Lower Copaxone Sales, U.S. Generic Competition, Unfavorable Exchange Rates Weigh on Teva's Results

We are lowering our fair value estimate for Teva Pharmaceutical to $10 per share from $11, primarily as a result of our lower top-line forecast over the next two years. The company's first-quarter performance left much to be desired, but most notable was a cut in Teva's forecast for Copaxone revenue to $750 million from $850 million and a reduction in its 2022 revenue guidance. An increase in generic competition in the United States, the company's largest market, contributed to the revised outlook.