Wyeth Hit by Generic Competition and Regulatory Setback
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Shares in Wyeth fell sharply on Monday after its heartburn medicine attracted generic competition and American regulators delayed its experimental drug for preventing bone loss.
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Huge supplies of a generic form of   Bristol-Myers Squibb Co.'s BMY.N best-selling drug in the   market could hurt the company's earnings in 2006 and 2007, even   after a U.S. judge halted new shipments of the copycat drug,   analysts cautioned on Friday.
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Because of PfizerÂs failed trial, drugs similar to torcetrapib from other companies could face greater scrutiny Â and delays Â in getting to market.
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British regulators recommended on Monday that physicians restrict the use of the anti-depressant Efexor from drugmaker Wyeth because its use could have side effects for heart health and pose other potential risks that require more careful monitoring than other drugs in the class. Wyeth said it would challenge the decision, but its shares slipped 3 percent.
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The U.S. Federal Trade Commission asked generic drug manufacturers for prices, cost data and sales information to help study the short- and long-term effects of authorized generics on prescription drug competition, the agency said on Friday.
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The company is ready to handle competition from generics.
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The strategy of fighting AIDS in Africa with questionable generic drugs made in developing countries now lies in shambles as an Indian company withdrew its medicines last week because it can&#39;t guarantee they are potent enough.
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British health authorities yesterday issued stiffer warnings for antidepressants, but alarmed investors by singling out Wyeth&#39;s Effexor pill for the toughest restrictions.
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Biotechnology company Genzyme Corp. said Thursday that it will buy back most of the selling rights to arthritis treatment Synvisc from pharmaceutical giant Wyeth.
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Shares of Wyeth WYE.N and Pfizer  Inc. PFE.N fell on Monday after Merrill Lynch downgraded the  drugmakers and U.K. regulators issued tougher warnings on the  type of popular depression drugs sold by the companies.
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Although a U.S. judge has halted  continued shipments of a generic form of Bristol-Myers Squibb  Co.'s  best-selling drug, analysts on Friday cautioned  that huge supplies already on the market would hurt the  company's earnings in 2006 and 2007.
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British drugmaker GlaxoSmithKline PLC reported a 9 percent drop in third-quarter earnings Thursday, citing stiff competition from generic drug makers.
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U.S. regulators said on Friday they  would review whether to take action over Merck & Co Inc's   and Schering-Plough Corp's  popular cholesterol  medicine Vytorin after a study showed it was no better than a  generic drug in preventing the build-up of fatty plaque.
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British drugmakers are launching a legal  challenge to moves by the state-run National Health Service to  switch large numbers of patients onto cheap generic  prescription medicines.
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Drug maker Wyeth said Monday that it will challenge British regulators&#39; decision to revise the label for its Efexor anti-depressant to state that patients with heart disease should not take the medication.
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Novartis AG  cut its full-year results outlook as generic competition pressured sales of a key blood-pressure drug, and said U.S. regulators had delayed the approval process for an important cancer treatment.
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British regulators recommended that physicians restrict the use of the anti-depressant Efexor because its use could have side effects for heart health and pose other risks that require more careful monitoring than its competitors. The drug's manufacturer, Wyeth, said it would challenge the decision, but its shares slipped 3 percent.