Needham & Company Maintains a 'Buy' on Warner Chilcott (WCRX); Loses Appeal

Needham & Company maintains a 'Buy' on Warner Chilcott (NASDAQ: WCRX) price target of $20.00.

Analyst, Elliot Wilbur, said, "The U.S. Court of Appeals for the Federal Circuit has issued a ruling in WCRX’s appeal of a New Jersey district court affirming that court’s finding that generic versions of Doryx, a legacy key WCRX branded dermatology asset which had been generating sales north of $200.0MM, manufactured by Mylan (NYSE: MYL)(Strong Buy) and Impax (Nasdaq: IPXL)(Hold) do not infringe WCRX’s covering patents. Decision effectively keeps in place current status quo on Doryx with MYL remaining the sole generic entrant in the Doryx 150mg market. IPXL has yet to enter the market as its ANDA is held up buy unresolved FDA cGMP issues. Appellate decision also denies damages to generics and upholds validity of key challenged patent though this outcome will largely be moot once a second entrant emerges."

For an analyst ratings summary and ratings history on Warner Chilcott click here. For more ratings news on Warner Chilcott click here.

Shares of Warner Chilcott closed at $12.86 yesterday.

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