fourth quarter of 2016 is expected to be $1.0-$1.2 billion.

Analysts polled by Thomson Reuters expect the company to report earnings of $5.13 per share and revenues of $21.7 billion for fiscal year 2016. Analysts' estimates typically exclude special items.

Teva now expects to provide its 2017 guidance in January 2017.