The Canonsburg, Penn.-based company posted profits of $66.4 million, or 12¢ per share, on sales of $2.72 billion for the 3 months ended March 31, for bottom-line growth of 377.7% on sales growth of 24.2% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 93¢, a penny ahead of consensus on The Street, where analysts were looking for sales of $2.83 billion.
“Mylan’s results during the 1st quarter marked a great start to what we believe will be another year of strong financial performance, and continue to reflect the strength and diversity of our global business and demonstrate our resilience and ability to absorb both our industry’s natural volatility, as well as additional headwinds, related to particular products and/or markets,” CEO Heather Bresch said in prepared remarks. “We delivered year-over-year revenue growth of 24%, adjusted EPS growth of 22%, and expanded segment profitability in all three segments. These results are a true reflection of all of the great assets we have integrated, with significant contributions from acquisitions completed last year, as well as from new product launches across our business. We remain confident in our guidance and our business outlook for the full year 2017, including our adjusted EPS guidance range.”
The company has come under fire in the past year after reports revealed steep price hikes for its life-saving allergy auto-injector. Mylan has also been questioned for classifying the treatment as a generic instead of a branded therapy, which allowed the company to pay smaller rebates to state Medicaid programs.
Mylan said 1st-quarter EpiPen sales in the U.S. slowed thanks to increased competition and the launch of its authorized generic in December.
MYL shares were trading at $37.81 apiece today in morning activity, down -0.5%.