TEL AVIV, May 20 (Reuters) - Teva Pharmaceutical Industries is launching three new products in 2014 with combined estimated peak sales of $1 billion, the chief executive of the world's biggest generic drugmaker said on Tuesday.

One of the products is Zecuity, a migraine patch Teva acquired when it bought NuPathe earlier this year. The other two are Adasuve, an inhalation powder to treat agitation in patients with schizophrenia that Teva licensed from Alexza, and DuoResp Spiromax, an inhaler.

CEO Erez Vigodman told a biomed conference that Teva has 15 products in advanced Phase III clinical trials or in approval process and four in Phase II trials, which will help drive organic growth.

Teva will also focus in 2014 on "fixing the company's foundation", including implementing cost-cutting measures, and position itself for long-term value creation.

(Reporting by Tova Cohen)