Teva Shares Surge 2.2% After Mylan Says It Will Delay Generic Copaxone Launch To 2018

By Emma CourtMarketsMarketWatch Pulse

Teva Pharmaceutical Industries Ltd. shares surged 2.2% in premarket trade Wednesday after Mylan NV said it plans to defer its generic Copaxone launch to its 2018 financial guidance. The multiple sclerosis drug Copaxone is a key product for Teva, and Wall Street analysts say that the sooner Copaxone faces generic competition, the worse off Teva is. The NYSE-listed stock has declined over nine consecutive sessions, with the declines intensifying late last week after the company reported second-quarter earnings. Declining generic drug prices are expected to challenge Teva, other generic drugmakers and drug distributors for at least the rest of the year. Teva shares have plummeted 41.3% over the last three months, compared with a 3.3% rise in the S&P 500 .

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