NEW YORK (TheStreet) -- Shares of Teva Pharmaceuticals (TEVA) are down -1.67% to $50.00 in pre-market trade after U.S. Supreme Court Chief Justice Roberts rejected the company's bid to block generic versions of its Copaxone multiple sclerosis drug while the court hears the company's appeal in a patent fight, Bloomberg BusinessWeek reports
That leaves Teva open to generic competition as soon as next month. Mylan Inc. (MYL), Momenta Pharmaceuticals Inc. (MNTA) and Novartis's (NVS) Sandoz are positioned to start selling generic Copaxone klaste next month, although they would risk having to pay damages if Teva ultimately wins its patent-infringement case, the publication said.
Over 50% of Teva's profit comes from the sale of Copaxone, from $3.32 billion in annual U.S. sales.
TheStreet Ratings team rates TEVA PHARMACEUTICALS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TEVA PHARMACEUTICALS (TEVA) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."