Shares in the generic pharmaceuticals firm jump, as it also launches generic Protonix.
24 Dec 07 13:55 Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has raised its 2007 full-year fully diluted earnings per share guidance to $2.34-2.36 from $2.20-2.30, partly because of its launch today of generic Protonix.
Teva launched Pantoprazole Sodium Delayed Release 20 mg and 40 mg tablets, which are AB-rated to Wyeth's erosive gastro-esophageal reflux disease (GERD) treatment Protonix. The brand product had $2.5 billion in US sales in the twelve months through September, based on IMS sales data. Teva obtained a 180-day marketing exclusivity for its generic Protonix, because it was one of the first companies to file an Abbreviated New Drug Application (ANDA) with a paragraph IV certification for the product.
Teva noted that is currently involved in patent litigation regarding over generic Protonix with Wyeth (NYSE:WYE) and Altana AG (XETRA: ALT; Pink Sheets: AAAGY) in the US District Court for the District of New Jersey. No trial date has been set, but in September, the court denied a motion filed by Wyeth and Altana for a preliminary injunction against Teva's launch of the drug. Wyeth and Altana have filed an appeal.
Teva added that it cannot estimate the effect of generic Protonix sales in its 2008 financial report, even though it expects the bulk of sales during this period.
Teva rose 3.7% by midday today on the TASE. The share closed up 1.4% to $45.17 on Nasdaq yesterday, giving it a market cap of $34.5 billion.
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