News of the postponed launch of a rival to its flagship product has failed to lift Teva's share price.
Generic pharmaceutical company Mylan Inc. (TASE: MYL; Nasdaq: MYL) Chief Executive Heather Bresch has said that the company will be delaying its launch of generic Copaxone until 2018. Mylan had been expected to launch generic Copaxone this year. This is a major boost for Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). Nevertheless, Teva's share price opened flat on the NYSE after the massive falls of recent days.
Multiple sclerosis treatment Copaxone is Teva's flagship product with annual sales of $4 billion. The branded drug reportedly contributes 50% of Teva's profits but its patent has expired and this is one of the many issues weighing on the Israeli pharmaceutical company.
Like Teva, Mylan published disappointing second quarter results, which were below the analysts' forecasts and cut its guidance. Consequently, the company's share price is down 5.6% on Nasdaq.
Published by Globes [online], Israel business news - www.globes-online.com - on August 9, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Shiri Habib-Valdhorn and Amiram Barkat