Shares of Teva Pharmaceutical Industries (NYSE:TEVA) on Tuesday the launch of the first and only generic version of Sandostatin LAR Depot (octreotide acetate for injectable suspension) in the U.S.
Teva's new generic drug is used to treat acromegaly—a condition characterized by excessive growth hormone—and severe diarrhea in patients with carcinoid syndrome, a complication of certain cancers. With annual sales of $826 million for the brand-name version of Sandostatin LAR Depot as of July 2024, the new generic option is expected to provide more affordable treatment to patients.
Ernie Richardsen, SVP of U.S. Commercial Generics at Teva, expressed optimism about the launch, stating, "This first-to-market launch showcases Teva’s expertise in bringing complex generics to market. We are not only sustaining a generics powerhouse but also bringing value to patients and healthcare systems."
What Else: Iran’s missile attack on Teva’s home country of Israel may have also be impacting the stock today.
TEVA Price Action: Teva shares were down by 2.6% at $254.81 according to Benzinga Pro.
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