Perrigo Files for Generic Astepro - Analyst Blog
January 30 2012 - 10:00AM
Zacks
Perrigo Company (PRGO) recently announced that
it has filed an application to manufacture a generic version of
Meda Pharmaceuticals’ Astepro nasal spray to treat nasal symptoms
caused by seasonal allergies or environmental irritants. Meda has
filed a suit accusing that the abbreviated new drug application
(ANDA) infringes its patent for the nasal spray. Perrigo’s partner
for the generic is Impax Laboratories, Inc (IPXL)
on an equal cost and profit sharing basis.
Earlier this month, Perrigo won a summary judgment in the patent
case involving the generic version of Adams Respiratory
Therapeutics’ drug Mucinex. Adams Respiratory Therapeutics is
a subsidiary of Reckitt Benckiser Group. Perrigo had received
approval for its generic version of Mucinex in December 2011. It
plans to launch the drug soon. Mucinex indicated to relieve chest
congestion has been identified as one of the important product
launches for the company in fiscal 2012.
Our Recommendation
We currently have a Neutral recommendation on Perrigo. The stock
carries a Zacks #3 Rank (short-term “Hold” rating).
We believe Perrigo has a sustainable and diversified product
portfolio. Besides, Perrigo’s strong position in the brand
over-the-counter (OTC) pharmaceutical market and growing generics
and active pharmaceuticals ingredient (API) businesses can help it
deliver solid top- and bottom-line growth in the coming years.
Perrigo also has a very strong and impressive pipeline which could
drive growth in fiscal 2012 and beyond. We are, however, concerned
about the competitive pressures faced by the Consumer HealthCare
(CHC) segment which accounts for a majority of the company’s
revenues.
IMPAX LABORATRS (IPXL): Free Stock Analysis Report
PERRIGO COMPANY (PRGO): Free Stock Analysis Report
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