Dividend Stocks

TEVA Stock Pops 4% as Teva Receives FDA Approval

Teva Pharmaceutical (NYSE:TEVA) stock is getting a boost on Monday after a partner company received approval from the Food and Drug Administration (FDA).

This approval allows for Alvotech’s (NASDAQ:ALVO) SIMLANDI injection to be used as an interchangeable biosimilar to Humira. That’s a massive win for investors in TEVA stock as Humira was one of the biggest pharmaceutical products of 2023 with $12.2 billion in sales.

Teva Pharmaceutical is a strategic parner of Alvotech. This has it exclusively handling the commercialization of SIMLANDI in the U.S. That has it planning the imminent launch of SIMLANDI injection in the U.S. with interchangeability designation.

Dr. Eric Hughes, Executive Vice President of Global R&D and the Chief Medical Officer of Teva Pharmaceutical, said the following about the news.

“The approval of SIMLANDI marks the first high-concentration, citrate-free biosimilar to Humira with IC status. This approval marks an important milestone for Teva and Alvotech’s partnership to collaborate on seven biosimilars and expand the availability, access, and uptake of biosimilars in the U.S.”

How This Affects TEVA and ALVO Stock

TEVA stock is up 3.8% as of Monday morning with some 2.4 million shares traded. That’s still well below its daily average trading volume of about 10.6 million shares.

ALVO stock is up 11.4% as of this writing as more than 460,000 shares change hands. This is above its daily average trading volume of roughly 235,000 shares.

Investors looking for more of the most recent stock market stories are in luck!

We have all of the hottest stock market news traders need to know about on Monday! A few examples include a new deal for Nio (NYSE:NIO), why Altimmune (NASDAQ:ALT) stock is up today and more. You can catch up on all of these stories at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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