Teva's Foreign Bribery Settlement Shatters Record For Rx Sector

Teva made over $200 million in profits resulting from payments to government officials in Ukraine, Russia and Mexico; now it will have to pay $519M in civil and criminal penalties. J&J held the previous record for the pharma sector in FCPA penalties of $70m.

Russia map close up with magnifier

Over $200 million in ill-gotten profits in a decade long crime spree has cost Teva Pharmaceutical Industries Ltd. a more than half a billion-dollar settlement with the Securities and Exchange Commission and the Department of Justice – a sum that appears to be the largest ever for a pharmaceutical company in violating the Foreign Corrupt Practices Act (FCPA).

An SEC investigation found that the generic drugs giant had bribed government officials in the Ukraine, Russia and Mexico to sell and promote its products, reeling in illegal profits of...

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