Teva sets aside US$200 million for potential DOJ settlement
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TEVA Pharmaceutical Industries has set aside US$200 million for a possible settlement with the US Department of Justice (DOJ) over allegations of price fixing, the company said on Wednesday (Aug 2).
The DOJ charged Teva in 2020 with conspiring with other drug companies to raise prices for generics. That allegedly led to consumers being charged at least US$350 million more than they should have been. Teva pleaded not guilty.
Teva is in “advanced settlement discussions” about the case, chief financial officer Eli Kalif said on the company’s second-quarter earnings call.
“We believe that we’ve come to a good agreement,” chief executive officer Richard Francis said on Bloomberg TV later in the day.
A trial is set for May, and “we will vigorously defend the company at trial if needed”, spokesperson Kelley Dougherty said. BLOOMBERG
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