Health-care giant Johnson & Johnson (NYSE:JNJ) recently released a press statement that said that the FDA has turned down its bid to receive approval to treat patients with acute coronary syndrome (ACS) with Xarelto, the anticoagulant marketed by J&J subsidiary Janssen Pharmaceuticals, and Bayer.
Xarelto already holds approvals for six other indications in the United States, including for the treatment of atrial fibrillation. However, with an estimated 1.2 million Americans hospitalized for ACS each year, Johnson & Johnson had its eyes set on a sizable market, and significant revenue for the drug.
Janssen Vice President Dr. Christopher Nessel maintained an optimistic outlook in J&J's statement, saying, "We remain confident in the robustness and results of the ATLAS ACS 2 TIMI 51 trial, evidenced by a significant reduction in cardiovascular events ... We will continue to work with the FDA to address their questions."
The rejection marked the second time the FDA has passed on Xarelto's use to treat ACS. The agency first denied Johnson & Johnson last June, turning down the drug due to bleeding risks and missing trial data.
Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool recommends Johnson & Johnson. The Motley Fool owns shares of Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Better Stock: Procter & Gamble Co (PG) vs. Unilever NV (UN)
It's a virtual tie of solid dividend-payers. But this one factor gives one a winning edge.
Why the Apple Inc. iPhone X Isn't Doing as Well as Hoped in China
The answer might surprise you.
3 Signs You're Better Off Delaying Retirement
If you're coping with any of the issues below, then retiring now is probably a bad idea.