Needham & Company Maintains a 'Strong Buy' on Mylan (MYL); Chalk One Up in the PIV Win Column As Doryx Goes Generic
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Price: $15.86 --0%
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Strong Buy' on Mylan (NASDAQ: MYL) price target of $33.00.
Analyst, Elliot Wilbur, said, "MYL has announced the launch of the first generic Doryx 150mg, a $250.0MM dermatologic agent marketed by Warner Chilcott (Nasdaq: WCRX)(Hold) post receipt of a favorable outcome in the underlying patent litigation. The Doryx patent challenge turned out to be far more of a saga than originally anticipated, as MYL went from expected follow-on generic entrant to a potential shared exclusivity participant to then sole exclusivity position following Impax Labs’ (Nasdaq: IPXL)(Hold) inability to obtain approval within the required 30 months due to outstanding FDA cGMP issues."
"We assume that Warner Chilcott will counter with its own generic in some form or fashion, and assuming MYL captures 40-45% of the market at ~50% price discount, we estimate generic Doryx could contribute $45.0-50.0MM in 2012 sales and generate EPS of approximately $0.05. After setbacks on Amrix, Provigil and more recently the long shot Vytorin, the generic Doryx launch is a nice add to the PIV win column."
For an analyst ratings summary and ratings history on Mylan click here. For more ratings news on Mylan click here.
Shares of Mylan closed at $21.69 yesterday.
Analyst, Elliot Wilbur, said, "MYL has announced the launch of the first generic Doryx 150mg, a $250.0MM dermatologic agent marketed by Warner Chilcott (Nasdaq: WCRX)(Hold) post receipt of a favorable outcome in the underlying patent litigation. The Doryx patent challenge turned out to be far more of a saga than originally anticipated, as MYL went from expected follow-on generic entrant to a potential shared exclusivity participant to then sole exclusivity position following Impax Labs’ (Nasdaq: IPXL)(Hold) inability to obtain approval within the required 30 months due to outstanding FDA cGMP issues."
"We assume that Warner Chilcott will counter with its own generic in some form or fashion, and assuming MYL captures 40-45% of the market at ~50% price discount, we estimate generic Doryx could contribute $45.0-50.0MM in 2012 sales and generate EPS of approximately $0.05. After setbacks on Amrix, Provigil and more recently the long shot Vytorin, the generic Doryx launch is a nice add to the PIV win column."
For an analyst ratings summary and ratings history on Mylan click here. For more ratings news on Mylan click here.
Shares of Mylan closed at $21.69 yesterday.
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