Shares in Mylan (NSDQ:MYL) remained steady today after the pharmaceutical company missed expectations on Wall Street with its third quarter results.
The Canonsburg, Penn.-based company posted profits of $88.3 million, or 16¢ per share, on sales of $2.99 billion for the 3 months ended Sept. 30, for bottom-line growth of 172% on sales loss of -2% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.10, ten cents behind consensus on The Street, where analysts were looking for sales of $3.1 billion.
“Our third quarter results, which included adjusted EPS of $1.10, were especially strong considering the ongoing challenges we experienced in the U.S., including accelerated deceleration of EpiPen sales – both from our launch of an authorized generic as well as the contraction of the overall epinephrine auto-injector market,” CEO Heather Bresch said in prepared remarks.
“Our third quarter results also continue to show the durability of our resilient global platform, where we now believe that approximately 75% of our more-than-$2 billion adjusted operating cash flows stems from more predictable, recurring revenues across all markets around the world.
“As impressive, we recently received approval from the U.S. Food and Drug Administration of our glatiramer acetate product. Being first to market with the 40-mg strength – as well as offering the 20-mg strength – is a milestone because it underscores our scientific, regulatory and commercialization capabilities for this very complex product; it also paves the path for the many other complex products we have in our pipeline.
“Given that, and the stability of our global platform, we see a strong finish ahead for the year. As a result, we are increasing the low end of our adjusted EPS guidance range, where we now expect to generate between $4.45 and $4.70 per share. We also see sustainable momentum globally as we head into the new year, which is why we remain confident in our 2018 target of at least $5.40 in adjusted EPS.”
MYL shares were trading at $36.01 apiece today in morning activity, up 0.8%.
