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Teva is optimistic about reaching a nationwide opioid deal



(Reuters) – Teva Pharmaceutical Industries remains optimistic that it could reach a nationwide deal by the end of the year due to lawsuits alleging that it and other drug companies incited the US opioid epidemic, its CEO said on Tuesday.

Israel-based Teva, the world’s largest generic drug maker, raised its legal provision for opioid disputes by $ 1.1 billion in the first quarter to $ 2.6 billion.

“It is the result of a holistic assessment of what is the effect of (government) agreements we have made so far, (and) what is the most likely outcome based on our ongoing negotiations,” said CEO Kåre Schultz in a conference call with analysts after to have reported as -expected profit for the first quarter.

Schultz told Reuters in February that Teva was preparing to pay as much as $ 3.6 billion in cash and medicines to settle thousands of lawsuits.

Teva in March settled with Florida and Rhode Island, with one bench attempt in West Virginia this month and another in San Francisco scheduled for July. But Mr Schultz is hoping for a nationwide settlement and negotiations are underway for this.

“We̵

7;re getting closer there,” Schultz said. “I’m a little more optimistic about the schedule now. And that’s why I hope we get to see a nationalization deal before the end of the year.”

Teva earned 55 cents per diluted share excluding non-recurring items during January-March, a decrease from 63 cents per share a year earlier.


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