| ||Israel to conquer quarter of US market with generic EpiPen
After a several-year delay, Teva received U.S. approval for its EpiPen in August 2018.
Teva Pharmaceutical Industries has projected that its generic version of the Mylan EpiPen will capture about one-quarter of the U.S. market by the end of 2019, announced CEO Kare Schultz on Tuesday.
“When the device’s approval was announced last year, analysts suggested it could add $250 million to Teva’s annual revenue and 4-6 cents per share in earnings, providing a welcome lift for a company that has fired thousands of employees and worked to reduce its debt load to $27 billion from $35 billion,” reported Reuters.
The EpiPen, short for epinephrine auto-injector, is a medical device that injects doses of adrenaline for those who have severe allergies.
Mylan, which was subjected to backlash for drastically increasing the price of its EpiPen a few years ago, also manufactures a generic version of the device that, like Teva’s, costs around $300.
The U.S. EpiPen market is valued at around $750 million annually.
After a several-year delay, Teva received U.S. approval for its EpiPen in August, but Schultz said more “validations” were mandated by the U.S. Food and Drug Administration, which it has completed.