Viagra Lawsuit Ruled in Favor of Pfizer
Aug 15, 2011 |
Pfizer closed the day up after a district court in Virginia ruled on Aug. 12 that Teva Pharmaceuticals had violated Pfizer’s patent rights for the impotence pill Viagra. The company’s stock was up 2.69% at the end of the day.
The court’s decision is subject to appeal, but it prevents Teva from receiving approval for a generic form of Viagra until October 2019. There is litigation pending on the same patent against other generic companies, but no trials are scheduled.
According to Bloomberg, Pfizer makes $1 billion a year in U.S. Viagra sales.
Teva had claimed that Pfizer’s patent wasn’t valid, but the Virginia judge ruled that Teva hadn’t shown enough convincing evidence of its claim.
"We are pleased that the court recognized the validity and enforceability of our Viagra patent," said Amy Schulman, executive vice president and general counsel for Pfizer, in a statement. "Protecting the intellectual property rights of our innovative core is critical, and Friday's court decision acknowledges Teva's clear violation of our patent rights."