Poor Mylan Laboratories.
They found themselves with egg on their face just hours after suggesting its position in the market for painkilling patches should be secure.
The company said Monday morning that it didn't expect any additional players, at least through next March, in the fentanyl patch market, repeating a view it offered last month.
However, the FDA has determined that, in fact, another company, Greece's Lavipharm, can compete with the Mylan patch.
Lavipharm says the twice-a-week patch can provide relief for up to three days for "moderate-to-severe pain," such as cancer-caused pain. Lavipharm submitted an application to the FDA in January 2004.
Said one analyst:"Just when you thought things couldn't get any stranger, they have. The bottom line is it's bad news for Mylan and a stiff jab to the jawboning of CEO [Robert] Coury, whose release this a.m. outlining the company's newfound confidence in no new generic entries this fiscal year confused many. … The question now is not when but who's next, and how many?"
Sources: The Street and Forbes
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