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.
Off topic:
Shipping Bottoming as China Steel Rebound Lifts Ore (Update2)
http://noir.bloomberg.com/apps/news?pid=20601109&sid=abUsaPn778bY&pos=11
OJunker,
TMO reports earnings tomorrow morning. Right now, they look pretty fairly valued. Their earnings will determine their next direction.
Ed,
As a more pick and shovel play what do you think of TMO?
The trouble is not in the fact that that MNTA`s generic lovenox comes first. But in the fact that FDA approved such a complex mixture. This opens the door for an approval of generic Copaxone, which is TEVAs flagship. The other day, I mentioned MNTA as a danger here, since they are experts in complex mixture analytics…