In terms of sales, things are beginning to stabilize after six years of uninterrupted decline. This is about the only real cause for satisfaction, as Teva continues to face a plethora of competition and a very unsympathetic regulator.

As a result, despite a cost-cutting program and attempts to make savings across the board - including in R&D - the Group is unable to halt the fall in its operating profit. It reached a ten-year low.

The accounting result is negative due to further asset write-downs. Cash flow, on the other hand, is positive, with a free cash flow of $800 million for 2023, compared with $1 billion last year. In this respect, it's hard to justify an enterprise value of $31 billion at the current price.

Teva is not in a position to invest in its growth or return capital to its shareholders, since it still has to manage the thorny problem of its net debt, which exceeds $16 billion, or more than four times its operating profit before depreciation and amortization, or EBITDA.

On this subject, despite a real effort to reduce debt - halved in eight years - the cost of interest charges has reached a record level following the rise in interest rates. We also deplore the high cost of legal settlements, which will reach $1 billion in 2023. Normally exceptional, these expenses are recurrent at Teva.

The Israeli group must therefore continue to cut back. Following the publication of its results, it announced its intention to divest TAPI - Teva API, its active ingredient manufacturing business for the pharmaceutical industry. In so doing, it follows in the footsteps of Sanofi, which has divested EuroAPI.

Teva never recovered from the acquisition of Allergan Generics in 2016. Intended to create the undisputed world leader in generics, the $40 billion deal wrecked Teva's balance sheet and profitability. Eight years on, the Group is still trying to mop up the mess.