(MYL) Favorable Verdict for Mylan

Mylan Inc. (MYL) recently announced that the Court of Appeals for the Federal Circuit has issued a favorable verdict for the company in a patent infringement case. The court overturned the decision of the District Court invalidating five of Mylan’s patents related to its chronic obstructive pulmonary disease (COPD) drug Perforomist. Following the favorable court decision, Mylan’s patents regarding Perforomist stand as valid and enforceable.

In 2012, Mylan settled its patent dispute with Sunovion Pharmaceuticals Inc., a subsidiary of Japanese pharmaceutical company, Dainippon Sumitomo Pharma Co., Ltd. pertaining to Sunovion’s Brovana, pending the result of the Federal Circuit appeal. Sunovion recognized that Brovana infringed two of Mylan’s patents, which are valid till Jun 22, 2021. Brovana is approved for controlling the symptoms of COPD, including chronic bronchitis and emphysema. Both Brovana and Perforomist are long-acting beta-2 agonists.

We note that the Perforomist inhalation solution is marketed by the Mylan Specialty segment. The drug performed well in the first quarter of 2013. The most significant product in this segment is EpiPen auto-injector, which is used to treat severe allergic reactions.

The bulk of the revenues  come from its generic division. The company’s generics business has been consistently performing well. Mylan’s generic unit has seen quite a few launches over the past few months. Important recent launches include the company’s generic version of Valeant Pharmaceuticals’ (VRX) Zovirax ointment.  Dr. Reddy’s Laboratories Ltd. (RDY) too has been making multiple generic launches over the past few months.

Mylan carries a Zacks Rank #3 (Hold). Lannett Company, Inc. (LCI) appears to be more attractive with a Zacks Rank #2 (Buy).
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