Raymond James analyst Elliot Wilbur lowered his price target for Teva Pharmaceutical to $15 from $22 but maintained an Outperform rating following the company's quarterly results. While Teva's shares continue to struggle to locate a bottom, Wilbur tells investors in a research note that "the song remains the same on fundamentals hummed to the tune of stability." A return to at least modest growth in 2020 and beyond appears highly likely at this juncture with U.S. generics on the rebound, he adds. Wilbur says he continues to see upside scenarios in Teva shares over the next 12-18 months given bottom in U.S. generics, further signs the Copaxone hole will be by new brand launches and further potential quantification around opioid liabilities emerges.

Vanda Pharmaceuticals "announced that the Supreme Court denied Vanda's petition for a writ of certiorari in its HETLIOZ(R) Abbreviated New Drug Application litigation against Teva Pharmaceuticals USA, Inc., Apotex Inc. and Apotex Corp." CEO Mihael H. Polymeropoulos stated: "We are disappointed that the Supreme Court has decided not to hear our case and clarify the lower court standard for obviousness in patent law. However, we are pleased that our case has drawn attention to an area of law that has broad and significant implications in life sciences innovation."