Teva to launch new generic drug in US
Israel-based pharmaceutical giant eligible for 180 days of marketing exclusivity for generic equivalent to Niaspan tablets, which help reduce blood cholesterol levels
Israel-based
pharmaceutical giant Teva
has announced the launch of the generic equivalent to Niaspan tablets in the United States.
The tablets help reduce elevated "bad" cholesterol (LDL) and increase "good" cholesterol (HDL) in patients with primary hyperlipidemia and mixed dyslipidemia. They perform an extended release of the active ingredient.
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The approval given to Teva by the Food and Drug Administration (FDA) is for 500, 750, and 1,000 mg.
Niaspan is marketed by AbbVie and used with diet. Teva was first to file for a generic equivalent for the medication, making the product eligible for 180 days of marketing exclusivity.
Niaspan had annual sales of approximately $1.12 billion in the United States, and so Teva's generic version is considered one of its major launches in recent years.
Teva is still failing to deliver an impressive return for investors. Since the beginning of the year, the company's share has gone up by only 0.8%.
Teva concluded the second quarter of 2013 with revenues of $4.9 billion, a 15% drop from the same quarter last year.
The quarterly non-GAAP (generally accepted accounting principles) operating income totaled $1.3 billion, down 9% from the same quarter last year.
Teva's net profit amounted to some $1 billion compared to $1.1 billion in the second quarter of 2012.
