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updated 7:25 p.m. ET June 30, 2008

NEW YORK - Johnson & Johnson's blockbuster anti-psychotic drug Risperdal will face generic competition, as Teva Pharmaceutical Industries Ltd. on Monday became the first company to receive approval for a generic version.

Israel-based Teva received Food and Drug Administration approval for a generic version of the blockbuster drug, used to treat schizophrenia and bipolar disorder, among other conditions. New Brunswick, N.J.-based Johnson & Johnson's Janssen unit had expected Risperdal's patent expiration this month, followed by tough generic competition over the key revenue driver.

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