M O R G A N S T A N L E Y R E S E A R C H
`N O R T H A M E R I C A
`
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`Morgan Stanley & Co. LLC
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`
`
`David Risinger
`David.Risinger@morganstanley.com
`+1 212 761 6494
`Christopher Caponetti, CFA
`Christopher.Caponetti@morganstanley.com
`+1 212 761 6235
`Thomas Chiu, M.D.
`Thomas.Chiu@morganstanley.com
`+1 212 761 3688
`
`Key Ratios and Statistics
`
`Reuters: TEVA.N Bloomberg: TEVA US
`Specialty Pharmaceuticals / United States of America
`Shr price, close (Mar 13, 2014)
`Mkt cap, curr (mm)
`52-Week Range
`
`$47.96
`$40,766
`$51.41-36.26
`
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`single factor in making their investment decision.
`For analyst certification and other important
`disclosures, refer to the Disclosure Section,
`located at the end of this report.
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`Stock Rating
`Equal-weight
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`Industry View
`In-Line
`
`March 14, 2014
`
`Teva Pharmaceutical
`Industries Ltd.
`Copaxone 3TW steps much
`higher in 5th week
`
`
`
` Teva is successfully converting once-daily
`prescriptions to 3TW (three times a week). NRx
`share moved up from 28% last week to 41% this week.
`TRx share moved up from 7% last week to 14% this wk.
`
`Please see the separate report we published earlier
`this morning: "Upgrade from UW to EW on
`Copaxone 3TW success." We still assume US
`generics on the once daily formulation enter on May 24,
`but we now believe brand erosion will be less severe.
`Payers may hesitate to block branded prescribing for
`existing Copaxone users, and Teva already offers a $0
`copay card on 3TW, so patient co-pays cannot be
`cheaper for the generic than the brand.
`Fifth week of launch. Teva’s Copaxone 3TW scripts
`began appearing the week of 2/7/14. Five weeks into the
`launch NRx were approx ~1,500, which represented
`~41% of total franchise NRx of ~3,700. 3TW TRx were
`also approx ~1,600, which represented ~14% of total
`franchise TRx of ~11,300.
`
`Last week's (4th week of launch) data. Teva’s
`Copaxone 3TW NRx were approx ~900, which
`represented ~28% of total franchise NRx of ~3,200.
`3TW TRx were also approx ~900, which represented
`~7% of total franchise TRx of ~12,300.
`
`Total franchise (once-daily + 3TW) prescriptions are
`declining in the mid-teens due to share loss.
`Although franchise 4-wk rolling NRx is up 11% YOY due
`to new 3TW prescribing, TRx is down 14% YOY
`because Copaxone is losing share to Biogen's Tecfidera
`(BG-12).
`
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`MYLAN PHARMS. INC. EXHIBIT 1125 PAGE 1
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 14, 2014
`Teva Pharmaceutical Industries Ltd.
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`Disclosure Section
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`The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C.T.V.M. S.A., and/or
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`Important US Regulatory Disclosures on Subject Companies
`As of February 28, 2014, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in
`Morgan Stanley Research: Actavis Inc, Endo Health Solutions Inc, Forest Laboratories Inc., Mallinckrodt Plc, Valeant Pharmaceuticals International.
`Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Endo Health Solutions Inc,
`Forest Laboratories Inc., Mylan Inc., Perrigo Co., Valeant Pharmaceuticals International.
`Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Allergan Inc., Endo Health Solutions Inc,
`Forest Laboratories Inc., Mylan Inc., Perrigo Co., Valeant Pharmaceuticals International.
`In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Actavis Inc, Alkermes
`Plc., Allergan Inc., Endo Health Solutions Inc, Forest Laboratories Inc., Mylan Inc., Perrigo Co., Teva Pharmaceutical Industries Ltd., Valeant
`Pharmaceuticals International, Zoetis Inc..
`Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Actavis
`Inc, Alkermes Plc., Endo Health Solutions Inc, Forest Laboratories Inc., Mylan Inc., Perrigo Co., Teva Pharmaceutical Industries Ltd., Valeant
`Pharmaceuticals International, Zoetis Inc..
`Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client
`relationship with, the following company: Actavis Inc, Alkermes Plc., Allergan Inc., Endo Health Solutions Inc, Forest Laboratories Inc., Mylan Inc.,
`Perrigo Co., Teva Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Zoetis Inc..
`Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past
`has entered into an agreement to provide services or has a client relationship with the following company: Actavis Inc, Alkermes Plc., Allergan Inc.,
`Endo Health Solutions Inc, Forest Laboratories Inc., Mylan Inc., Perrigo Co., Teva Pharmaceutical Industries Ltd., Valeant Pharmaceuticals
`International, Zoetis Inc..
`Morgan Stanley & Co. LLC makes a market in the securities of Actavis Inc, Alkermes Plc., Allergan Inc., Endo Health Solutions Inc, Forest Laboratories
`Inc., Mallinckrodt Plc, Mylan Inc., Teva Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Zoetis Inc..
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`STOCK RATINGS
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`and other considerations.
`Global Stock Ratings Distribution
`(as of February 28, 2014)
`For disclosure purposes only (in accordance with NASD and NYSE requirements), we include the category headings of Buy, Hold, and Sell alongside
`our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we
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`recommendation; we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively.
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`MYLAN PHARMS. INC. EXHIBIT 1125 PAGE 2
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 14, 2014
`Teva Pharmaceutical Industries Ltd.
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`Investment Banking Clients (IBC)
`Coverage Universe
`
`% of % of Rating
`% of
`Total IBC
`Category
`Total
`Count
`Count
`Stock Rating Category
`37%
`30%
`303
`34%
`1015
`Overweight/Buy
`48%
`30%
`392
`44%
`1307
`Equal-weight/Hold
`3%
`24%
`24
`3%
`100
`Not-Rated/Hold
`11%
`17%
`90
`18%
`538
`Underweight/Sell
`
`
`809
`
`2,960
`Total
`
`Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received
`investment banking compensation in the last 12 months.
`Analyst Stock Ratings
`Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe,
`on a risk-adjusted basis, over the next 12-18 months.
`Equal-weight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage
`universe, on a risk-adjusted basis, over the next 12-18 months.
`Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock's total return relative to the average total return of the
`analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
`Underweight (U). The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage
`universe, on a risk-adjusted basis, over the next 12-18 months.
`Unless otherwise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months.
`Analyst Industry Views
`Attractive (A): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be attractive vs. the
`relevant broad market benchmark, as indicated below.
`In-Line (I): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be in line with the relevant
`broad market benchmark, as indicated below.
`Cautious (C): The analyst views the performance of his or her industry coverage universe over the next 12-18 months with caution vs. the relevant
`broad market benchmark, as indicated below.
`Benchmarks for each region are as follows: North America - S&P 500; Latin America - relevant MSCI country index or MSCI Latin America Index;
`Europe - MSCI Europe; Japan - TOPIX; Asia - relevant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.
`.
`Stock Price, Price Target and Rating History (See Rating Definitions)
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`MYLAN PHARMS. INC. EXHIBIT 1125 PAGE 3
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 14, 2014
`Teva Pharmaceutical Industries Ltd.
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`Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Actavis Inc, Alkermes Plc., Allergan Inc., Forest
`Laboratories Inc., Mylan Inc., Teva Pharmaceutical Industries Ltd., Valeant Pharmaceuticals International, Zoetis Inc..
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`MYLAN PHARMS. INC. EXHIBIT 1125 PAGE 4
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 14, 2014
`Teva Pharmaceutical Industries Ltd.
`
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`MYLAN PHARMS. INC. EXHIBIT 1125 PAGE 5
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`M O R G A N S T A N L E Y R E S E A R C H
`
`The Americas
`1585 Broadway
`New York, NY 10036-8293
`United States
`Tel: +1 (1) 212 761 4000
`
`Europe
`20 Bank Street, Canary Wharf
`London E14 4AD
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`Asia/Pacific
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`
`
`
`Industry Coverage:Specialty Pharmaceuticals
`
`Company (Ticker)
`
`Rating (as of)Price* (03/13/2014)
`
`Christopher Caponetti, CFA
`Endo Health Solutions Inc
`(ENDP.O)
`Mallinckrodt Plc (MNK.N)
`David Risinger
`Actavis Inc (ACT.N)
`Alkermes Plc. (ALKS.O)
`Allergan Inc. (AGN.N)
`Forest Laboratories Inc. (FRX.N)
`Mylan Inc. (MYL.O)
`Perrigo Co. (PRGO.N)
`Teva Pharmaceutical Industries
`Ltd. (TEVA.N)
`Valeant Pharmaceuticals
`International (VRX.N)
`Zoetis Inc. (ZTS.N)
`
`E (07/24/2013)
`
`E (02/12/2014)
`
`++
`E (10/01/2013)
`E (05/01/2013)
`++
`E (10/14/2013)
`O (12/19/2013)
`E (03/14/2014)
`
`O (01/08/2014)
`
`E (01/08/2014)
`
`$70.77
`
`$67.09
`
`$210.9
`$45.26
`$127.76
`$94.19
`$52.02
`$162.82
`$47.96
`
`$139.33
`
`$29.25
`
`Stock Ratings are subject to change. Please see latest research for each company.
`* Historical prices are not split adjusted.
`
`
` 2014 Morgan Stanley
`
` ©
`
`MYLAN PHARMS. INC. EXHIBIT 1125 PAGE 6