2 Clear-Cut Reasons Teva Pharmaceutical Industries Tacked on $1.3 Billion in Market Cap in September

2 Clear-Cut Reasons Teva Pharmaceutical Industries Tacked on $1.3 Billion in Market Cap in September

Shares of Teva Pharmaceutical Industries (NYSE: TEVA), an Israeli-based developer of branded and generic drugs, gained more than 8% during September, totaling $1.3 billion in market cap, according to data from S&P Global Market Intelligence. A key hiring and the announcement of important divestments caused the company's share price to finally perk up.

Teva ran into a brick wall in 2017, and everything came to a head in August during its second-quarter earnings release. The company ended up slashing its dividend by 75%, cutting its sales and profit guidance, and warning that generic-drug pricing would remain weak for some time. It also recently settled a bribery scandal concerning three countries, saw its CEO and CFO leave, is coping with the expected entrance of generic competition to its lead branded drug that accounts for $4 billion in annual sales, and is dealing with how to chip away at $35.1 billion in total debt.

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Source: Fool.com