Amgen Wins Reprieve on Its 2nd-Best-Selling Drug
The "composition of matter" patent protecting Amgen Inc.'s (NASDAQ: AMGN) white-blood-cell-boosting drug Neulasta from competition has already expired. That may mean it's only a matter of time before generic drug companies, including Mylan (NASDAQ: MYL), win FDA approval of biosimilar copycats.
Unfortunately for Mylan, news of a Food and Drug Administration (FDA) rejection for its Neulasta biosimilar may mean it has to wait a while longer before it can begin wrestling away Neulasta's market share.
The risk of biosimilars carving away at Neulasta's sales shouldn't be underestimated. Amgen gets more than 20% of its sales from Neulasta, and last quarter, its global sales were over $1.1 billion.
Source: Fool.com
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