) recently announced the launch of its generic version of
) cholesterol management drug, TriCor (fenofibrate, 48 mg and 145
mg tablets). Mylan launched the drug after receiving final
approval from the US Food and Drug Administration regarding the
Abbreviated New Drug Application (ANDA) for its generic version
of the drug.
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We remind investors that Mylan is not the first to enter the US
market with its generic version of TriCor. In Nov 2012, Lupin
Ltd. had launched its generic version of TriCor. According to IMS
Health, TriCor (48 mg and 145 mg) generated US revenues of
approximately $1.2 billion for the 12 months ending Mar 31, 2013.
Mylan has a strong generic product portfolio and pipeline. As of
May 17, 2013, Mylan had 178 ANDAs pending FDA clearance,
targeting $83.1 billion in sales annually. Mylan believes that
about 34 of these pending ANDAs are first-to-file opportunities,
representing $22.4 billion in branded sales. The revenue figures
are as per IMS Health for the 12 months ending June 30, 2012.
Mylan carries a Zacks Rank #3 (Hold). Mylan's geographic reach
and product depth, along with a robust generic pipeline, are
contributing to its overall growth.
However, we remain cautious of the company's lackluster
performance in Europe, the Middle East and Africa. Additionally,
as most of the large branded drugs are due to lose patent
exclusivity within the 2017-2018 period, we have little
visibility on the growth prospects of generic companies like
Mylan beyond that timeframe.
Currently, companies like
) look attractive with both being Zacks Rank #1 (Strong Buy)