Sign up USA
Proactive Investors - Run By Investors For Investors

Pfizer, Ranbaxy sued by retailers for generic Lipitor delay

Pfizer, Ranbaxy sued by retailers for generic Lipitor delay

Drug company Pfizer (NYSE:PFE) and India's Ranbaxy Laboratories have been sued by five U.S. retailers, accused of conspiring to delay sales of generic versions of its best-selling cholesterol drug Lipitor.

Pfizer’s accusers are Walgreen (NYSE:WAG), Kroger (NYSE:KR), Safeway (NYSE:SWY), SuperValu (NYSE:SVU), and privately-held HEB

Grocery. Pfizer denies the plaintiffs' claims and will defend itself vigorously, a spokesman said.

The retailers accused the drugs giant of running an "overarching anticompetitive scheme" to keep generic versions of Lipitor off the market until late November, 20 months after the original patent expired.

"Because of defendants' scheme to delay and suppress generic Lipitor competition, in whole or in part, plaintiffs have paid hundreds of millions of dollars more for atorvastatin calcium than they would have paid," according to the complaint, which seeks triple damages and other remedies.

The lawsuit was filed in federal court in Trenton, New Jersey.

The suit resembles antitrust cases brought against Pfizer and Israel's Teva Pharmaceutical Industries (NYSE:TEVA) by the same plaintiffs, and by CVS Caremark (NYSE:CVS) and Rite Aid (NYSE:RAD), over delays in generic versions of the antidepressant Effexor XR..

Pfizer and Teva have denied wrongdoing in those cases which were also filed in Trenton.

Lipitor sales in 2011 totaled $9.6 billion, accounting for about one-seventh of Pfizer's total revenues.

In the first quarter of 2012, however, Lipitor sales fell roughly 42 per cent to $1.4 billion from $2.39 billion a year earlier, a drop that Pfizer attributed almost entirely to the loss of U.S. exclusivity.

View full PFE profile View Profile

Pfizer Timeline

Related Articles

biotech2.jpg
August 18 2017
The company operates a hybrid model, which means its revenues come from providing antibody research and engineering services and creating drug conjugates (targeted treatments for diseases such as cancer). It also manufactures antibodies and proteins for clinical studies
scientist looking through a microscope
October 31 2017
As of March, ReNeuron had £53mln in cash equivalents but its market value is not too much above that....
blood_56ceb82789b61.jpg
December 15 2016
The company's nominated adviser said a partnership deal should be signed by the end of 2016

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use