Feb. 25 (Bloomberg) -- Reckitt Benckiser Group Plc faces competition in pharmaceuticals for the first time after the U.S. Food and Drug Administration approved two generic variants of its Suboxone heroin-dependency drug, thwarting the companys attempts to keep rivals away from its most profitable business. The company said today that two manufacturers have FDA approval to produce generic Suboxone tablets in the U.S. Competition could arrive within a month, according to Alex Howson, an analyst at Jefferies International in London. Reckitt Benckiser shares fell as much as 4.4 percent, also hurt by the FDAs rejection in a Feb. 22 letter of the companys September petition asking that makers of similar medicines implement more safeguards. The FDA also asked the Federal Trade Commission to look into claims by generic drug makers of anti- competitive business practices on Reckitt Benckisers part. The shadow of competition to Suboxone has hung over the Slough, England-based company since it lost U.S. patent protection in 2009. The pharmaceuticals unit generated 21 percent of profit last year, and analysts today reduced their 2013 profit estimates by as much as 4 percent. The market has been waiting for this news since October 2009, when Suboxones orphan drug status … Continue reading
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