Amid news of a court ruling invalidating several patents on its flagship drug Copaxone, Teva Pharmaceutical Industries’ share price fell 9 percent in New York on Monday, marking a 10-year low.
Globes reports that the Delaware District Court in the U.S. struck down the company’s claim to four of its patents in its 40mg dose multiple sclerosis treatment Copaxone, in a case between Teva and five rival companies. Teva says it will appeal the decision.
Earlier this month, Teva revised downward its revenue and profits outlook, citing the entry of two competitors in February this year selling generic versions of Copaxone, a development that could reduce its revenue by $1–1.2 billion, while earnings per share would decline by $0.65–0.80. Without competition to Copaxone, Teva expects revenue from its flagship product to total $3.8–3.9 billion, and revenue from its other brand products to total $4.25–4.65 billion.
In trading on the Tel Aviv Stock Exchange Tuesday, Teva shares lost 5.3 percent.
In trading Tuesday in New York, Teva shares dropped $1.09, or 3.2 percent, to $33.43.
Updated Tuesday, January 31, 2017 at 5:10 pm