Mylan and Biocon Gain FDA Approval for Insulin Equivalent to Sanofi's Lantus

Here's some welcome news for diabetics dealing with the high price of insulin: The Food and Drug Administration has approved Mylan (NASDAQ: MYL) and Biocon's Semglee, which is essentially identical to Sanofi's (NASDAQ: SNY) insulin product Lantus. The companies didn't disclose what they plan to charge for Semglee when announcing the approval, but Mylan CEO Heather Bresch implied that it would be cheaper than Lantus. The opportunity for Mylan and Biocon (which bills itself as India's largest biopharmaceutical) is substantial; IQVIA estimates that Sanofi took in $1.68 billion in revenue from Lantus vials and $4.33 billion from the Lantus SoloSTAR Pen in the 12-month period that ended in April.