Shares of Teva Pharmaceutical Industries (TEVA) plunged almost 8.6% on Friday on news that a competitor Momenta Pharma (MNTA) had beaten Teva and would be the first company to get U.S. Food and Drug Administration approval for a generic version of Sanofi Aventis’ (SNY) Lovenox, a drug used to combat blood clots to prevent deep vein thrombosis. Lovenox sales came to $2.billion in 2009.
This bad news follows pretty closely on the heels of other bad news. In a widely expected on July 18 decision the U.S. District court for New Jersey denied Teva’s appeal of a jury verdict upholding Wyeth’s parent on Protonix, a heartburn drug. (Wyeth is now part of Pfizer (PFE).)
Teva reports quarterly earnings before the stock market opens on July 27 with a conference call scheduled for 8:30 that morning. I’m sure the company will have something to say about both pieces of bad news.