Diovan is an important drug because it is indicated for the treatment of hypertension to lower blood pressure. Its annual sales also exceeded $2 billion. This may sound like a first, but Ranbaxy of India received FDA approval in 2014 to market its generic version of Diovan.
Apart from this generic version of Diovan, Mylan has 284 abbreviated new drug applications (ANDAs) pending FDA approval, which represent $109.2 billion in annual brand sales, according to IMS Health. Out of the pending ANDAs, 44 are potential first-to-file opportunities.
Mylan is a global pharmaceutical company that offers a growing portfolio of over 1,300 generic pharmaceuticals and several brand medications. The company also offers a range of antiretroviral therapies, upon which approximately 40% of HIV/AIDS patients in developing countries depend. Currently, Mylan markets its products in roughly 140 countries and territories with a workforce of over 25,000 people.
Shares of Mylan were down 1% at $55.76 in the last two hours of trading Monday. The stock has a consensus analyst price target of $59.75 and a 52-week trading range of $41.97 to $59.60.
Shares of Novartis did not seem to react to Mylan’s announcement and are up less than 1% at $92.45 in afternoon trading. Something else to note is that Novartis has a market cap of $223 billion, compared to Mylan’s market cap of $21 billion. Novartis has a consensus analyst price target of $100.87 and a 52-week trading range of $77.90 to $96.97.
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