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#MoneyBeat Early Competition Stings Teva Again

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NocRoom    0
Teva Pharmaceutical Industries just can’t catch a break.

After warning last week that a new migraine drug’s launch might be delayed due to an issue at a South Korean supplier’s manufacturing plant, the struggling drug maker’s string of bad luck has continued. Rival Novartis announced Tuesday that it had won Food and Drug Administration approval of a generic version of Teva’s proprietary drug Copaxone, which treats multiple sclerosis. Copaxone sales accounted for 15% of Teva’s revenue in the fourth quarter.

That is the second generic approved for Copaxone’s lucrative 40 milligram dosage, which should push prices lower. Teva had warned investors to expect a second generic approval last week—as soon as April.

Spring thus came early for Teva shareholders. In this case, however, a jump on the season isn’t an occasion to celebrate.

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