Israeli generic drug maker Teva Pharmaceutical Industries Ltd. (TEVA) announced Sunday the appointment of Jeremy Levin, a former senior executive at Bristol-Myers Squibb Co. (BMY), as its President and Chief Executive Officer, effective May 2012.
Chairman of the Board Phillip Frost said in a statement that Levin, 58, will succeed Shlomo Yanai, who plans to retire from the company to move on to a new phase in his career after five years as President and CEO of Teva. Following the leadership change, Yanai will continue to be an advisor to the company.
The selection of Levin follows an extensive search process as part of a succession plan. According to Teva, Levin, with his recognized strategic vision and deep knowledge of the pharmaceutical industry, has the demonstrated track record, broad global experience and impressive leadership skills to continue to grow the company.
Levin has more than 25 years of experience in the global pharmaceuticals industry. Before joining Bristol-Myers Squibb in 2007, Levin served as Global Head of Business Development and Strategic Alliances at Novartis from 2003 to 2007. Earlier, he was the CEO of Cadus Pharmaceuticals, a company he took public.
The retiring CEO Yanai, 59, has been in the roles since March 2007. Under Yanai's leadership, Teva grew from an $8.4 billion mainly generics business in 2006 to a more diversified pharmaceutical company with expected 2012 revenue of approximately $22 billion, and expanded its footprint in the European, Asian and Latin America markets.
Commenting on Yanai's resignation, Frost said, "During his tenure, Shlomo Yanai designed and successfully implemented a strategic plan that produced double-digit growth for 18 consecutive quarters, as revenues expanded at a compound annual growth rate of 17 percent, and earnings per share more than doubled. He led the company to significant expansion in Europe and Asia, and formed new collaborations in biosimilars and in the OTC pharmaceuticals markets, including the recently announced joint venture with Proctor & Gamble."
Yanai added, "We have achieved double-digit increases in sales and earnings, and have built, acquired or partnered to create new opportunities to support future sustainable growth. I believe 2012 will be yet another year of profitable growth."
On December 21, Teva said it expects adjusted earnings in a range of $5.48 to $5.68 per share for the full-year 2012 on sales of about $22 billion.
According to Levin, demographic trends and economic pressures in developed and emerging markets are intensifying the challenge to provide good medicines at affordable prices, while Teva is in an especially good position to meet this challenge with its multiple platforms in generics, branded, and OTC drugs.
Teva in December appointed Rob Koremans to succeed Gerard van Odijk as President and CEO, Teva Europe. He will join the company in March 2012.
TEVA closed Friday's regular trading session at $40.36, down $0.47 or 1.15 percent.
For comments and feedback contact: editorial@rttnews.com
Business News
April 10, 2026 16:21 ET Inflation data from the U.S. was the main data event this week as the conflict in the Middle East continue. The minutes of the latest Fed policy session and the survey data on the services sector also made headlines. In Europe, manufacturing orders data from Germany was in focus. Price data from China drew attention in Asia.