Teva’s generic Protonix accounts for 68% of new scripts
February 12, 2008
Teva Pharmaceutical Industries said on Tuesday that its generic version of Wyeth’s Protonix heartburn drug has obtained 68 percent of new prescriptions in the United States.
“In less then five weeks since its launch our share is 68 percent,” President and Chief Executive Shlomo Yanai told a news conference held after publication of its fourth quarter results.
Fourth-quarter profit jumped 24 percent after it flooded the U.S. market with Pantoprazole.
Net income rose to $570 million, or 69 cents a share, from $460 million, or 56 cents a share from last year.
Teva is challenging more U.S. brand-name pharmaceutical companies than competing generic-drug makers, and is willing to risk selling products before the patents expire, according to Goldman Sachs analysts. The drugmaker used this “at risk” strategy when it released Protonix in December and a version of Novartis AG’s Lotrel heart medicine in May.
Protonix was the reason full-year earnings per share of $2.38 beat the company forecast of as much as $2.36, Chief Financial Officer Dan Suesskind said at a press conference in Tel Aviv. Teva has the right to 180 days of exclusive sales.
Article Via Bloomberg, Reuters.
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