I sold my shares of Teva Pharmaceuticals (TEVA) today, a stock I’ve held for about a year and a half. Their results have disappointed a bit over the past several quarters, and they have moved into more aggressively investing in developing new branded drugs, which is riskier than their generic business. The stock is still reasonably priced but their “patent cliff” with their primary branded drug is going to hit before new stuff comes online, and they have not been able to ramp up cash flow from their world-leading manufacturing capacity in generic drugs as I thought they would … so the story has changed a bit, I’ve lost several percent on this position, I don’t see a reason for the stock to get a better valuation in the next year or so, and I’ll move on.

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