Mylan Pharmaceuticals Inc., a subsidiary of Mylan Inc. ( MYL - Analyst Report ) , recently announced that it has launched its generic version of Pfizer's ( PFE - Analyst Report ) Antivert (meclizine hydrochloride) 12.5 mg, 25 mg and 50 mg tablets after receiving final approval from the US Food and Drug Administration (FDA).

Antivert is used for the management of nausea and vomiting, and dizziness associated with motion sickness. According to IMS Health, Antivert (12.5 mg, 25 mg and 50 mg tablets), generated US revenues of approximately $53.5 million for the 12 months ending June 30, 2012.

Meanwhile, Mylan has also launched the first generic version of Novartis' ( NVS - Snapshot Report ) Diovan HCT (valsartan and hydrochlorothiazide) tablets, 80/12.5 mg, 160/12.5 mg, 160/25 mg, 320/12.5 mg and 320/25 mg. According to IMS Health, Diovan HCT (80/12.5 mg, 160/12.5 mg, 160/25 mg, 320/12.5 mg and 320/25 mg tablets), generated US revenues of approximately $1.6 billion for the 12 months ending June 30, 2012

As of September 21, 2012, Mylan had 168 ANDAs pending FDA clearance, targeting $77.8 billion in branded sales annually. Mylan believes that about 33 of these pending ANDAs are first-to-file opportunities, representing approximately $20.8 billion in branded sales. The revenue figures are as per IMS Health for the 12 months ending June 30, 2012.

Our Recommendation

We are encouraged by Mylan’s geographic reach and product depth along with a robust generic product pipeline. However, we remain concerned about the company’s lackluster performance in the Europe, Middle East and Africa (EMEA) region.

Additionally, with most large branded drugs due to lose patent exclusivity within the 2017-2018 period, we have little visibility on the growth prospects of generic companies like Mylan beyond that timeframe.

Thus, we prefer to remain on the sidelines and have a Neutral recommendation on Mylan. The stock carries a Zacks #3 Rank (Hold rating) in the short run.