Drugmaker Teva does not see big impact on business from Israel-Hamas war

By Steven Scheer

JERUSALEM (Reuters) – Israel’s warfare with Hamas isn’t anticipated to have a lot affect on Teva Pharmaceutical Industries’ enterprise efficiency, the corporate stated on Tuesday.

Teva stated gross sales in Israel account for simply 2% of world income, whereas manufacturing in Israel constitutes lower than 8% of complete international manufacturing in {dollars} phrases.

“We presently don’t count on a significant affect on our enterprise and/or our monetary and operational efficiency,” Teva stated in an electronic mail.

The world’s largest maker of generic medication stated manufacturing stays largely unaffected and that it maintains contingency plans with backup manufacturing areas for key merchandise, “very like our operations through the COVID pandemic and former cases of safety unrest.”

Israel declared warfare on the Palestinian militant group Hamas after gunmen on Saturday burst throughout the fence from Gaza within the deadliest incursion into Israeli territory since Egypt and Syria’s assaults within the Yom Kippur warfare 50 years in the past.

Israeli media stated deaths from the assaults had reached 900, principally civilians gunned down in properties, whereas scores of Israelis and a few foreigners have been taken to Gaza as hostages. Israel has responded with fierce air strikes into the Hamas-ruled Gaza Strip.

Teva stated it was saddened by the assaults on Israeli residents, significantly ladies and youngsters.

“As an Israeli firm we condemn this appalling assault and Teva stands with Israel on this time of nice loss and problem,” it stated.

“We’re focusing now on the assist, care, and the wellbeing of our staff in Israel whereas intently monitoring the scenario and making certain enterprise continuity to ship our medicines to the thousands and thousands of sufferers around the globe who rely on us.”

Teva is anticipated to report third-quarter monetary outcomes on Nov. 8.

Final week Teva stated it might collaborate with French drugmaker Sanofi to develop a therapy for inflammatory bowel illness it hopes will turn into a blockbuster drug.

(Reporting by Steven Scheer; Modifying by Jan Harvey and Invoice Berkrot)

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