Mylan Inc. (MYL) has launched a generic version of Pfizer Inc.'s
(PFE) blockbuster cholesterol Lipitor after receiving approval from
the U.S. Food and Drug Administration.
The generic drug-maker will market the widely-prescribed drug as
Atorvastatin Calcium Tablets, in 10 miligrams, 20 miligrams, 40
miligrams and 80 miligrams.
Lipitor had U.S. sales of $8.1 billion for the 12 months ended
March 31, the company said, citing IMS Health.
Mylan has seen its top line grow in recent quarters as a shaky
economy drove customers to low-cost health options, though
litigation and restructuring costs have pressured earnings. The
company has 171 abbreviated new drug applications pending with U.S.
regulators, representing $84 billion in annual sales.
Pfizer, by contrast, has seen its earnings slump 19% in the
first full quarter since losing market exclusivity on Lipitor last
year. Watson Pharmaceuticals Inc. (WPI) is also selling a generic
version of the drug.
Mylan shares were up 19 cents to $21.82 in recent trading. The
stock is up 1.7% so far this year.
-By Kristin Jones, Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com