Mylan Launches Generic Drugs - Analyst Blog
May 17 2011 - 7:15AM
Zacks
MylanInc. (MYL) recently
launched its generic version of Ista Pharmaceuticals
Inc’s (ISTA) Xibrom ophthalmic solution, used for the
treatment of inflammation in patients who have undergone a cataract
extraction operation. The generic has been launched under a
development and supply agreement with Coastal Pharmaceuticals. The
branded product recorded sales of $116 million in US for the twelve
months ending on March 31, 2011.
Mylan also recently announced launches of generic versions of
Cephalon’s (CEPH) Amrix which is a muscle relaxant
and Johnson & Johnson’s (JNJ) Risperdal which
is used for the treatment of schizophrenia.
As of May 16, 2011, the company had 169 abbreviated new drug
applications (ANDAs) pending US Food and Drug Administration (FDA)
approval targeting $100.7 billion in branded sales. Mylan believes
that about 45 of the pending ANDAs are first-to-file opportunities
representing more than $25.8 billion in branded sales.
Our Recommendation
We currently have a Neutral recommendation on Mylan. The shares
carry a Zacks #3 Rank (short-term Hold rating). Mylan is one of the
leading players in the US generics market. The company holds
immense potential as many blockbuster drugs are slated to lose
patent exclusivity in the forthcoming period. We are encouraged by
Mylan’s robust generic product pipeline. However, competition in
the generic segment is strong with players like Teva
Pharmaceuticals (TEVA), Watson Pharma
(WPI), Par Pharmaceuticals (PRX) and Sandoz - the
generics arm of Novartis (NVS) - in the field. We
also remain concerned about the lack of growth in the European
generics business. We intend to remain watchful until we get better
visibility on top-line growth prospects in Europe.
CEPHALON INC (CEPH): Free Stock Analysis Report
ISTA PHARMA INC (ISTA): Free Stock Analysis Report
JOHNSON & JOHNS (JNJ): Free Stock Analysis Report
MYLAN INC (MYL): Free Stock Analysis Report
NOVARTIS AG-ADR (NVS): Free Stock Analysis Report
PAR PHARMA COS (PRX): Free Stock Analysis Report
TEVA PHARM ADR (TEVA): Free Stock Analysis Report
WATSON PHARMA (WPI): Free Stock Analysis Report
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