Mylan shares had it pretty good on Wednesday but Teva shares weren’t as lucky.
As Mylan shares rallied after the FDA approved its Glatiramer Acetate Injection, Teva shares sank.
The newly approved drug is a generic version of Teva Pharmaceutical’s top-selling multiple sclerosis drug Copaxone, which produced $1.02 billion in Teva’s second quarter.
The competition stiffens with Mylan’s newly approved drug and Teva traders were less than enthused.
“The FDA approvals of Mylan’s Glatiramer Acetate Injection 20 mg/mL and 40 mg/mL as AP-rated, substitutable generics for Copaxone® 20 mg/mL and 40 mg/mL, respectively, mark another significant milestone for our company, reinforce our proven capabilities in bringing complex and difficult-to-manufacture products to market, and further our commitment to providing access to high quality medicines,” said Mylan CEO Heather Bresch.
Disclaimer: We have no position in Teva Pharmaceutical Industries Ltd (ADR) ADR (NYSE: TEVA) nor Mylan NV (NASDAQ: MYL) and have not been compensated for this article.