UPDATE: Mylan's surprise generic win sends Teva, Momenta shares plunging
By Emma Court
Copaxone brought in $4 billion last year for Teva
Mylan NV shares surged 18% in extremely heavy Wednesday trade on news that two dose levels of the company's generic of multiple sclerosis drug Copaxone had been approved.
The announcement came as much as a year ahead of Wall Street expectations and even, seemingly, Mylan's (MYL) : The drugmaker said in August (http://www.marketwatch.com/story/teva-shares-surge-22-after-mylan-says-it-will-delay-generic-copaxone-launch-to-2018-2017-08-09) that it would defer the generic Copaxone launch to next year's financial guidance.
Shares of Teva Pharmaceutical Industries Ltd. (TEVA) , Copaxone's maker, plummeted 12% on Wednesday. Shares of Momenta Pharmaceuticals Inc. (MNTA) , which makes a lower-dose generic Copaxone and has had delays (http://www.marketwatch.com/story/momenta-pharma-shares-halted-as-drug-application-hits-speed-bump-2017-02-17) in getting approval for the higher dose, dropped 17%.
Mylan's approval of both levels of generic Copaxone are a "big win for them (and to be honest, most observers -- including myself -- had written off any generic Copaxone approvals till 2018," said Evercore ISI analyst Umer Raffat.
See: Mylan says it will delay generic Copaxone launch to 2018 (http://www.marketwatch.com/story/teva-shares-surge-22-after-mylan-says-it-will-delay-generic-copaxone-launch-to-2018-2017-08-09)
Copaxone is a specialty medication used to help prevent relapses in multiple sclerosis patients. MS is a neurological disease that, though it affects individuals in different ways, can be debilitating. Most of the about 400,000 people in the U.S. diagnosed with MS have relapsing MS.