Teva Boosts Guidance on Ulcer Drug Launch; Wyeth Says It Will Sue

Generic drug giant Teva Pharmaceutical (TEVA) boosted its 2007 EPS guidance to $2.34-$2.36, from a previous "higher end" of $2.20-$2.30. Teva said the improvement was due to its launch of a generic version of ulcer drug Pantoprazole Sodium Delayed Release Tablets in 20 and 40 mg doses, which are AB-rated to Wyeth's (WYE) erosive GERD treatment Protonix DR Tablets. The brand product had annual U.S. sales of about $2.5 billion, it said. The launch comes with a 180-day period of marketing exclusivity. Teva is in the midst of patent litigation with Wyeth and Altana over the product. Wyeth said Monday it will pursue damage claims for losses that occur from the Teva launch. "We believe our patent is valid and enforceable and that Teva will be required to compensate Wyeth for the substantial damages caused by Teva's violation of our patent rights," it said. Teva shares gained 3.7% in Tel Aviv trading.

Sources: Press release I, II, Reuters

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