Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) saw its shares make a small gain on Wednesday after the firm announced the exclusive launch of a generic version of Reyataz (atazanavir) capsules in the United States. Even though the gain from this announcement may not be great, it is a step in the right direction for this struggling pharmaceutical giant.
Brendan O’Grady, Executive Vice President, North America Commercial at Teva, commented:
The exclusive launch of our generic version of Reyataz marks our fifth generic product offering for the treatment of HIV-1 infection. Antiviral medications continue to be a focus for Teva Generics, and this is an important addition to our portfolio.
Teva has nearly 600 generic medicines available, and it has the largest portfolio of FDA-approved generic products on the market. It holds the leading position in first-to-file opportunities, with over 100 pending first-to-files in the United States. Currently, one in seven generic prescriptions dispensed in the country is filled with a Teva generic product.
Reyataz had annual U.S. sales of approximately $402 million, according to IMS data as of October 2017.
While the bump in the share price from this individual announcement is not especially significant, it is still counted as positive momentum for the shares. Year to date the stock is down roughly 48%. However, in just the past month alone the stock is up 38%.
This stock has been under fire for some time, and after shares seemingly bottomed around $11, a recovery seems to be underway.
Shares of Teva were last seen up about 0.4% at $19.00, with a consensus analyst price target of $18.30 and a 52-week range of $10.85 to $38.31.