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Teva insists on 'better days,' sees Buffett boost

Teva Pharmaceutical Industries Ltd. received a vote of confidence from billionaire investor Warren Buffett, whose Berkshire Hathaway Inc. bought $357.7 million in the drugmaker's U.S. listed stock.

The Israeli company is targeting non-GAAP EPS in the range of $2.25 to $2.50 in 2018, and full-year revenues of between $18.3 billion and $18.8 billion. Both targets are lower than the numbers recorded in 2012, when former Bristol-Myers Squibb Co. executive Jeremy Levin joined Teva as CEO.

Levin, who left Teva in 2013, told Israeli daily Globes in a November 2017 interview that the drugmaker had failed to improve its generic business despite the expected drop in prices in that market, leading to the company's current struggling state.

Debt-ridden Teva is still reeling from the $40.5 billion acquisition of Actavis Generics from Allergan PLC in 2016. The pharmaceutical company is also facing increased competition after Mylan NV's generic version of multiple sclerosis treatment Copaxone, Teva's leading branded product, received U.S. approval.

Despite its troubles, Teva insists that the company will soon be on "solid ground." CFO Michael McClellan said recently that the company will see "better days" as soon as it completes its two-year restructuring plan, which includes up to $3 billion in cost savings and thousands of layoffs.

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