Sun's sales in the U.S. were up 28%, and it posted a profit of $204.8 million for the quarter--that is, before that one thing with Pfizer. Of course, that one thing was a 25.2 billion rupee payment ($415 million) that it made to Pfizer and Takeda as part of its share of a $2.15 billion settlement it and Teva Pharmaceutical Industries reached with the two.
Will Pfizer's big patent win against Teva Pharmaceutical Industries and India's Sun Pharma on Protonix discourage more "at-risk" drug launches of generics in the U.S.?
When Teva Pharmaceutical Industries launched a generic version of Protonix in 2007 before its patent expiration, it set aside $670 million to compensate Pfizer for lost profits on the drug. But with a settlement announced today, the company is finding itself $1.6 billion short.
Turns out, Teva Pharmaceutical Industries' ($TEVA) at-risk launch of copycat Protonix was really, really risky. The company now says it's looking at up to $2 billion in legal losses, to compensate Pfizer ($PFE) for lost profits on the drug.
Another marketing settlement has been wrung out of a Big Pharma player, with Pfizer ($PFE) this time paying $55 million and change to clear up a problem it acquired.
Pfizer ($PFE) has racked up a trifecta of legal deals, from a $55 million Protonix settlement with the feds to a $491 million Rapamune marketing deal that involves a misdemeanor guilty plea. Sandwiched in the middle: A $67.5 million deal to wrap up a class-action lawsuit filed by former Wyeth shareholders, who claimed they were misled about the risks of its antidepressant Pristiq.
Sun Pharmaceuticals ' at-risk launch of generic Protonix may prove to have been risky indeed. Pfizer's ($PFE) Wyeth unit slapped the Indian drugmaker with a $960 million damages claim, alleging Sun's
Public Citizen is petitioning the FDA for a "black box" warning on common stomach acid drugs such as AstraZeneca's ($AZN) Nexium and Prilosec and Pfizer's ($PFE) Protonix. The consumer watchdog group
Pfizer ($PFE) is negotiating with the U.S. government to settle claims that it overcharged Medicaid for the stomach drug Protonix, Pharmalot reports, citing legal documents filed in a Boston federal
Nycomed execs are following their Big Pharma brethren in promising big growth in emerging markets. They're also echoing the bigger drugmakers with laments about losing sales to new generic