Pharmaceutical firm Mylan Inc. (MYL: Quote) Monday said it is 'disappointed' on an unfavorable ruling by the Southern District of New York in relation to Teva Pharmaceutical Industries Ltd.'s (TEVA: Quote) patent infringement lawsuit against Mylan. The court has rejected claims by Mylan, Momenta and Sandoz that the patents are invalid. The verdict also prevented approval and sales of proposed generic version of Teva's relapsing-remitting multiple sclerosis or RRMS product Copaxone in the U.S.
Teva Pharmaceutical shares rose about 8 percent in the pre-market trading following the ruling.
Heather Bresch, CEO of Mylan stated, "Although Mylan is disappointed in the Court's decision, and while we have not yet had the opportunity to review the Court's opinion, we fully intend to evaluate our options for an appeal once the Court's full opinion becomes available."
Teva had filed lawsuit against Momenta Pharmaceuticals/Sandoz and Mylan Laboratories /Natco Pharmaceuticals for infringement of multiple patents covering the chemical composition of Copaxone methods of using the product and processes for manufacturing the product. The court's decision covers several patents, the last of which expires on September 1, 2015.
On Saturday, Teva announced that it received a favorable court ruling in its patent infringement lawsuit related to Copaxone. Teva also believes that the defendants would be enjoined from selling their products until the process patent expires on September 1, 2015.
In a statement, Mylan said Monday that its earnings guidance for 2012 and earnings targets for 2013 remain unchanged, as they are not reliant on the launch of the generic Copaxone.
Last month, Mylan raised its adjusted earnings per share outlook for 2012 to the range of $2.45 to $2.55 from the prior range of $2.30 to $2.50 per share. The company's guidance range for 2012 revenue is $6.8 billion to $7.2 billion, representing 14 percent annual growth at the midpoint of the range.
For 2013, Mylan targets $2.75 of adjusted earnings per share, representing annual growth of 15 percent from the midpoint of its 2012 range and sees revenues of $7.5 billion.
MYL closed Friday's regular trading at $21.23 on the Nasdaq.
Teva shares ended on Friday at $38.01 on the NYSE. In the pre-market activity, the shares are up 7.34 percent.
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by RTT Staff Writer
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