Morgan Stanley Lowers TEVA Estimates

Morgan Stanley is lowering its 2011e revenue on Teva Pharmaceutical Industries TEVA from $19.1B to $18.7B (vs. mgmt's $18.5-$19.5B) and 2011e EPS from $5.29 to $5.05 (midpoint of mgmt's $4.90-$5.20). “We also lower our 2012e EPS from $6.04 to $5.78 to be more in-line with mgmt's $5.30-$5.86,” Morgan Stanley writes. “We are pleased that Ratiopharm integration is on track and that Teva suggested its 2015 revenue/EPS targets of $31B and $6.80-$7.52 could prove conservative since they excluded laquinimod. Mgmt. now expects laquinimod to be commercialized.” Teva Pharmaceutical Industries currently trades at $51.47.