Teva (TEVA) Launches First Generic Version of Mylan's EpiPen
Teva Pharmaceutical Industries TEVA announced the limited launch of the generic version of Mylan’s MYL EpiPen (epinephrine) auto-injector of 0.3 mg for severe allergy treatment in the United States.
It also stated that it will launch the generic version of lower dose EpiPen Jr (0.15mg) and bring in additional supply of generic EpiPen in 2019. Please note that the FDA had approved Teva’s generic versions for both doses of EpiPen earlier in August to treat life-threatening allergic reactions like anaphylaxis in adults and children.
Teva has priced the generic EpiPen at $300, on par with Mylan’s authorized generic version of its own branded product. Teva has a license, development and supply agreement with Antares Pharma, Inc. ATRS per which the latter is responsible for the supply of EpiPen and Teva will commercialize and distribute it.
Teva’s shares have risen 15.1% this year so far against the industry’s decrease of 10%.
Although Teva’s product is the first true generic rival of EpiPen approved by the FDA, there are other cheaper FDA-approved branded alternatives, Auvi-Q and Adrenaclick, available in the market. Moreover in July 2018, Adamis Pharmaceuticals Corporation ADMP signed a Distribution and Commercialization agreement with Sandoz, the generic arm of Novartis, for marketing Adamis’ FDA-approved low cost pre-filled epinephrine syringe called Symjepi. However, the product is yet to be launched.
Teva is facing significant challenges in the form of accelerated generic competition for its key multiple sclerosis injection, Copaxone, new competition for branded products, pricing erosion in the U.S. generics business, lower-than-expected contribution from generic launches and a massive debt load. The launch of generic EpiPen is likely to help Teva offset a few challenges. However, the impact is expected to be visible after the full launch anticipated next year.
Moreover, a similar price tag with Mylan’s authorized generic and supply constraints being faced by Mylan forEpiPen are likely to help Teva capture a significant market share.
Teva Pharmaceutical Industries Ltd. Price
Teva Pharmaceutical Industries Ltd. Price | Teva Pharmaceutical Industries Ltd. Quote
Zacks Rank
Teva currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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