How This Historic FDA Approval Benefits Viatris

U.S. biopharmaceutical company Viatris (NASDAQ: VTRS) and its partner, Indian biopharma Biocon, announced on July 28 that the U.S. Food and Drug Administration (FDA) had approved their biosimilar insulin drug, Semglee, as an "interchangeable biosimilar" -- a direct alternative to Sanofi's (NASDAQ: SNY) blockbuster insulin drug, Lantus.

Semglee is the first interchangeable biosimilar insulin product approved by the FDA. It's expected to launch some time before the end of this year, according to Viatris. While that company hasn't provided exact details on the pricing of Semglee compared with that of Lantus, GoodRx notes that biosimilars launched in the U.S. have typically been anywhere from "10% to 37% cheaper than biologics."

Aside from the science establishing Semglee as an effective biosimilar, what prompted the FDA to approve this drug? And what's the potential revenue upside for Viatris?

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Source Fool.com