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.