Shares in Mylan (NSDQ:MYL) fell today after the pharmaceutical company missed expectations on Wall Street with its second-quarter financial results.
The Canonsburg, Penn.-based company posted profits of $37.5 million, or 7¢ per share, on sales of $2.8 billion for the three months ended June 30, representing a bottom-line loss of -87.4% on a sales loss of 5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.07, behind consensus on The Street, where analysts were looking for sales of $2.96 billion.
“During the second quarter, Mylan continued to do its part to expand access to medicine around the world. Our Europe and Rest of World segments continue to deliver growth in line with our expectations. However, our efforts to serve patients in the U.S. have been shaped by the industry’s transformation there, and our results and guidance for 2018 are directly correlated with the ongoing rebasing of the U.S. healthcare environment,” CEO Heather Bresch said in prepared remarks.
“That said, the fundamentals of Mylan’s global business remain strong. We’re especially confident in our ability to deliver on Mylan’s long-stated global strategy, which is predicated on driving access to medicine through scale, a diversified portfolio and geographic reach. The result is a durable global business capable of delivering on our mission for years to come,” Bresch added.
Mylan said it expects to post sales of $11.25 billion to $12.25 billion for the full year, down from its previous range of $11.75 billion to $13.25 billion.
The company also announced that its board of directors has formed a strategic review committee to evaluate “a wide range of alternatives to unlock the true value of our one-of-a-kind platform.”
“We believe that the US public markets continue to underappreciate and undervalue the durability, differentiation and strengths of Mylan’s global diversified business, especially when compared to our peers around the globe,” Mylan’s board said in a statement. “The Board has not set a timetable for its evaluation of alternatives and there can be no assurance that any alternative will be implemented.”
MYL shares were trading at $36.09 apiece today in morning activity, down -6%.
