The FTSE 100 pharma company, Shire, says the US Food and Drug Administration has approved a rival's application to make a generic version of an attention deficit and hyperactivity disorder (ADHD) drug.
Actavis has been given the all clear to manufacture a generic form of Adderall XR.
Shire already makes the drug so the suspicion will be that revenues may be hit but the firm says it "continues to expect to deliver good full-year 2012 earnings growth".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Today's update adds though that Shire recognises "there will be multiple dynamics affecting the overall market following the approval of the Actavis generic".
In other words, the FDA's decision could prove problematic.
December 2023 NS&I Premium Bond winners - check now to see what you’ve won
If you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
By Vaishali Varu Published
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
By Dr Matthew Partridge Published