-=Teva Pharma (TEVA) could face billions in damages from opioid lawsuits, analyst says

One analyst is getting shaky on Teva Pharmaceuticals stock (ticker: TEVA) after two weeks of iffy legal news for the Israeli drugmaker.

UBS’s Navin Jacob downgraded Teva to Neutral from Buy, and cut his target share price to $12 from $22, in a note out Monday morning. The note comes days after Teva said it would pay $85 million to the state of Oklahoma to settle a lawsuit over its role in the production and marketing of opioids.

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Teva settles with Oklahoma for $85 million in opioid case
Associated Press Associated PressMay 26, 2019
NORMAN, Okla. (AP) — One of the drugmakers named in Oklahoma's lawsuit over the opioid crisis has agreed to a settlement in which it will pay the state $85 million.

Israeli-owned Teva Pharmaceuticals and Oklahoma Attorney General Mike Hunter both announced the settlement Sunday in separate statements. Teva, its related affiliates and Johnson & Johnson and several of its subsidiaries were set to go to trial Tuesday in Norman.

Hunter said the case against Johnson & Johnson will proceed on schedule.

He also said the funds from the settlement with Teva will be used to fight the opioid crisis in Oklahoma.

Teva did not admit any wrongdoing under the settlement.

Earlier this year, Oklahoma settled with OxyContin-maker Purdue Pharma for $270 million.