The Single Biggest Reason Teva Pharmaceutical Industries Imploded and Fell 22% in October

Shares of Teva Pharmaceutical Industries (NYSE: TEVA), a developer of branded and generic drugs and the largest generic drugmaker in the world, tumbled another 22% in October, according to data from S&P Global Market Intelligence. While the company is facing a plethora of headwinds, as evidenced by its 70% loss over the trailing year, its October weakness can be traced to a single negative event early in the month.

Following the closing bell on Oct. 3, 2017, rival Mylan (NASDAQ: MYL) announced that it had been granted approval for a generic version of the three-times-a-week 40 mg injection of multiple sclerosis drug Copaxone, along with a 20 mg once-daily injection. Copaxone is Teva's top-selling branded drug, which accounted for more than $4 billion in sales last year, and at one time comprised around 20% of its annual sales. As a branded, high-margin therapy, it's also one of the company's biggest profit-makers.

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Source: Fool.com