PARSIPPANY, N.J. - Teva Pharmaceuticals, Inc., a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA), today announced the release of an authorized generic version of Victoza® (liraglutide injection 1.8mg) in the United States, marking the introduction of the first generic Glucagon-like peptide-1 (GLP-1) receptor agonist to the market.
The generic liraglutide injection is indicated for improving blood sugar control in adults and pediatric patients aged 10 years and older with type 2 diabetes mellitus, as well as reducing the risk of cardiovascular events in adults with type 2 diabetes and established cardiovascular disease. The medication is not recommended for type 1 diabetes or for those with a personal or family history of medullary thyroid carcinoma or Multiple Endocrine Neoplasia syndrome type 2.
Ernie Richardsen, SVP, Head of U.S. Commercial Generics at Teva, stated that the launch supports the company's commitment to its complex generic medicine portfolio and provides a new option for patients managing type 2 diabetes.
Victoza® had reported annual sales of $1.656 billion as of April 2024, according to IQVIA data. The introduction of a generic counterpart may offer a more affordable alternative for patients and healthcare providers.
Liraglutide injection carries a boxed warning for the potential risk of thyroid C-cell tumors. Patients are advised to consult their healthcare providers if they experience symptoms such as a lump or swelling in the neck, hoarseness, or difficulty swallowing. Other possible side effects include pancreatitis, hypoglycemia, kidney failure, serious allergic reactions, and gallbladder issues.
Teva Pharmaceutical Industries Ltd. is a global company with a diverse portfolio that includes generic, innovative, and biosimilar medicines. The company emphasizes its generics expertise while continuing to invest in the development of new pharmaceutical products.
This news is based on a press release statement from Teva Pharmaceutical Industries Limited.
In other recent news, Teva Pharmaceuticals is at the center of multiple significant developments. The company has initiated an antitrust lawsuit against Corcept Therapeutics (NASDAQ:CORT), alleging a monopoly over the Korlym market, a treatment for Cushing's syndrome. Teva accuses Corcept and Optime Care of blocking competition, leading to inflated prices for Korlym.
On the financial front, Piper Sandler has maintained an Overweight rating on Teva shares, expressing optimism based on positive views on TEV-749, Teva's long-acting antipsychotic medication. Barclays (LON:BARC) has also reiterated an Overweight rating on Teva shares, anticipating at least a $50 million increase in the company's top-line revenue due to the performance of Simlandi.
Furthermore, Teva is implicated in the opioid crisis settlements, which now exceed $46 billion. The settlements are the result of lawsuits accusing pharmaceutical manufacturers, including Teva, of contributing to the opioid addiction epidemic.
In other company news, Teva has appointed Matthew Shields as the Executive Vice President of Teva Global Operations. Shields brings over 25 years of experience in the biopharmaceutical and animal health industries to his new role at Teva. These are just a few of the recent developments involving Teva Pharmaceuticals.
InvestingPro Insights
In light of Teva's recent introduction of a generic version of Victoza®, the company's financial health and market performance are of particular interest to investors. According to real-time data from InvestingPro, Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) has a market capitalization of $19.1 billion and a price-to-earnings (P/E) ratio of -39.68, indicating that investors have had negative earnings expectations. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio stands at a more favorable 16.92. This suggests an improved earnings outlook over the past year.
InvestingPro Tips for Teva highlight a mix of challenges and opportunities. Analysts have noted that net income is expected to grow this year, which aligns with the company's strategic focus on its complex generic medicine portfolio, including the newly released generic liraglutide injection. On the other hand, three analysts have revised their earnings estimates downwards for the upcoming period, reflecting some caution in the market. Additionally, Teva is recognized as a prominent player in the Pharmaceuticals industry, which may bolster investor confidence in its long-term market position.
From a performance standpoint, Teva has seen a robust return over the last three months, with a 22.1% price total return, and is currently trading near its 52-week high, with the price being 95.08% of the 52-week high. These metrics suggest that the market has responded positively to Teva's recent activities and may continue to do so as the company capitalizes on opportunities like the generic liraglutide injection.
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