Allergan Inc. (AGN) Faces Generic Competition for Restasis Eye Drug
6/26/2013 7:53:54 AM
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A spate of downgrades and price-target reductions for Allergan Inc. sent shares tumbling at a far greater pace than the rest of the struggling market on Monday, with the pharmaceutical firm’s stock dropping more than 10% at one point on concerns over generic challenges to its dry-eye drug Restasis. Allergan shares were off more than 9% at $83.77 in recent action as the U.S. Food and Drug Administration seemed to pave the way for competitors to come in and start marketing generic forms of Restasis within a year or two. The FDA released guidance for developing generic forms of Restasis late Friday, saying that a clinical trial would not be necessary, even though Allergan insists it is. That could get a generic to market much faster than expected, analysts say, and take a bite out of earnings in future years. Restasis is Allergan’s second-best selling drug, behind Botox.
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