Generic Lipitor Versions Receive Regulatory Approval in Canada

Strategic Insights -

At least three companies have received regulatory approval to market generic versions of Pfizer's cholesterol-fighting drug Lipitor in Canada. This development comes as no surprise, as Pfizer had long anticipated the loss of exclusivity in the Canadian market. The vast majority of Lipitor sales in Canada last year accounted for approximately 8% of Pfizer's worldwide sales of the drug.

Key Takeaways:

  • Three companies - Apotex Inc., Teva Pharmaceutical Industries Ltd., and Watson Pharmaceuticals - received regulatory approval to market generic versions of Lipitor in Canada.
  • The Canadian market for Lipitor had sales of over $1 billion in 2009.
  • Pfizer had anticipated the loss of exclusivity in Canada and factored it into their earnings forecast for this year.
  • The company plans to launch its own low-cost versions of Lipitor, known generically as atorvastatin.
  • Generic versions of Lipitor in the United States are not expected until November 2011.
  • Sales of Lipitor in Canada accounted for about one-twelfth of Pfizer's worldwide sales of the drug.
  • Teva Pharmaceutical Industries Ltd. is listed on the NASDAQ-NMS stock exchange (TEVA).
  • Watson Pharmaceuticals is listed on the NYSE stock exchange (WPI).
  • Apotex Inc. is a Canadian-based company.
  • Sally Beatty, Pfizer's spokeswoman, acknowledged that the company lost exclusivity of Lipitor in Canada.

Statistics:

  • $1 billion: the sales of Lipitor in Canada in 2009.
  • 8%: the proportion of Lipitor sales in Canada to Pfizer's worldwide sales of the drug.
  • 2011: the expected year for the launch of generic versions of Lipitor in the United States.
  • 12: the proportion of Lipitor sales in Canada to the total sales of the drug worldwide.

Sources:

  • PFIZER Inc.
  • SALLY BEATTY
  • THE DAY NEWSPAPER
  • McClatchy-Tribune Information Services