Mylan (NSDQ:MYL) shares fell more than -6% this morning after it posted second quarter results that missed analysts’ sales and earnings estimates.
The generics-maker announced that it would not include any major U.S. product launches in its forecast for the full-year, citing uncertainty in the U.S. regulatory market. Other generic drugmakers, like Teva Pharmaceuticals (NYSE:TEVA), have posted disappointing Q2 results on the heels of regulatory efforts to approve more generic drugs and boost competition.
Mylan reported that it’s bracing for mid-single digit price erosion for generic drugs globally and high-single digit price drops in the U.S.
The company posted net earnings of $297 million, or 55¢ per share, up 76% compared to the same period last year. Mylan’s total revenue rose to $2.96 billion, missing estimates of $3.03 billion.
Excluding one-time items, Mylan posted $1.10 per share, behind expectations on The Street.
The Canonsburg, Penn.-based company lowered its forecast for full-year adjusted earnings to $4.30 – $4.70 per share. Mylan also lowered its 2018 earnings per share target of $6.00 to $5.40.
“Our industry, along with the entire healthcare sector, is at an inflection point. This is providing investors an opportunity to differentiate between pharmaceutical companies focused solely on generics and/or specialty medicines and those capable of delivering a broad and diverse portfolio across multiple channels in various geographies, which remains Mylan’s strategy,” CEO Heather Bresch said in prepared remarks.
