Israeli pharmaceutical giant Teva Pharmaceutical Industries estimates that the conflict between Israeli armed forces and the Palestinian group Hamas should not significantly affect its business and financial results.
Sales in Israel account for only two percent of Teva’s revenue, expressed in dollars, and production in the home country is less than eight percent of total production.
– We currently do not expect a significant impact (from the conflict) on our business and/or on our financial and operational results – stated the Israeli pharmaceutical company, owner of Pliva, in an email.
The production of generic drugs is largely unaffected, Teva emphasizes, adding that they have developed contingency plans with backup production sites for key products, “similar to operations during the COVID pandemic and in earlier instances of unrest.”
Teva is expected to announce its third-quarter business results on November 8.
Israel declared war on Palestinian Hamas after armed attackers breached the fence around the Gaza Strip on Saturday in the deadliest incursion into Israeli territory since the attacks by Egypt and Syria during the Yom Kippur War 50 years ago, according to Reuters.
Teva expressed sorrow over the attacks on Israeli citizens, especially women and children. “As an Israeli company, we condemn this horrific attack and Teva stands with Israel at this time of great loss and challenge,” the statement reads.
Israeli media report that 900 people, mostly civilians, have died in the attacks on Israeli territory. Palestinian authorities reported 1,055 fatalities in the Gaza Strip on Wednesday, Reuters reported.
