Teva's best-selling drug Copaxone will face generic competition next year, fully 18 months before the company had anticipated. That's gonna hurt. How much will it hurt? An Israeli publication thinks it has Teva's answer to that--a 42% cut to the drug's sizable profits.
Teva Pharmaceutical Industries took another shot at fending off early generic competition for its top-selling drug Copaxone. But the U.S. Supreme Court didn't cooperate. The court refused to stay a Federal Circuit ruling that would allow generic rivals onto the market next May, 18 months earlier than Teva had anticipated.
The dust hasn't settled after ex-CEO Jeremy Levin's quick-and-dirty departure from Teva Pharmaceutical Industries. In fact, the dust just keeps getting stirred up as more details emerge about the company's inner workings. Meanwhile, the company is trying to get the wagon train moving again by asking the U.S. Supreme Court to block generic versions of its top-selling multiple sclerosis drug, Copaxone.
In a way, the coming year isn't a big one for patent expirations. The total amount of sales jeopardized by patent expirations is $34 billion. That's more than the $28 billion this year, but...
Workers at a Teva Pharmaceutical Industries plant that makes the API for the company's blockbuster Copaxone have walked out, saying they are paid far less than workers at some other Teva plants.
Teva Pharmaceutical Industries is already in the middle of a big cost-cutting push. And it's about to get bigger. The Israel-based generics giant plans to lay off up to 5,000 people, or about 10% of its work force, in a bid to squeeze $2 billion out of annual costs by 2017.
CEO Jeremy Levin, in addressing a disappointing quarter, had to acknowledge Thursday that his plans may not play out as he had anticipated after a U.S. appeals court last week invalidated the patent on Copaxone.
A U.S. appeals court invalidated a patent protecting Copaxone till 2015--and that means Teva could face generic competition for its biggest drug next May.
For a long time, pharma companies have looked to large disease populations as the biggest potential revenue streams. But those days are long gone. That perception has shifted, especially with the prescription drug market stagnating in the U.S. and Europe. Orphan drugs--pharmaceutical treatments for rare diseases or disorders--have proven themselves as viable moneymakers, and the industry has taken note. Read the report >>
Teva Pharmaceutical Industries may be a generics behemoth, but its earnings this quarter bore a more-than-casual resemblance to Big Pharma's.