Mylan (Nasdaq:MYL) Approved for Generic Protonix

Mylan (Nasdaq:MYL) received approval from the U.S. Food and Drug Administration to market pantoprazole sodium tablets, a generic version of Wyeth's (NYSE:WYE) Protonix.

For the year ending September 30, sales of Pantoprazole sodium tablets in the U.S. came to about $1.7 billion. Mylan said they're going to begin shipping the product immediately.

According to IMS Health, Mylan has 170 generic drug applications before the FDA, which represent about $98 billion in annual sales. Of the 170 applications, 46 represent a possible first-to-file opportunity, which could generate $24.3 billion in annual sales for the year ending June 30.

In a separate matter, Mylan announced they had reached an agreement with Pfizer (NYSE:PFE) in relationship to Lipitor tablets. Terms of the agreement weren't revealed.

Mylan was trading at $23.69, up $0.17, or 0.72 percent, as of 11:52 AM EST.