Teva Pharmaceutical Industries Ltd names H Lundbeck A/S Chief Executive Kare Schultz as its new CEO and president, as it struggles with heavy debts and fierce competition for its generic drugs in the United States. Amy Pollock reports
Ailing drug maker Teva has hired a new chief executive, Kare Schultz, after a seven-month search. The world's largest generic drugmaker is hoping the industry veteran will prove to be a shot in the arm. Israel-based Teva is facing competition and falling prices in the U.S. And will soon face copycat versions of its blockbuster multiple sclerosis drug, which is now out of patent. It's also saddled with $35 billion of debt after acquiring Allergan last year. Its stock has dropped by 50 percent since August when it cut both its forecast and its dividend. Schultz will need to restore investor confidence and decide whether to continue as both a generic and specialty drugmaker. He says he'll lead the firm to recovery by selling off non-core businesses and restructuring.