Teva Update Regarding COVID-19
As a leading global pharmaceutical company, Teva provides essential medicines to millions of patients around the world every day. Our priorities remain focused on the health and well-being of our employees and on our responsibility to continue to provide our medicines to the nearly 200 million patients who depend on us every day.
Providing COVID-19 treatments
We are continuously assessing our portfolio in support of COVID-19 treatment needs, and our global manufacturing network is focused on securing and scaling production of both API and finished doses for potential treatments. We do this while continuing to supply our vast portfolio of medicines to other patients.
Teva will continue to work with governments and international organizations to support emerging needs related to this crisis.
Workforce policy and measures
Our employees across all aspects of our business are safeguarding the continuity of our activities and we are committed to supporting their efforts and caring for their personal health and safety. We are enacting all appropriate measures to ensure the safe supply and transport of our medicines and APIs, and have enacted measures that ensure our sites remain open, allowing us to maintain our business, R&D and manufacturing operations. We have reduced the number of people in our facilities to only those who are essential and may not work remotely. By doing our part to reduce proximity to one another, we hope to better protect our overall workforce, and ultimately, the communities in which we live.
The supply chain supporting our key products, brand and generics and API, remains largely uninterrupted, and with adequate inventory of the products across our network. Additionally, based on analysis of potential scenarios, we currently have inventory and redundancy plans in place to address potential shortfalls, if any. We are closely monitoring the evolving situation in some of the key markets we produce and sell in, and are accordingly adapting our business continuity plans.
Our industry plays a critical role, particularly during such challenging times. We are working with governments to do all they can, in partnership with our industry, to maintain the development, production, supply and distribution of high quality medicines for patients worldwide during this unprecedented global health crisis.
Cautionary Note Regarding Forward-Looking Statements
This statement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's COVID-19 measures, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to:
uncertainty of the magnitude, duration, geographic reach and impact of the COVID-19 outbreak on our business and on the economy in general; the current, and uncertain future, impact of the COVID-19 outbreak on our business, financial condition, operations, cash flows, and liquidity; the adequacy or effectiveness of steps we have taken or may take to respond to the COVID-19 outbreak;
our business and operations in general, including manufacturing or quality control problems; interruptions in our supply chain, including due to potential effects of the COVID-19 outbreak on our operations and business in geographic locations impacted by the outbreak and on the business operations of our customers and suppliers; our ability to successfully execute and maintain the activities and efforts related to the COVID-19 measures over the long term and associated costs therewith; challenges associated with conducting business globally, including adverse effects of the COVID-19 pandemic; costs and delays resulting from the extensive governmental regulation to which we are subject, including effects on product approval due to the COVID-19 pandemic; disruptions of information technology systems; and our ability to successfully compete in the marketplace;
and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2019, including in the sections captioned "Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.