Teva Pharmaceutical Industries Ltd.
) announced that the U.S. Food and Drug Administration (FDA) has
approved its generic version of
Eli Lilly and Company
) Evista (60 mg). Evista is indicated for the prevention and
treatment of osteoporosis in postmenopausal women and reduction
of the risk of invasive breast cancer in postmenopausal women
with osteoporosis and postmenopausal women at high risk of
invasive breast cancer. Teva gained 1.27% on the news.
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Teva plans to launch its generic version of Evista by the first
week of Apr 2014. With Teva being the first to file, the company
will enjoy 180 days of marketing exclusivity. As per IMS data, as
of Dec 31, 2013, Evista annual sales were approximately $824
million in the U.S.
We view the launch of Evista in the U.S. as one of the most
important generic product launches for Teva this year and this
should boost the performance of its generics business.
We note that the performance of Teva's U.S. generics business,
which generated approximately 21% of total revenues, was soft in
2013 with revenues declining 5% to $4.2 billion. This was
primarily due to the termination of a royalty agreement related
to the generic version of
) Lipitor. Lower sales from generic versions of Lexapro, Actos
and Actoplus also impacted revenues unfavorably.
On its fourth quarter and full year 2013 conference call, the
company stated that it had 133 abbreviated new drug applications
(ANDAs) pending FDA approval, representing $81 billion in annual
sales. These include 51 first-to-file opportunities, representing
$40 billion in annual sales.
Teva carries a Zacks Rank #3 (Hold). Other better-ranked stocks
) carrying a Zacks Rank #2 (Buy).