FDA approval of Mylan’s Advair ‘overdue,’ says Wells Fargo

Wells Fargo analyst David Maris believes that while “overdue,” FDA’s approval of Mylan’s (MYL) generic Advair is good news. Many investors were expecting this to be further delayed, he notes, adding that he currently has $50M generic Advair in his model for Q1. The analyst believes GlaxoSmithKline (GSK) will launch an authorized generic, and with Advair’s already declining revenue, the generic Advair opportunity may turn out to be a great-to-have since it shows Mylan’s ability to get complex generics approved, but may not be a game changer. Maris reiterates an Outperform rating on Mylan’s shares.
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