Teva gets FDA approval for once-monthly schizophrenia shot
Teva said the FDA approved Weltruza, a once-monthly injectable treatment for schizophrenia. The company said it is the first under-the-skin shot of its kind for the disease.
By Allison Gatlin Teva stock surged Friday after the Food and Drug Administration approved its schizophrenia drug, a once-monthly injectable treatment for the disease. The drug, formerly called olanzapine, will sell under the brand name Weltruza. It's the first and only under-the-skin shot to treat schizophrenia once a month. Patients don't need loading doses, ---- a series of close-together doses to prime the body ---- oral supplementation or postinjection monitoring, Teva Pharmaceutical said in its news release.
Leerink Partners analyst Daniel Clark says Weltruza is an important contributor to sales growth. 3 billion in 2036 sales, nearly double the $784 million collective Street estimate. "We anticipate switching from oral olanzapine (20% of script share in schizophrenia)," he said in a client note. 63.
TAKING ON ORAL OLANZAPINE In late-stage testing, patients treated with Weltruza showed a reduction in symptom severity and improved social and personal functioning. Teva noted injectable olanzapine showed a similar safety profile to oral olanzapine. Teva also sells oral olanzapine for patients with schizophrenia. Clark expects Weltruza to meet a significant unmet need, especially for patients in hospitals and other centers.
It's also an improvement over other long-acting forms of olanzapine that have "stringent" postinjection monitoring requirements. "The company's expectations of WELTRUZA obtaining 85% payor coverage at the end of 12 months postlaunch is reasonable, and allows for the company to complete the bulk of necessary contracting," he said. " Teva shares have risen about 26% this year, as of Thursday's close. 99 buy point.
The stock closed Thursday in line with its 50-day moving average, MarketSurge shows. Teva stock has a strong IBD Relative Strength Rating of 93 out of a best-possible 99. This means the stock ranks in the top 7% of all stocks when it comes to 12-month performance. Follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
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