ric capabilities, vertical integration into the active pharmaceutical ingredients (API) business, and a branded specialty pharma business (Copaxone, Treanda, Ai lett, Nuvigil and other products). Investment Rationale We believe Teva is a compelling investment opportunity as we like the company's geograp

stimates, increasing our ex-US sales estimates, and tweaking gross margins slightly higher. On Specialty brands, we now model generic competition to Treanda in 2019 vs. 2018 (appeals ongoing, see here <http://research1.ml.com/C?q=5cF26nx-BdfuQUSLMLhY7g> ) and continue to model generic competition to Cop