Teva Pharmaceutical Industries Ltd (ADR)(NYSE: TEVA) stock lost over 13.7% today (as of 11:59AM EDT on October 4th, 2017; Source: Google finance) as their competitor, Mylan N.V. (NASDAQ: MYL) got the FDA approval for generic version of Teva’s Copaxone. Mylan N.V. (NASDAQ: MYL) delivered an outstanding performance today which delivered over 18.7%
On the other side, the group made two appeals which would be argued before a single panel of judges of the U.S. Court of Appeals for the Federal Circuit. The group appealed the December 2016 inter partes review decisions of the Patent Trial Appeal Board that found all of the claims of three COPAXONE® patents to be unpatentable. Moreover, they also brought suit against five Abbreviated New Drug Application (ANDA) filers, including Mylan, for infringement of a patent covering a manufacturing process for glatiramer acetate product.
Meanwhile, the group expects an impact by at least $0.25 cents per share earnings for the fourth quarter ended December 31, 2017 on the back of their expected launch of another generic 20mg glatiramer acetate product as well as the expected launch of a first generic 40mg glatiramer acetate product.
Teva management also expressed their confidence in patient and physician loyalty to Teva’s COPAXONE® and intends to continue to promote and support the product.
The group partnered with Nuvelution Pharma to develop AUSTEDO® (deutetrabenazine) tablets for the treatment of tics related with Tourette syndrome (TS) in pediatric patients in the United States. This partnership would speeden the development of Austedo® in TS, giving a much needed new treatment option to affected young patients more quickly. Management said that more than 130,000 children with Tourette syndrome in the US tolerate substantial distress, stigmatization and isolation due to their motor and phonetic tics. They said the re-establishment of the generic equivalent to Depo-Provera® Contraceptive Injection (medroxyprogesterone acetate injectable suspension, USP) 150 mg/mL, in the United States. This reintroduction got additional product to a market that has potential.
Teva would release their third Quarter of 2017 outcome on November 2, 2017.