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Action «Chevy» collapsed 24%

During yesterday’s trading on the new York stock exchange shares of Israeli pharmaceutical company «Teva» lost 23,75% of its value (about $ 8 billion), down to the level of 2004.

The volume of transactions on the company’s shares is 15 times higher than the average.

The cause of the collapse of stock «Chevy» was the publication of the financial report for the second quarter of this year, in which the group reported write-offs of losses in the amount of 6.1 billion dollars in connection with payments to cover the reduction in value of the investment in genernal Department of the company Allergan.

The company has cut $ 700 million profit forecast for 2017 and 75% reduction in dividends.

The company’s revenues in the second quarter amounted to $ 5.7 billion, which is 13% higher than the same period last year. At the same time, gross profit decreased by 2%.

The group also announced its intention to reorganize by closing or selling a total of 15 plants, reducing the staff by 7 thousand people and after retiring from the markets of 45 countries. To optimize the portfolio of medicines sold were hired a special consulting firm.

On the eve of the new York court rejected the claim of the Israeli pharmaceutical company «Teva» on the fraud by the former owners of the company Rimasa in the amount of 2.3 billion dollars.

It is for this sum «Teva» acquired the Mexican company in 2015, shortly before the Mexican government shut down its businesses for violations.

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Action «Chevy» collapsed 24% 04.08.2017

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