Shares of $17 billion drug stock Mylan NV (MYL) are in rally-mode , breaking out to nearly 19% gains on the heels of an FDA approval.
Mylan scored the FDA's blessing on its generic copy of Teva Pharmaceutical's (TEVA ) blockbuster multiple-sclerosis drug Copaxone, sparking a selloff in Teva as investors worry that generic competition will severely damage the $3.6 billion revenue stream Teva has banked on Copaxone in the last 12 months.
More importantly for Mylan shareholders, the FDA approval rights what's been a very shaky ship in 2017. Before today, Mylan had been staring down a 15% reduction in market value year to date, trailing the rest of the healthcare sector by a massive 35%. Wednesday's double-digit rally in Mylan helps to bridge that gap.
And there are signs of more upside ahead for Mylan from here. Now the marketing begins.
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