Momenta Pharmaceuticals, Inc. (MNTA)

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TEVA

Our generic business delivered solid results with significantly improved profitability. In our specialty business, we have successfully converted, to date, 51% of the Copaxone® family in the U.S. to the newly-launched Copaxone® 40mg/mL, and are continuing to stably lead the global and U.S. relapsing remitting multiple sclerosis market.

Global sales of Copaxone® (20 mg/mL and 40 mg/mL), the leading multiple sclerosis therapy in the U.S. and globally, amounted to $0.9 billion, a decrease of 12% compared to the second quarter of 2013. In the United States, sales decreased 19% to $662 million. The decrease in the U.S. was mainly due to lower volume, partially offset by a price increase of 9.9% in January 2014 on Copaxone® 20 mg/mL. Our sales during the quarter were affected by higher levels of inventory created in the previous quarter following the launch of Copaxone® 40 mg/mL due to uncertainty of the prospective conversion rate between two products, as well as customers reducing inventory of the Copaxone® 20 mg/mL due to potential risk of a competing generic launch.