Generic drugmaker Teva plans sweeping reorganization

(Reuters) – Teva Pharmaceutical Industries Ltd, the world’s biggest maker of generic drugs, announced an ambitious plan on Friday to reshape the company as it faces increased competition for its top-selling multiple sclerosis drug Copaxone.

The Israeli-based company said it plans to streamline operations, cut costs and make targeted acquisitions to improve profitability. It will discontinue certain research programs and integrate functions ranging from ordering to inventory control.

Teva said profit excluding some items will be between $ 4.85 and $ 5.15 a share in 2013, while revenue will be $ 19.5 billion to $ 20.5 billion. Analysts were on average forecasting earnings of $ 5.71 a share and revenue of $ 20.85 billion, according to Thomson Reuters I/B/E/S.

Teva will outline its plans in detail at an investor day on December 11. In the meantime, it is predicting sales of Copaxone will fall somewhat in 2013 as it faces competition from new drugs for multiple sclerosis. A new drug that is expected to be approved shortly from Biogen Idec Inc, BG-12, is expected to pose particularly strong competition.

The reshaping of Teva is being driven by its new chief executive, Jeremy Levin, a former senior executive at Bristol-Myers Squibb, who says he wants to make the company more transparent and responsive to shareholders.

“Teva will look like a very different company going forward,” he told analysts on a conference call.

As part of its reorganization, Teva plans to cut $ 1.5 billion to $ 2 billion in costs, with most of those savings occurring over the next three years and the rest over the following two years. The savings will come from every aspect of its business, Teva said, including the way it procures raw materials, the amount of real estate it owns, and how it invests in information technology.

“Most had anticipated below-consensus guidance and while clearly the magnitude will surprise, we actually think the lowered bar will be welcome when the dust settles today relative to the stock reaction,” said Randall Stanicky, an analyst at Canaccord Genuity.

Teva’s shares were up 0.7 percent at $ 40.52 in midday trading on the New York Stock Exchange.

Teva expects revenue from its generic drugs of $ 10.3 billion to $ 10.7 billion in 2013, and sales of branded medications of $ 7.6 billion to $ 8 billion.

The company expects sales of Copaxone to range between $ 3.7 billion and $ 3.9 billion. The company said it could not predict with accuracy the extent of the drug’s potential sales decline until the trajectory of BG-12′s launch becomes clearer. It said it continues to believe Copaxone will remain a strong player in the market. That drug currently accounts for about 20 percent of Teva’s total sales.

The company said sales of branded products will be hurt somewhat by the launch of multiple generic versions of Provigil, a sleep disorder drug the company acquired with its $ 6.5 billion purchase of Cephalon Inc. On the other hand, Teva expects growth in other branded products, including women’s health.

Teva has grown historically through acquisitions, some substantial such as the Cephalon deal. But Levin said that going forward, Teva plans to make targeted acquisitions in its core areas of expertise, such as central nervous system disorders.

Levin said Teva is determined to be more transparent with Wall Street and says there are “different levers” the company can pull to return value to shareholders, including potentially increasing stock buybacks and allocating cash more efficiently.

“Our intent is to divest businesses that don’t have the margins we want and at the same time build businesses with margins that we want to have,” he said.

That means continuing to invest in treatments for multiple sclerosis and other central nervous system disorders.

(Reporting by Toni Clarke in Boston; additional reporting by Esha Dey in Bangalore; editing by John Wallace and Matthew Lewis)

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Oliver Stone, Benicio del Toro visit Puerto Rico

SAN JUAN, Puerto Rico (AP) — Benicio Del Toro didn’t wait long to collect on a favor that Oliver Stone owed him for working extra hours on the set of his most recent movie, “Savages”, released this year.

The favor? A trip to Del Toro‘s native Puerto Rico, which Stone hadn’t visited since the early 1960s.

“I told him, you owe me one,” Del Toro said with a smile as he recalled the conversation during a press conference Friday in the U.S. territory, where he and Stone are helping raise money for one of the island’s largest art museums.

Del Toro, wearing jeans, a black jacket and a black T-shirt emblazoned with the name of local reggaeton singer Tego Calderon, waved to the press as he was introduced.

“Hello, greetings. Is this a press conference?” he quipped as he and Stone awaited questions.

Both men praised each other’s work, saying they would like to work with each other again.

“I deeply admire him as an actor, the way he thinks, the way he expresses himself,” Stone said. “Of all the actors I’ve worked with, he’s the most interesting.”

Stone said Del Toro always delivers surprises while acting, even when it’s as something as subtle as certain gestures between dialogue.

“I think Benicio is the master of keeping you watching,” he said.

Stone said he enjoys meeting up with Del Toro off-set because he’s one of the few actors in Hollywood who can talk about something other than movies.

“He is very interested in the world around him,” Stone said, adding that the conversations sometimes center around politics and other topics.

Del Toro declined to answer when asked what he thought about Puerto Rico’s referendum earlier this month, which aimed to determine the future of the island’s political status. He said the results did not seem to point to a clear-cut outcome.

Del Toro then said he would like the island’s movie business to grow, especially in a way that would encourage learning.

“I’m talking about movies in an educational sense, as a way to discover other parts of the world,” he said. “Create a film class. You’ll see, kids won’t skip it.”

Del Toro also shared his thoughts on being a father after having a daughter with Kimberly Stewart in August 2011.

He said the girl is learning how to swim and is discovering the world around her.

“She has her own personality,” Del Toro said. “She’s not her mother. She’s not me.”

Both Del Toro and Stone are expected to remain in Puerto Rico through the weekend to raise money for the Art Museum of Puerto Rico, which is hosting its annual movie festival and will honor Stone’s movies.

Museum curator Juan Carlos Lopez Quintero said the money raised will be used to enhance the museum’s permanent collection, especially with Puerto Rican paintings from the 19th century and early 20th century.

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Actor who apparently killed landlady not on drugs

LOS ANGELES (AP) — An autopsy report shows no drugs were detected in the body of a former “Sons of Anarchy” actor who police say killed his landlady and then fell to his death.

Toxicology results on Johnny Lewis found no traces of cocaine, alcohol, marijuana or any other types of drugs in the actor’s system. Officials checked for anti-psychotic drugs as well as psychedelic drugs.

Lewis was found dead in September in the driveway of a Los Angeles residence, and police found his landlady and a cat dead inside the home. Officials believe Lewis fell while trying to flee the home after killing 81-year-old Catherine Davis.

The killing occurred just days after Lewis was released from jail. Records show he had pleaded no contest to assault with a deadly weapon and attempted burglary in separate cases.

Authorities expressed concern about his mental health in court hearings before his release.

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Drug, alcohol abuse tied to early-life strokes: study

(Reuters) – Younger adults who suffered a stroke were often smokers or had abused drugs or alcohol, according to a U.S. study that looked at over 1,000 patients.

Strokes are often thought of as a condition of the elderly, but researchers said long-term changes in the heart, arteries or and blood as a result of drug abuse or heavy drinking may put users at higher-than-average risk earlier in life.

“Substance abuse is common in young adults experiencing a stroke,” wrote lead researcher Brett Kissela from the University of Cincinnati in the journal Stroke.

“Patients aged younger than 55 years who experience a stroke should be routinely screened and counseled regarding substance abuse.”

It’s also possible that some drugs, particularly cocaine and methamphetamines, may trigger a stroke more immediately, according to S. Andrew Josephson, a neurologist from the University of California, San Francisco, who has studied drug use and stroke but was not involved in the study.

“We know that even with vascular risk factors that are prevalent – smoking, high blood pressure… most people still don’t have a stroke until they’re older,” he added.

“When a young person has a stroke, it is probably much more likely that the cause of their stroke is something other than traditional risk factors.”

According to the U.S. Centers for Disease Control and Prevention, close to 800,000 people in the United States have a stroke every year, and they are the most common cause of serious long-term disability. One study of 2007 data found that almost five percent of people who had a stroke that year were between ages 18 and 44.

The current study involved people from Greater Cincinnati and Northern Kentucky who’d had a stroke before they hit 55.

The researchers reviewed medical charts for blood or urine test results of other records of substance abuse for close to 1,200 stroke patients.

In 2005, the most recent year covered, just over half of young adults who suffered a stroke were smokers at the time, and one in five used illicit drugs, including marijuana and cocaine. Thirteen percent of people had used drugs or alcohol within 24 hours of their stoke.

“The rate of substance abuse, particularly illicit drug abuse, is almost certainly an underestimate because toxicology screens were not obtained on all patients,” said Steven Kittner, a professor of neurology at the University of Maryland School of Medicine in Baltimore who also wasn’t part of the research.

The rate of smoking, drug use and alcohol abuse – defined as three or more drinks per day – seemed to increase among stroke patients between the mid-1990s and the mid-2000s.

But Kissela and his team said they can’t be sure whether more people were actually using those substances or doctors were just getting better at testing for and recording drug abuse.

The study also can’t prove that patients’ drug or alcohol use directly contributed to their strokes. It’s possible, for example, that people who abuse drugs also see their doctors less often or engage in other risky behaviors that increase the chance of strokes, Josephson explained.

He added that the study emphasizes the need to learn and quickly recognizing the signs of strokes, even in young people, since some treatments can only be used in a short window of opportunity after the stroke. SOURCE: http://bit.ly/TVQvpi

(Reporting from New York by Genevra Pittman at Reuters Health; editing by Elaine Lies)

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Lawmakers unveil new round of Iran sanctions

WASHINGTON (AP) — Senators pressed ahead Thursday on a new set of tough sanctions against Iran‘s domestic industries as it seeks to cripple the Islamic republic’s economy and thwart its nuclear ambitions.

Sens. Bob Menendez, D-N.J., and Mark Kirk, R-Ill., unveiled a package of penalties that would designate Iran‘s energy, port, shipping and ship-building sectors as entities of proliferation and sanction transactions with these areas. The legislation also would penalize individuals selling or supplying commodities such as graphite, aluminum and steel to Iran.

The punitive measures build on the sanctions on Tehran’s oil industry that the two lawmakers have shepherded through Congress in the past year.

“Yes, our sanctions are having a significant impact, but Iran continues their work to develop nuclear weapons,” Menendez said in a statement, adding that with the new penalties, “We will send a message to Iran that they can’t just try to wait us out.”

Kirk said the measure “will greatly increase the economic pressure on the Iranian regime and send a clear message of support to the Iranian people.”

The sanctions are contained in an amendment the two lawmakers hope to add to a far-reaching defense policy bill that the Senate was debating and could wrap up by week’s end. Congress has overwhelmingly backed previous efforts by Menendez and Kirk.

The legislation also would designate the Islamic Republic of Iran Broadcasting and its president as human rights abusers for broadcasting forced televised confessions and show trials.

The United States and European Union have imposed tough sanctions on Iran that have weakened its economy. But Tehran has found ways to bypass the penalties, such as Turkey’s use of gold to pay for Iranian natural gas imports.

The Menendez-Kirk measure would allow the president to impose sanctions in cases of the sale or transfer of precious metals, targeting efforts by Iran to circumvent the penalties.

Iran maintains that its nuclear program is for peaceful purposes only.

Mark Dubowitz, a sanctions expert and executive director of the Foundation for Defense of Democracies, said there is strong bipartisan support for intense sanctions, with the goal of pushing the Iranian economy to the brink of economic collapse.

Only then “can the central thesis of the administration’s sanctions policy be fairly tested: That crippling economic pressure will break the nuclear will of Iran’s supreme leader and his Revolutionary Guards and lead them to meet their obligations under international law,” Dubowitz said.

The president has 90 days from the legislation’s enactment to act. The bill does include the authority to waive the sanctions based on national security.

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Noisy city: Cacophony in Caracas sparks complaints

CARACAS, Venezuela (AP) — This metropolis of 6 million people may be one of the world’s most intense, overwhelming cities, with tremendous levels of crime, traffic and social strife. The sounds of Caracas‘ streets live up to its reputation.

Stand on any downtown corner, and the cacophony can be overpowering: Deafening horns blast from oncoming buses, traffic police shrilly blow their whistles and sirens shriek atop ambulances stuck in bumper-to-bumper traffic.

Air horns routinely used by bus drivers are so powerful they make pedestrians on crosswalks recoil, and can even leave their ears ringing. Loud salsa music blares from the windows of buses, trucks with old mufflers rumble past belching exhaust, and “moto-taxis” weave through traffic beeping high-pitched horns.

Growing numbers of Venezuelans are saying they’re fed up with the noise that they say is getting worse, and the numbers of complaints to the authorities have risen in recent years.

One affluent district, Chacao, put up signs along a main avenue reading: “A honk won’t make the traffic light change.”

“The noise is terrible. Sometimes it seems like it’s never going to end,” said Jose Santander, a street vendor who stands in the middle of a highway selling fried pork rinds and potato chips to commuters in traffic.

Prosecutor General Luisa Ortega recently told a news conference that officials have started “putting an increased emphasis on promoting peaceful coexistence” by punishing misdemeanors such as violations of anti-noise regulations and other minor crimes. That effort has translated into hundreds of noise-related cases in recent years.

Some violators are ordered to perform community service. For instance, two young musicians who were recently caught playing loud music near a subway station were sentenced to 120 hours of community service giving music lessons to students in public schools.

Others caught playing loud music on the street have been charged with disturbing the peace after complaints from neighbors. Fines can run as high as 9,000 bolivars, or $ 2,093.

On the streets of their capital, however, Venezuelans have grown used to living loudly. The noisescape adds to a general sense of anarchy, with many drivers ignoring red lights and blocking intersections along potholed streets strewn with trash.

“This is something that everybody does. Nobody should be complaining,” said Gregorio Hernandez, a 23-year-old college student, as he listened to Latin rock songs booming from his car stereo on a Saturday night in downtown Caracas. “We’re just having fun. We’re not hurting anybody.”

Adding to the mess is the country’s notoriously divisive politics, which regularly fill the streets with marches and demonstrations.

On many days, the shouts of protesters streaming through downtown can be heard from blocks away, demanding pay hikes or unpaid benefits.

And the sporadic crackling of gunfire in the slums can be confused for firecrackers tossed by boisterous partygoers.

It’s difficult to rank the world’s noisiest cities because many, including Venezuela’s capital, don’t take measurements of sound pollution, said Victor Rastelli, a mechanical engineering professor and sound pollution expert at Simon Bolivar University in Caracas. But Rastelli said he suspects Caracas is right up there among the noisiest, along with Sao Paulo, Mexico City and Mumbai.

Excessive noise can be more than simply an annoyance, Rastelli said. “This is a public health problem.”

Dr. Carmen Mijares, an audiologist at a private Caracas hospital, said she treats at least a dozen patients every month for hearing damage caused by prolonged exposure to loud noises.

“Many of them work in bars or night clubs, and their maladies usually include temporary hearing loss and headaches,” Mijares said. For others, she said, the day-to-day noise of traffic, car horns and loud music can exacerbate stress and sleeping disorders.

Several cities have successfully reduced noise pollution, said Stephen Stansfeld, a London psychiatry professor and coordinator of the European Network on Noise and Health.

One of the most noteworthy initiatives, Stansfeld said, was in Copenhagen, Denmark, where officials used sound walls, noise-reducing asphalt and other infrastructure as well as public awareness campaigns to fight noise pollution.

But such high-tech solutions seem like a remote possibility in Caracas, where streets are literally falling apart and aging overpasses regularly lack portions of their guard rails. Prosecutors, angry neighbors and others hoping to fight the noise will have to persuade Venezuelans to do nothing less than change their loud behavior.

For Carlos Pinto, however, making noise is practically a political right.

The 26-year-old law student and his friends danced at a recent street party to house music booming from woofers in his car’s open trunk, with neon lights on the speakers that pulsed to the beat.

When asked about the noise, he answered: “We will be heard.”

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AP freelance video journalist Ricardo Nunes contributed to this report.

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Christopher Toothaker on Twitter: http://twitter.com/ctoothaker

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Obama takes “fiscal cliff” battle to Twitter

WASHINGTON (Reuters) – President Barack Obama opened a new front on Wednesday in the battle between Democrats and Republicans over the best way to avoid the year-end “fiscal cliff” – Twitter.

The web-savvy Obama administration launched a social media campaign that asks Twitter users to add the “#my2k” hashtag to messages with examples of what $ 2,000 means to them.

The amount is roughly what a middle-class family of four would have to pay extra in taxes next year if Congress cannot strike a deal to remove the threat of roughly $ 600 billion in tax hikes and federal spending cuts.

The fast-paced social networking site known for its zippy 140-character comments is a tried-and-true method of reaching Americans. The latest call for such searchable references is an effort to pressure Congress into finding compromise on long-held partisan views.

Obama announced the new Twitter hashtag campaign at a news conference on Wednesday. He and fellow Democrats, who oppose significant cuts to U.S. “entitlement” programs such as Medicare as a way of balancing the budget, have been trying to break Republican opposition to hiking taxes on anyone, including the wealthy.

Promotions of “#my2k” quickly went out to millions of followers of the White House Twitter account and scores of Democratic backers, including former House of Representatives Speaker Nancy Pelosi. Soon, “my2k” was a top-trending subject.

“#My2K means food for a year, the remainder of my student loan paid off or a full month of child care. $ 2200 can make or break a family,” wrote Twitter user Katrina Burchett.

In the anarchic spirit of social media, Republicans, who also polished their Twitter hashtag skills during the bitter 2012 presidential campaign, pounced quickly.

The conservative Heritage Foundation bought the promotional tweet that pops up at the top of the list if one searches for “#my2k” mentions, where the think tank offered its own take on solutions to the fiscal cliff.

House Speaker John Boehner and scores of fellow Republican lawmakers started sharing examples they hoped would put the blame for the lack of a resolution on the Democrats.

“We in the House took steps this summer to avert #fiscalcliff and stop #my2K tax hikes,” wrote Representative Mike Turner. “It’s time for @whitehouse and @SenateDems to act.”

‘BEING AWARE OF WHAT’S GOING ON’

Users on Twitter can sign up to follow one another’s messages, making searchable hashtags a helpful way to sort by subject or theme.

Marcus Messner, who studies social media at Virginia Commonwealth University, said Twitter was a perfect environment to reignite Obama’s base swiftly and gauge public engagement on the issue.

The Obama administration has used Twitter hashtags as part of lobbying campaigns to keep student loan rates low with #dontdoublemyrate and to extend payroll tax cuts with #40dollars, which was their estimate of how much the cuts saved an average family each year.

White House Social Media Director Macon Phillips later called the $ 40dollars hashtag “one of the most significant campaigns we ran on Twitter.”

“It’s about being aware of what’s going on and understanding that in the age of social media, you’re just a participant,” he told an Entrepreneur.com blogger in February. “It’s not something that you can control.”

(Editing by Peter Cooney)

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“Anger Management,” “Justified” return dates set by FX

LOS ANGELES (TheWrap.com) – FX released its early 2013 premiere schedule Wednesday, including dates for the second season of Charlie Sheen‘s sitcom “Anger Management” and the fourth season of the Timothy Olyphant lawman drama “Justified.”

The premiere schedule kicks off with “Justified” on Tuesday, January 8 at 10 p.m. The season will find Olyphant’s character, U.S. Deputy Marshall Raylan Givens, picking up a 30-year-old cold case, unraveling a riddle that echoes all the way back to his boyhood and his criminal father’s bad dealings.

The premieres go into high gear on January 17, with the return of “Anger Management,” “Archer” and “Totally Biased W. Kamau Bell,” as well as the series premiere of the new offering “Legit.”

“Anger Management,” which received a 90-episode order after the success of its first season, will premiere with consecutive episodes at 9 and 9:30 p.m., with the animated series “Archer” premiering its fourth season at 10 p.m.

The new series “Legit,” which stars Jim Jeffries as a foul-mouthed Australian comedian struggling to legitimize his life and career in Los Angeles, will begin its 13-episode maiden season at 10 p.m., while “Totally Biased W. Kamau Bell,” which features comedian Bell riffing on politics, culture and other topics, will start a new cycle of episodes at 11 p.m.

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Some 20 percent of women overwhelmed by cancer treatment options: study

(Reuters) – More than one in five women with early-stage breast cancer said they were given too much responsibility for treatment-related decisions – and those patients were more likely to end up regretting the choices they made, according to a U.S. study.

The findings, which appeared in the Journal of General Internal Medicine, don’t mean that women should not be fully informed about their treatment options, researchers said, but rather that doctors may need to find new strategies to communicate with patients, especially the less educated.

“Some women may feel overwhelmed or burdened by treatment choices, particularly if they are not also given the tools to understand and weigh the benefits and harms of these choices,” wrote research leader Jennifer Livaudais and colleagues.

Her team from the Mount Sinai School of Medicine in New York surveyed 368 women who had just had surgery for early-stage breast cancer at one of eight New York City hospitals, and again six months later.

The majority said they typically had trouble understanding medical information and less than one-third knew the possible benefits of surgery, radiation and chemotherapy, Livaudais and her colleagues found.

Lack of both “health literacy” and knowledge about treatment benefits was common among the 21 percent of women who said they had too much responsibility for decision-making – as well as among the seven percent who felt they didn’t have enough responsibility.

Women who were poor, non-white or didn’t finish high school were also more likely to feel that they had either too much or too little say in their treatment.

Close to two-thirds of women on both ends of the spectrum had some regret about their original treatment decisions six months down the line. That compared to one-third of women who originally said they had a “reasonable amount” of decision-making responsibility.

Steven Katz, who has studied cancer-related decision-making at the University of Michigan in Ann Arbor, said that compared to past years, doctors now have better ways to tailor treatment to individual patients. But that also means treatment options are based on more convoluted information.

“The treatments are linked in complicated ways, and the information that doctors draw on to make recommendations has increasingly become more and more complex” said Katz, who wasn’t involved in the new study.

He said that for patients trying to make the best treatment choices, the smartest thing they can do is have a team of doctors – an experienced surgeon, a medical oncologist, a radiation oncologist and a plastic surgeon – all working on their case and sharing ideas.

“The purpose (of the study) was not to say women shouldn’t be provided with these treatment options, but that the information really needs to be tailored better,” said Livaudais, who is now at the University of California, San Francisco.

She recommended that doctors ask each patient how much responsibility she feels comfortable taking.

“Some patients prefer… for the information to be presented in simpler terms, or for the physician to recommend something to them,” she added. SOURCE: http://bit.ly/11d6IIW

(Reporting from New York by Genevra Pittman at Reuters Health; editing by Elaine Lies)

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Buying That First Home Is Getting Harder

The housing market may be recovering, but not everyone’s along for the ride. First-time buyers are becoming a shrinking share of purchasers, according to the results of a monthly survey of 2,500 real estate agents. New home buyers made just 34.7 percent of all purchases in October, the lowest since the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey started in September 2009. Three years ago, first-time borrowers were 47 percent of all buyers, buoyed at the time in part by a tax credit.

First-time homeowners, who typically buy lower-priced homes and need extra financing, are losing share as the market shifts from distressed properties such as foreclosures. Distressed sales, which usually cost less, were almost half of all of purchases a year ago, but now they’re just over a third of sales. At the same time, prices for all existing homes have been rising—prices were up 4.4 percent in September over the previous year, according to the Federal Housing Finance Agency—making homes less affordable for first-time buyers.

For new buyers, rising prices are coupled with difficulties in getting a mortgage. About half of all first-time buyers get their loans through HUD’s Federal Housing Administration, which allows down payments as low as 3.5 percent. Because loans with lower down payments are riskier, the FHA’s rates are typically higher than those of traditional mortgages. With interest rates at near-record lows, the incremental difference wasn’t causing much consternation in the past. But facing concerns that it has taken on too much risk and may need a bailout, the FHA raised rates in August and plans to do so again next year.

Interest rates are still near historic lows, rents are rising, and home prices (adjusted for inflation) are still at levels not seen in more than a decade. That means first-time buyers may be missing out on quite the opportunity, if they just can find a loan and a home they can afford.

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