Introduction
Usually, I make an earnings forecast, act or abstain, and move on to the next. Sometimes, however, the story is so compelling and interesting that I continue to follow it. This is the case with Teva Pharmaceuticals (NYSE:TEVA). Teva recently reported its fourth quarter results. The results weren't surprising to me as I had written an article titled "Teva Will Report Higher-Than-Expected-Income" wherein I estimated an earnings beat.
What is very interesting, however, is the conference call that followed. Most, if not all, investors are in the know with regards to Copaxone. The drug is all but certain to lose exclusivity, which would result in a myriad of problems. I found analyst to be surprisingly critical for once. Peppering management with questions that sounded somewhat like: Don't you need to cut your dividend when you lose exclusivity?
