Teva to Pay Up to $523M to Settle Opioid Suit

Friday, November 4, 2022 | 0

Reuters reports that Teva Pharmaceutical Industries will pay $523 million to the State of New York as part of a settlement of lawsuits alleging the company helped fuel the U.S. opioid epidemic.

CEO Kare Schultz said Teva, based in Israel, will make the payment over 18 years.

“We are quite satisfied with that outcome,” Mr. Schultz told analysts after Teva reported third-quarter results that fell short, sending its shares down more than 6%.

Teva had proposed a $4.25 billion settlement that would amount to $300 million to $400 million over 13 years.

The company expects to start paying next year but it is still working on a settlement with other states and counties.

On Tuesday, CVS Health Corp., Walgreens and Walmart agreed to pay $13.8 billion to resolve thousands of U.S. state and local lawsuits related to opioids.