Shares in Mylan (NSDQ:MYL) fell yesterday after the company missed earnings expectations but beat sales estimates on Wall Street with its fourth-quarter financial results.
The Pittsburgh, PA-based company posted profits of $51.2 million, or 10¢ per share, on sales of $3.04 billion for the three months ended Dec. 31, for bottom-line loss of -79% on sales loss of -5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.30, behind the consensus set by The Street. But the company beat analysts’ sales estimates by $20 million.
“Our 2018 results were strong, especially in light of the fact that we had lower than expected uptake on generic Copaxone and did not receive our generic Advair approval, demonstrating once again the resiliency of our business model. We adapted quickly and strategically to market conditions, while at the same time remained a leader for the generics industry and an advocate for changes to the current structural issues in the U.S. healthcare system that hinder access to generics,” CEO Heather Bresch said in prepared remarks.
“Looking forward, I can confidently say, through leveraging the diversification across our commercial, operational and scientific platforms, we feel incredibly positive about our ability to deliver a strong top-line financial performance in 2019. Specifically, we expect to generate total revenues of between $11.5 billion and $12.5 billion, reflecting top-line growth across all three of our geographic segments,” Bresch added.
MYL shares were down -9.7% to $27.65 apiece in premarket activity today.
