) announced that it has filed an Abbreviated New Drug Application
(ANDA) with the US Food and Drug Administration (FDA) seeking
approval to market its generic version of
) Androgel 1.62%. Perrigo believes that it is the first-to-file,
entitling it to 180 days exclusivity of generic Androgel 1.62%.
ABBVIE INC (ABBV): Free Stock Analysis Report
ABBOTT LABS (ABT): Free Stock Analysis Report
ACTELION LTD (ALIOF): Get Free Report
PERRIGO COMPANY (PRGO): Free Stock Analysis
To read this article on Zacks.com click here.
We note that AndroGel 1.62% (testosterone gel 1.62%) is marketed
for treating males (above 18 years of age) with low or no
testosterone in their body. The annual sales of this product were
approximately $680 million, according to data released by Wolters
AbbVie came into existence earlier this year following its
). AbbVie provided its guidance for 2013. The company expects to
earn $3.03-$3.13 per share in 2013 on total revenues of more than
$18 billion. Currency movement is expected to negatively impact
revenues by about 1%.
We remind investors that Perrigo reported lower-than-expected
revenues, but higher-than-expected earnings in its second quarter
2013 (ended Dec 29, 2012).
Apart from announcing its financial results, Perrigo inked a deal
to buy animal health company Velcera, Inc. for $160 million in
cash. The deal is expected to close in calendar year 2013.
Perrigo intends to strengthen its position in the OTC retail pet
healthcare market through the impending acquisition.
Perrigo, which develops, manufactures and distributes OTC and
generic prescription pharmaceuticals among others, carries a
Zacks Rank #2 (Buy) in the short-run. Meanwhile, biopharma stock,
) has a Zacks Rank #1 (Strong Buy).