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News breaking: 2017-09-11

Teva Names Kåre Schultz as President and Chief Executive Officer

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Teva Names Kåre Schultz as President and Chief Executive Officer

Brings 30 Years of Global Pharmaceutical and Healthcare Experience,
Including Leadership Positions at Lundbeck and Novo Nordisk
Proven Track Record of Implementing Turnaround Strategies

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
announced that its Board of Directors has named Kåre Schultz to become
the Company’s President and Chief Executive Officer. Mr. Schultz will
succeed Dr. Yitzhak Peterburg, who will continue to serve as Interim
Chief Executive Officer until Mr. Schultz joins the Company. Today’s
leadership announcement represents the successful completion of the
global search process to identify the best leader for the Company and
was executed by the Teva Board of Directors, with the assistance of
Heidrick & Struggles. Mr. Schultz will be relocating to Israel and based
out of the Company’s Petah Tikva headquarters.
Mr. Schultz is a seasoned veteran in the healthcare industry with a
distinguished, nearly thirty year career in global pharmaceutical and
healthcare companies. Over the course of his career, Mr. Schultz has
developed a unique perspective overseeing generic and specialty drug
portfolios, while managing complex business operations around the world.
He most recently served as the President and Chief Executive Officer of
H. Lundbeck A/S, where he is credited with leading significant
restructuring initiatives and launching a robust turnaround strategy
focused on driving a sustainable global cost structure and operational
model. As a result of his leadership, the company is on track to achieve
all-time high revenue and earnings. Prior to his role as President and
CEO of H. Lundbeck A/S, Mr. Shultz served as Chief Operating Officer of
Novo Nordisk, where he had a key role in building the company into one
of the world’s best-performing drugmakers and implementing a
metrics-focused approach to the company’s operations.
“With extensive global pharmaceutical experience, a strong track record
executing corporate turnaround strategies, driving growth and
international expansion at low incremental cost and delivering on
promises to shareholders, as well as a commitment to a culture of
compliance, Kåre is the right leader to take Teva to the next level,”
said Dr. Sol J. Barer, Chairman of Teva’s Board of Directors. “Kåre has
deep insight into the global pharmaceutical industry and a keen
knowledge of the generic and specialty drug markets. His proven
strategic, financial and operational capabilities and his strong
commitment to growth will enhance value for all stakeholders and
position Teva for long-term success. He brings a strong sense of
corporate citizenship, and his disciplined commitment to excellence
makes him a clear professional and cultural fit with our company. We are
pleased to welcome a world-class leader of Kåre’s stature to Teva and
look forward to working closely with him to build the Teva of the future
for shareholders, employees and patients around the world.”
Mr. Schultz said, “I am honored to join Teva, an iconic company that I
have long admired during my career. What drew me to Teva, and what makes
Teva different from its peers, is its unique commitment to growing an
extensive global reach while continuing to provide new and high-quality
treatments for patients and an innovative culture for its employees. I
am proud to be joining a company that helps millions of patients around
the world on a daily basis with its broad range of generic and specialty
drugs and solutions. I look forward to working closely with the entire
team at Teva to build a future of success for the Company and its
Dr. Barer continued, “On behalf of the Board, I want to thank Yitzhak
for taking on the role of interim CEO during this critical period.
Yitzhak’s leadership and insight have greatly helped the Company remain
focused on the execution of its key strategic priorities.”
Dr. Yitzhak Peterburg said, “We are delivering on the commitments we
have made over the last several months. We are optimizing our operations
and geographical footprint while focusing our resources on the specialty
and generics pipeline assets that offer the most attractive return on
investment. In addition, we are on course to hit our target of
generating at least $2 billion from the sale of non-core assets, which
we will use to strengthen Teva’s balance sheet. It is a privilege to
lead Teva and I look forward to continuing to do so during this time,
and will work with Kåre to ensure a seamless transition once he joins.”
About Kåre Schultz
Mr. Schultz, 56, is a seasoned veteran in the healthcare industry who
has distinguished himself through his experience leading financial and
restructuring initiatives at global companies. Since 2015, he has served
as the President and Chief Executive Officer of H. Lundbeck A/S, which
he joined as the company was facing the loss of critical patents. Mr.
Schultz conducted a top to bottom evaluation of the business and
implemented a robust turnaround strategy that involved cutting operating
costs while targeting new product launches.
Prior to joining Lundbeck, Mr. Schultz worked for nearly three decades
at Novo Nordisk, where he served in a number of leadership roles,
including Chief Operating Officer, Vice President in Product Supply and
Director of Product Planning and Customer Services in the Diabetes Care
Division. At Novo Nordisk, Mr. Schultz played a major role in
modernizing the company’s large scale biologic production and leading
the company’s expansion into the US and Chinese markets.
In addition to his time at Novo Nordisk, Mr. Schultz has held positions
at McKinsey and Anderson Consulting. In these roles, he developed a
unique global perspective on the healthcare and pharmaceutical
industries, expanded his deep financial acumen, demonstrated a
commitment to strong compliance principles and enforcement and oversaw
business operations and teams across Europe and North America and the
Middle East.
Mr. Schultz serves as the Chairman of the Board of Directors of Royal
Unibrew A/S, as a member of the Board of Directors of LEGO A/S and as a
member of the Board of Directors of Bitten og Mads Clausens Fond, the
holding vehicle for Danfoss A/S.
He holds a master’s degree in Economics from the University of
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading
global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by approximately 200 million
patients in over 60 markets every day. Headquartered in Israel, Teva is
the world’s largest generic medicines producer, leveraging its portfolio
of more than 1,800 molecules to produce a wide range of generic products
in nearly every therapeutic area. In specialty medicines, Teva has the
world-leading innovative treatment for multiple sclerosis as well as
late-stage development programs for other disorders of the central
nervous system, including movement disorders, migraine, pain and
neurodegenerative conditions, as well as a broad portfolio of
respiratory products. Teva is leveraging its generics and specialty
capabilities in order to seek new ways of addressing unmet patient needs
by combining drug development with devices, services and technologies.
Teva’s net revenues in 2016 were $21.9 billion. For more information,
visit www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which
are based on management’s current beliefs and expectations and are
subject to substantial risks and uncertainties, both known and unknown,
that could cause our future results, performance or achievements to
differ significantly from that expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to:
our generics medicines business, including: that we are
substantially more dependent on this business, with its significant
attendant risks, following our acquisition of Allergan plc’s worldwide
generic pharmaceuticals business (“Actavis Generics”); our ability to
realize the anticipated benefits of the acquisition (and any delay in
realizing those benefits) or difficulties in integrating Actavis
Generics; the increase in the number of competitors targeting generic
opportunities and seeking U.S. market exclusivity for generic versions
of significant products; price erosion relating to our generic
products, both from competing products and as a result of increased
governmental pricing pressures; and our ability to take advantage of
high-value biosimilar opportunities;
our specialty medicines business, including: competition for our
specialty products, especially Copaxone®, our
leading medicine, which faces competition from existing and potential
additional generic versions and orally-administered alternatives; our
ability to achieve expected results from investments in our product
pipeline; competition from companies with greater resources and
capabilities; and the effectiveness of our patents and other measures
to protect our intellectual property rights;
our substantially increased indebtedness and significantly
decreased cash on hand, which may limit our ability to incur
additional indebtedness, engage in additional transactions or make new
investments, and may result in a downgrade of our credit ratings;
our business and operations in general, including: uncertainties
relating to our recent senior management changes; our ability to
develop and commercialize additional pharmaceutical products;
manufacturing or quality control problems, which may damage our
reputation for quality production and require costly remediation;
interruptions in our supply chain; disruptions of our or third party
information technology systems or breaches of our data security; the
failure to recruit or retain key personnel, including those who joined
us as part of the Actavis Generics acquisition; the restructuring of
our manufacturing network, including potential related labor unrest;
the impact of continuing consolidation of our distributors and
customers; variations in patent laws that may adversely affect our
ability to manufacture our products; our ability to consummate
dispositions on terms acceptable to us; adverse effects of political
or economic instability, major hostilities or terrorism on our
significant worldwide operations; and our ability to successfully bid
for suitable acquisition targets or licensing opportunities, or to
consummate and integrate acquisitions;
compliance, regulatory and litigation matters, including: costs and
delays resulting from the extensive governmental regulation to which
we are subject; the effects of reforms in healthcare regulation and
reductions in pharmaceutical pricing, reimbursement and coverage;
potential additional adverse consequences following our resolution
with the U.S. government of our FCPA investigation; governmental
investigations into sales and marketing practices; potential liability
for sales of generic products prior to a final resolution of
outstanding patent litigation; product liability claims; increased
government scrutiny of our patent settlement agreements; failure to
comply with complex Medicare and Medicaid reporting and payment
obligations; and environmental risks;
other financial and economic risks, including: our exposure to
currency fluctuations and restrictions as well as credit risks; the
significant increase in our intangible assets, which may result in
additional substantial impairment charges; potentially significant
increases in tax liabilities; and the effect on our overall effective
tax rate of the termination or expiration of governmental programs or
tax benefits, or of a change in our business;
and other factors discussed in our Annual Report on Form 20-F for the
year ended December 31, 2016 (“Annual Report”), including in the section
captioned “Risk Factors,” and in our other filings with the U.S.
Securities and Exchange Commission, which are available at www.sec.gov
and www.tevapharm.com.
Forward-looking statements speak only as of the date on which they are
made, and we assume no obligation to update or revise any
forward-looking statements or other information contained herein,
whether as a result of new information, future events or otherwise. You
are cautioned not to put undue reliance on these forward-looking
View source version on businesswire.com: http://www.businesswire.com/news/home/20170910005132/en/
Source: Teva Pharmaceutical Industries Ltd.

Teva Pharmaceutical Industries Ltd.IR Contacts:Kevin C.
Mannix, United States, 215-591-8912Ran Meir, United States,
215-591-3033Tomer Amitai, Israel, 972 (3) 926-7656orPR
Contacts:Iris Beck Codner, Israel, 972 (3) 926-7687Denise
Bradley, United States, 215-591-8974
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