Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) announced that the United States District Court for the District of Delaware has ruled in the Company’s favor in patent litigation involving Teva’s abbreviated new drug application (ANDA) directed to a generic version of Valeant’s Uceris® (budesonide ER) tablets. At trial in May, the Court found that Plaintiffs did not meet the threshold to establish infringement, and the Court has now issued its written decision confirming that Teva’s ANDA product does not infringe the asserted patent.
“We are pleased to have another legal win on one of our first-to-file PIV patent challenges brought in through the Actavis Generics acquisition.” said Dipankar Bhattacharjee, President and CEO, Global Generic Medicines, Teva. “This presents another first generic opportunity for Teva and we look forward to offering this product to our customers when otherwise able to.”
Based on available information, Teva believes it is a “first applicant” to file an ANDA for the generic version of Uceris®. Should its ANDA be approved, Teva may be entitled to 180 days of generic market exclusivity.
Uceris® had annual sales of approximately $191 million in the U.S., according to IMS data as of September 2017.
With nearly 600 generic medicines available, Teva has the largest portfolio of FDA-approved generic products on the market. Teva has over 300 product registrations pending FDA approval and holds the leading position in first-to-file opportunities, with over 100 pending first-to-files in the U.S. Currently, one in seven generic prescriptions dispensed in the U.S. is filled with a Teva generic product.
Shares of Teva are currently trading at $13.67, up $0.12 or 0.89%. TEVA has a 1-year high of $44.13 and a 1-year low of $13.26. The stock’s 50-day moving average is $16.26 and its 200-day moving average is $24.62.
On the ratings front, Teva stock has been the subject of a number of recent research reports. In a report released yesterday, RBC analyst Randall Stanicky reiterated a Sell rating on TEVA, with a price target of $13, which implies a downside of 6% from current levels. Separately, Mizuho’s Irina Rivkind Koffler reiterated a Hold rating on the stock and has a price target of $15.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Randall Stanicky and Irina Rivkind Koffler have a yearly average loss of -15.5% and a return of 13.5% respectively. Stanicky has a success rate of 22% and is ranked #4648 out of 4699 analysts, while Koffler has a success rate of 49% and is ranked #294.
Sentiment on the street is mostly neutral on TEVA stock. Out of 20 analysts who cover the stock, 14 suggest a Hold rating , 3 suggest a Sell and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $21.12, which represents a potential upside of 52% from where the stock is currently trading.
Teva is a global pharmaceutical company, which provides patient-centric healthcare solutions. It operates through two segments: Generic Medicines and Specialty Medicines. The Generic Medicines segment includes chemical and therapeutic equivalents of originator medicines in a variety of dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments and creams. The Specialty Medicine segment engages in the provision of core therapeutic areas of central nervous system medicines.