Teva shares plummet after key departure in generics business

Shares of Teva (TEVA), the world’s chief generic drugmaker, dropped not quite 6 percent Tuesday later than the company announced Siggi Olafsson was officially stepping down as the head of its comprehensive generic medicine categorize.

According to a Monday let loose, Dipankar Bhattacharjee, who has served as chief executive of Teva Generics Europe since 2013, will swap Olafsson, who will continue full of zip with the company until the tip of the elementary quarter of 2017.

Olafsson’s departure comes as a bombshell since he was a solution discrete behind Teva’s deal earlier this time in support of the $33.5 billion acquisition of Actavis, the generic medicines division of Allergan (AGN).

Happening the press let loose, Teva chief executive Erez Vigodman commented on the progress of the Actavis transition and affirmed Bhattacharjee’s appointment.

“As we stay to focus on integrating and realizing the charge of the Actavis Generics transaction, which is progressing according to sketch, Dipankar and his team will focus on generating organic growth through additional launches and replenishing the pipeline through our industry-leading study and development, and drive efficiencies across the generics organization,” Vigodman thought. “Teva will benefit from Dipankar’s extensive experience in generics and specialty medicines.”

The Monday statement furthermore reaffirmed the company’s full-year guidance of revenues relating $21.6 billion and $21.9 billion and adjusted return relating $5.10 for every share and $5.20 for every share.

Teva added with the intention of it straight away expects to provide its 2017 guidance in January.

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