Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) announced on Friday that the US Food and Drug Administration (FDA) granted final approval for the Company's Abbreviated New Drug Application (ANDA) for Venlafaxine Hydrochloride tablets, in five different dosages. Shipment of this product will begin immediately.
Venlafaxine Hydrochloride is the generic version of anti-depressant Effexor, made by Wyeth (NYSE:WYE). Teva said branded Effexor had annual sales of approximately $152 million.
Teva will publish its financial report for the second quarter of 2006 next week. The company reported last week that global sales of Copaxone, its ethical treatment for multiple sclerosis, rose 22% during the second quarter to $353 million.
Teva got another piece of good news relating to its generic version of Zocor, Simvastatine, for the treatment of high cholesterol, which has won a 56% market share since its launch four weeks ago. Simvastatine also accounts for 77% of new presciptions, the same proportion as the week before.
Teva’s share rose 15% in the last ten trading sessions.
Published by Globes [online], Israel business news - www.globes.co.il - on August 6, 2006
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