Pfizer gets FDA approval for drug similar to Amgen's Neupogen

Pfizer Inc.

PFE, -0.08%

said late Friday it received Food and Drug Administration approval to sell a biotech drug that is similar to Amgen Inc.’s

AMGN, -0.66%

Neupogen. Pfizer’s product is named Nivestym, which is intended to reduce the likelihood of infections in cancer patients receiving chemotherapy. In a statement, Pfizer said it expects to sell Nivestym at “a significant discount to the current wholesale acquisition cost” of Neupogen. Amgen reported $549 million in Neupogen sales in 2017, a 28% decline from the previous year, compared with Amgen’s total product sales of $21.89 billion. Novartis AG

NVS, +1.82%

and Teva Pharmaceutical Industries Ltd.

TEVA, -0.56%

also make drugs biosimilar to Neupogen that are approved for U.S. sale.

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