Shares in Mylan (NSDQ:MYL) rose slightly this morning after the pharmaceutical company reported its first-quarter financial results, missing analysts’ sales and earnings estimates.
The company posted profits of $87.1 million, or 17¢ per share, on sales of $2.68 billion for the 3 months ended March 31, for bottom-line growth of 31% on sales loss of -1% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 96¢, a penny behind consensus on The Street, where analysts were looking for sales of $2.75 billion.
“Mylan’s first quarter demonstrates continued execution on our long-term plan. Our diversity and durability are what allow us to absorb evolving industry dynamics and natural market volatility, while at the same time accelerate our mission of providing access to high-quality medicine,” CEO Heather Bresch said in prepared remarks.
Mylan recorded a $16.2 million charge relating to litigation settlements in Q1, up from $9.0 million during the same period last year. The company cited activities related to “an anti-trust matter and a patent infringement matter” as the primary reason for the increase.
Mylan also noted that sales in the U.S. fell -18.9% to $985.3 million in Q1 compared to last year. Sales for branded products, including the company’s Epipen emergency allergy auto-injector, were down -$108.7 million in the quarter.
Mylan said it expects to post adjusted EPS of $5.20 to $5.60 on sales of $11.75 billion to $13.25 billion for the full year.
MYL shares were trading at $35.99 apiece in mid-morning activity today, up 1.8%.
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