Boston, MA 09/24/2014 (wallstreetpr) – Celgene Corporation (NASDAQ:CELG) could upset companies like AbbVie Inc (NYSE:ABBV), Amgen, Inc. (NASDAQ:AMGN) and Pfizer Inc. (NYSE:PFE), which are currently minting hefty money through their psoriasis injections currently selling in the market. Celgene Corporation (NASDAQ:CELG) reported on Tuesday that it has received the approval from the Food and Drug Administration for Otezla, a pill to treat moderate to severe psoriasis.
Billion Dollar Sales
It is an important landmark for Celgene Corporation (NASDAQ:CELG) to enter a billion dollar worth of market space as nearly 7.5 million Americans suffer from the disease, which causes redness and scaly patches on the skin. Currently, AbbVie Inc (NYSE:ABBV), Amgen, Inc. (NASDAQ:AMGN) and Pfizer Inc. (NYSE:PFE) are the three main companies that have treatments floated in the market, but they have a solid contender in the space now. As per a bloomberg report, Celgene’s Otezla could bring $1.03 billion of sales by the year 2017. Section cheif of dermatology, M. Shane Chapman from Dartmouth-Hitchcock Medical Center said that Celgene’s Otezla is a new treatment, which is a welcome development from patients, who do not find the current treatments adequate and are look out on alternative treatment. He added that Otezla has an advantage over other treatments as it has not to go through routine laboratory observation and thus, could become an attractive option for patients.
Other Diseases
There is no stopping for Celgene Corporation (NASDAQ:CELG) as the company is testing Otezla for other indications such as rheumatoid arthritis and ankylosing spondylitis. In June, the company said that the drug did not return significant results for ankylosing spondylitis, but they will continue to find out other diseases that are treatable with the drug. Earlier this year, the company has already received approval from the FDA for using Otezla to treat psoriatic arthritis, present in nearly 30% of people in America.
