Why Teva Pharmaceutical Industries Stock Is On Fire Today
Shares of the Israeli generic drug giant Teva Pharmaceutical Industries (NYSE: TEVA) are poised for a strong session Wednesday. The drugmaker's stock jumped by as much as 20.4% in premarket action Wednesday morning.
What's sparking this double-digit move higher? After Tuesday's closing bell, Teva announced its 2022 second-quarter earnings results. While the company's bottom- and top-line results were slightly better than Wall Street's consensus estimates, the real reason the drugmaker's shares are popping today is the news that its opioid lawsuit may soon be resolved.
In its Q2 earnings press release, Teva announced an agreement in principle on the primary financial terms of a nationwide opioid drug settlement. The company reportedly agreed to pay $3 billion over the course of the next 13 years to various state and local governments, along with another $100 million to the Native American tribes involved in the lawsuit over the same period.
Source Fool.com
