The Food and Drug Administration granted approval Tuesday for the first generic versions of Bristol-Meyers Squibb's blockbuster antipsychotic drug Abilify.
Four companies—India-based firms Alembic Pharmaceuticals, Hetero Labs and Torrent Pharmaceuticals, as well as Israel-based Teva Pharmaceuticals—received FDA approval to market a generic form of Abilify, known as aripiprazole, in multiple strengths and dosage forms.
First approved for sale in the U.S. in 2002, Abilify is used for the treatment of schizophrenia and bipolar disorder. The drug was developed by Japanese firm Otsuka and is marketed in collaboration with Bristol.
Bristol reported $2.02 billion in sales of Abilify in 2014. The patent for the drug expired last October.
The announcement came on the same day Bristol posted net earnings of $1.2 billion for the quarter ended March 31, compared with $937 million in the same period last year.
