TEVA - Teva Pharmaceutical Gets a Taste of Its Own Medicine As the FDA Approves a Generic of Its Asthma Drug
Teva Pharmaceutical (NYSE: TEVA), which is known for its generic-drug business but has some branded drugs as well, is getting a taste of its own medicine as the Food and Drug Administration approved a generic version of its asthma drug ProAir HFA, which was developed by Perrigo (NYSE: PRGO).
ProAir HFA is one of the most commonly used rescue inhalers in the U.S., with North America sales up 77% year over year to $80 million in the fourth quarter of last year, although the increase was due to higher sales reserves recorded in anticipation of generic competition. For the year, sales of the branded drug were down 31% as Teva launched an authorized generic of the drug in January 2019.
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