Ahead of the Bell: Teva Pharmaceutical |
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Mon, 21 May 2007 13:54
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NEW YORK (AP) - Israeli drug maker Teva Pharmaceutical Industries Ltd. said Sunday it launched a generic version of Novartis AG's high blood pressure drug Lotrel, but a federal court issued a temporary restraining order blocking it.Teva said the Food and Drug Administration granted it final approval on Friday to sell four doses of tablets combining amlodipine besylate and benazepril, the active ingredients in Lotrel. Teva launched the product soon after the approval, activating its 180-day period of generic marketing exclusivity for the product.On Saturday, however, the United States District Court for the District of New Jersey blocked the sale of the drug under a temporary restraining order in connection with Novartis' patent lawsuit against Teva. A hearing on the temporary restraining order is scheduled for Monday morning.In its most recent quarter, Novartis reported $353 million in U.S. sales of Lotrel out of total revenue of $9.82 billion.A preliminary injunction hearing is set to take place in July and no trial date has been set.Morgan Stanley analyst Louise Chen estimates generic Lotrel can bring Teva 10 cents per share in earnings and $171 million in sales in 2007, while Goldman Sachs' Randall Stanicky sees an earnings bump of 10 cents to 12 cents per share on sales of $200 million.Chen said it is important for Teva to resolve the litigation quickly, with its 180-day exclusivity clock ticking, and did not rule out the possibility of a settlement with Novartis.American Depositary Shares of Teva fell 4 cents to $40 in electronic premarket activity.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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