Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) today announced the US launch of its generic equivalents to Valeant’s (NYSE:VRX) 30-year-old drug, Syprine (trientine hydrochloride), used to treat Wilson’s Disease. Valeant bought the rights to Syprine in 2010 and raised the price by more than 3000%.
Trientine hydrochloride had annual sales of approximately $155 million in the U.S. according to IMS data as of November 2017.
“The launch of trientine hydrochloride capsules illustrates Teva’s commitment to serving patient populations in need—whether it’s a medicine that could be taken by millions of individuals, or one focused on a rare condition disorder like Wilson’s disease,” said Brendan O’Grady, Executive Vice President and Head of North America Commercial at Teva.
“Trientine hydrochloride capsules were included on the FDA’s recent publication of a list of off-patent, off-exclusivity branded drugs without approved generics,” said Hafrun Fridriksdottir, Executive Vice President, Global R&D, Teva. “Teva filed our ANDA more than two years ago and we are pleased that the FDA has now approved our applications and we are able to offer a lower-cost generic alternative to patients. We look forward to working closely with the FDA on their review of our many other generic applications.”
Shares of Teva Pharmaceutical are currently trading at $18.07, down $0.57 or -3.06%. TEVA has a 1-year high of $37.94 and a 1-year low of $10.85. The stock’s 50-day moving average is $20.18 and its 200-day moving average is $17.76.
On the ratings front, Teva stock has been the subject of a number of recent research reports. In a report released today, RBC analyst Randall Stanicky upgraded TEVA to Hold, with a price target of $18, which represents a slight downside potential from current levels. On the other hand, Piper Jaffray’s David Amsellem downgraded the stock today to Sell.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Randall Stanicky and David Amsellem have a yearly average loss of -12% and -4.4% respectively. Stanicky has a success rate of 29% and is ranked #4637 out of 4722 analysts, while Amsellem has a success rate of 42% and is ranked #4439.
Sentiment on the street is mostly neutral on TEVA stock. Out of 21 analysts who cover the stock, 12 suggest a Hold rating, 5 suggest a Sell and 4 recommend to Buy the stock. The 12-month average price target assigned to the stock is $19.46, which represents a slight upside potential from current levels.