Generics drugmaker Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA) has disclosed that it is launching an Aloxi generic in the U.S. The drug is used in preventing vomiting and nausea in adults and which may come about from cancer chemotherapy. According to data provided by IMS, the sales of Aloxi last year in the United States amounted to $459 million.
“The shared-exclusive launch of palonosetron HCI injection marks the eleventh injectable launch over the past year for our generics business. More importantly, we can now provide an affordable treatment option for cancer patients faced with challenging post-chemotherapy side effects,” Teva Executive Vice President, Brendan O’Grady, said.
Biggest generic portfolio
In the recent past Teva has been making investments in generic products that are newer and of higher value in order to strengthen its global business. Currently the portfolio of Teva consists of close to 600 generic medicines and this is the biggest portfolio to have received the approval of the U.S. Food and Drug Administration. At the moment one in seven prescriptions for generics is a Teva product.
This comes in the wake of analysts saying that Fremanezumab, a migraine drug manufactured might be delayed until mid-next year since the current circumstances surrounding the drug are unlikely to allow for the FDA to give its approval. Last month the chief executive officer of Teva, Kare Schultz, had announced a potential delay of the migraine drug.
The potential delay was attributed to a couple of problems at a plant in Celltrion where the active ingredient is to be made. The Food and Drug Administration had already issued warnings to Celltrion and among the issues cited include the fill/finish operations of the plant. Teva has however said that it will obtain the main ingredient from another supplier.
However analysts are of the view that it is not possible to switch suppliers in the near-term. This leaves Teva with no option but to ensure that the problems at Celltrion plant re resolved. According to Schultz resolving the issues at the plant could between half a year to one and a half years.
On Friday shares of Teva Pharmaceutical Industries fell by 2.37% to close the day at $16.91 per share.