Teva reports strong Q2 results
JERUSALEM The world’s largest generic drug maker experienced large gains in its business, according to a second quarter 2009 earnings release.
Teva announced Tuesday that it had net sales of $3.4 billion, a 20% increase over second quarter 2008. Non-GAAP net income increased by 25%, to $742 million, during the same period. Copaxone (glatiramer acetate), a branded multiple sclerosis drug made by the company, had global in-market sales of $682 million, a 21% increase over second quarter 2008.
“This was another great quarter for Teva, with record-breaking financial results,” Teva president and CEO Shlomo Yanai said in a statement. “This was also an exciting quarter in terms of strategic achievements, as the Barr integration continues to run ahead of schedule, and we are realizing more synergies more quickly than we had initially forecast.”
Taro files patent infringement suit against three companies
HAWTHORNE, N.Y. An Israeli generic drug maker has sued three other companies, alleging patent infringement.
Taro Pharmaceutical Industries announced Monday that it had filed suit in the U.S. District Court for the District of New Jersey against Synerx Pharma, DPT Labs and Karalex Pharma, alleging infringement of U.S. Patent No. 7,560,445. The patent covers Taro’s Ovide (malathion) lotion in the 0.5% strength, a treatment for head lice.
Taro said the defendants’ generic versions of the drug infringed its patent, and it’s seeking injunctive relief and damages.
News article calls Mylan’s quality control into question; company responds
PITTSBURGH A news article published over the weekend calling generic drug maker Mylan’s manufacturing into question has drawn a response from the company.
The Pittsburgh Post-Gazette reported Sunday that workers at the company’s Morgantown, W.Va., plant overrode drug quality controls required by the government by ignoring and deleting computer warnings of possible drug quality or equipment problems, based on a confidential internal report obtained by the newspaper’s reporters that called it a “pervasive” problem. Normally the warnings, known as “red screens,” require production to halt until a quality-control agent can investigate the matter.
The company responded by saying in a statement Monday that the Post-Gazette article was based on anonymous sources, improperly obtained documents and third-party commentary.
“Our customers and stakeholders can rest assured that whenever there is even the slightest departure from [a standard operating procedure], it will be dealt with immediately and effectively,” the company said in a statement. “This issue had no impact on the quality of our product.”