FDA Approves Teva's Migraine Drug Ajovy

Date : 09/14/2018 @ 8:14PM
Source : Dow Jones News
Stock : Teva Pharmaceutical Industries Limited American Depositary Shares (TEVA)
Quote : 24.6801  0.2201 (0.90%) @ 2:03PM

FDA Approves Teva's Migraine Drug Ajovy

Teva Pharmaceutical Industries Limited American Depositary Shares (NYSE:TEVA)
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   By Maria Armental 
 

Teva Pharmaceutical Industries Ltd.'s (TEVA, TEVA.TV) migraine drug Ajovy has been approved for sale in the U.S., the latest in a new class of specially targeted drugs.

Ajovy should be available in about two weeks, Teva said, and its wholesale-acquisition cost--an industry term for the price drug companies charge wholesalers--will be about $575 for a 225 mg monthly dose and $1,725 for a 675 mg quarterly dose.

The most common adverse reactions in clinical trials were injection-site reactions, the company said.

Amgen Inc. and Novartis AG's Aimovig was approved in May with a list price of $6,900 a year.

Teva, the world's biggest seller of generic drugs, had been counting on the approval of fremanezumab to boost sales.

"The way we recover is Ajovy," Chief Executive Kåre Schultz said last month, using the brand name for fremanezumab.

The Israeli drugmaker reported a 14% revenue decline for the first half of the year, which the company has attributed in part to continued pricing pressure in its U.S. generics business and generic competition to multiple-sclerosis drug Copaxone.

Shares, which have outperformed the market with a 21% gain this year, rose 5% to $24.09 in after-hours trading.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

September 14, 2018 19:59 ET (23:59 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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