Teva continues to pay down debt, despite pandemic

Weak demand for generics, over-the-counter products and key MS drug Copaxone (glatiramer acetate) depressed revenues for Israeli generics giant Teva Pharmaceutical (NYSE: TEVA) in the third quarter of 2020.

The firm posted overall sales of $4 billion, a decrease of 3%, with gross profit of $1.9 billion, following Generally Accepted Accounting Principles (GAAP).

The company was struck by reduced demand for certain products resulting from the impact of the COVID-19 pandemic, partially offset by higher revenues from Austedo (deutetrabenazine) and Ajovy (fremanezumab).