Just over four months into his tenure as CEO of Teva Pharmaceuticals, Richard Francis has a revised strategic framework to drive growth at the Israeli drugmaker.
Teva unveiled its growth strategy Thursday morning, which features four pillars to boost the topline.
This includes bolstering its commercial portfolio with Austedo, Ajovy, Uzedy and biosimilars, strengthening its drug pipeline, sustaining the generics business and reallocating resources to areas with growth potential.
The company said that as part of the strategy, it remains committed to serving its debt and hitting its financial targets for 2027.
“Our new strategy is built on four key pillars to deliver short- and long-term growth from our commercial portfolio and biosimilars, innovative pipeline, generics powerhouse and focused capital allocation,” Francis said in a statement. “With our Pivot to Growth strategy, I am confident we will gain momentum as a stronger, bolder and simpler organization.”
Austedo is expected to generate annual revenues exceeding $2.5 billion by 2027, according to the company, though expanding its coverage to additional geographies. Similarly, Teva is bullish on schizophrenia drug Uzedy’s promise to impact a population of more than 600,000 patients.
Teva has also expressed confidence in its biosimilars pipeline, which has seven products currently in late-stage development or under regulatory review, delivering short-term growth for the company.
As for its drug pipeline, Teva stated that it will focus on its core therapeutic areas: neuroscience, immunology and immuno-oncology. The leading components of this pipeline include Olanzapine LAI, ICS/SABA, Anti-TL1A, while the company also said it would continue developing its Attenukine technology through the asserts Anti-IL15, Anti-PAR2 and Anle138b1.
The drugmaker said it plans to prioritize drug device combinations and long-acting injectables to support its generics segment going forward.
Teva’s growth strategy announcement comes just over a week after it released its Q1 earnings report, highlighted by $3.7 billion in revenues and a reaffirmed financial outlook for the year. The company added in its report that it experienced 9% growth in Europe, 8% in international markets and 2% in North America.
A former Biogen exec, Francis most recently served as CEO of Purespring Therapeutics before being appointed to helm Teva in November. He succeeded Kåre Schultz, who retired as CEO.