) announced the launch of its generic version of the privately
held Arbor Pharma's Nitrolingual pumpspray (nitroglycerin lingual
spray: 400 mcg). Perrigo launched the product following the final
approval granted by the U.S. Food and Drug Administration (FDA)
to its abbreviated new drug application (ANDA) for the generic
version of the spray.
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With Perrigo being the first to file, the company will enjoy 180
days of marketing exclusivity. We note that the branded product
is marketed for providing acute relief from an attack or
prophylaxis of angina pectoris due to coronary artery disease.
Perrigo stated in its press release that Nitrolingual pumpspray
annual sales were approximately $65 million.
The launch of the new product is in line with Perrigo's focus on
adding new products to broaden its product portfolio. Perrigo
expects to launch more than 75 new products in fiscal 2014
(ending Jun 28, 2014) contributing approximately $190 million to
fiscal 2014 revenues.
The FDA approval and the subsequent launch of Perrigo's generic
version of the spray is a boost to Perrigo's already established
Rx Pharmaceuticals (generics) segment. The unit performed
encouragingly during the final quarter of fiscal 2013 with net
sales improving 24% to $195 million. We are impressed by the
series of launches at the Rx Pharmaceuticals segment.
Though impressed by the news on Nitrolingual pumpspray, we
believe investor focus will remain on Perrigo's impending
). The cash and stock deal ($8.6 billion), cleared by the boards
of directors of both the companies, is expected to close by the
end of calendar year 2013. On completion of the deal, Perrigo's
revenue stream would be boosted as it will receive significant
royalties on multiple sclerosis drug Tysabri from
Biogen Idec Inc.
Perrigo currently carries a Zacks Rank #3 (Hold). Right now,
Gilead Sciences Inc.
) looks attractive, with a Zacks Rank #1 (Strong Buy).