Biotech Values

[DewDiligence]

Copaxone Continues Cleaning Tysabri’s Clock in US Market—Maybe

[Updated for 1Q10 Tysabri sales.]

The US market is the one of consequence for MNTA investors insofar as
this is where MNTA and partner NVS have submitted an application to
market generic Copaxone. Below are Tysabri and Copaxone US sales for
the past seven quarters with the year-over-year and quarter-over-quarter
growth rates. Copaxone is outselling Tysabri in the US by about 4:1 and
has a higher YoY growth rate; however, US Copaxone sales appear to
have topped out in 3Q09, clouding the picture.

 
       -------TYSABRI-------    ------COPAXONE------- 
       US $M  Y-o-Y   Q-o-Q     US $M  Y-o-Y   Q-o-Q   
       Sales  Change  Change    Sales  Change  Change 
 1Q10   135   +16%     -2%        *      *       * 
 4Q09   137   +19%     +5%       509   +33%     -6% 
 3Q09   131                      540 
 2Q09   125                      438 
 1Q09   116                      430 
 4Q08   115                      384 
 3Q08   122                      352

*Teva will report 1Q10 Copaxone sales on May 4.