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Feb. 13, 2018, 9:10 a.m. EST

Teva shares drop 3% after rival generic product approved and launched

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By Emma Court

Teva Pharmaceutical Industries Ltd. /zigman2/quotes/205657894/composite TEVA -1.61% shares dropped 3% in premarket trade Tuesday after Novartis AG's Sandoz /zigman2/quotes/203243705/composite NVS +0.38% announced that the 40 mg dose of Glatopa, its generic for Teva's popular multiple sclerosis medication Copaxone, has been approved and launched in the U.S. Glatopa was developed through a collaboration between Novartis and Momenta Pharmaceuticals , and the 20 mg dose was made available in mid-2015. Momenta shares surged 6.8% in premarket trade. The 40 mg dose was approved about six weeks earlier than expected, said Leerink Partners analyst Ami Fadia, noting that Teva expected a launch as early as April. Teva shares have surged 64% over the last three months, while Novartis shares have risen 1.6% and Momenta shares have surged 26.4%, compared with a 2.8% rise in the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.04% .

/zigman2/quotes/205657894/composite
US : U.S.: NYSE
$ 10.40
-0.17 -1.61%
Volume: 6.72M
June 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$11.73 billion
Rev. per Employee
$422,386
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/zigman2/quotes/203243705/composite
US : U.S.: NYSE
$ 94.15
+0.36 +0.38%
Volume: 2.28M
June 17, 2021 4:00p
P/E Ratio
26.99
Dividend Yield
2.21%
Market Cap
$213.85 billion
Rev. per Employee
$462,686
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/zigman2/quotes/210599714/realtime
US : S&P US
4,221.86
-1.84 -0.04%
Volume: 2.58B
June 17, 2021 5:15p
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