Mylan N.V. (NASDAQ: MYL) released third-quarter earnings after markets closed on Wednesday. The company posted $1.38 in earnings per share (EPS) and $3.23 billion in revenue. The consensus estimates from Thomson Reuters are calling for $1.46 in EPS and $3.12 billion in revenue. The same period from last year had $1.43 in EPS and $2.71 billion in revenue.
Generics segment third party net sales totaled $2.61 billion for the quarter, an increase of 17% when compared to the prior year period. The favorable impact of foreign currency translation on Generics segment third party net sales was roughly $19.8 million, or 1% in the current quarter. Adjusted Generics segment third party net sales increased 16% when compared to the prior year period.
During this quarter, specialty segment third party net sales were $418.7 million, a decrease of 4% when compared to the prior year period. This decrease was primarily the result of lower unit volumes due to the timing of wholesaler purchases of the EpiPen Auto-Injector in anticipation of the authorized generic launch.
In terms of guidance, full-year 2016 adjusted EPS guidance is expected to fall in a range of $4.70 to $4.90, and rise to the $6.00 adjusted EPS target in 2018, with targeted growth in the low-teens in both 2017 and 2018. Consensus estimates are calling for $4.79 and $5.52 in EPS for 2016 and 2017, respectively.
On the books, cash and cash equivalents totaled $1.26 billion at the end of the quarter, versus $1.24 billion at the end of 2015.
Heather Bresch, Mylan CEO, commented:
Our third quarter results were consistent with the full year guidance we provided a few weeks ago. During the quarter, we reported strong performance across our European and Rest of World regions, as well as solid performance across our North American region despite challenging year-over-year comparisons due to the significant contribution from new products in last year’s third quarter. In our Specialty segment, while EpiPen Auto-Injector scripts grew quarter-over-quarter, volumes were down due to the lack of wholesaler purchases in the quarter in anticipation of our upcoming generic launch.
Shares of Mylan closed Wednesday up nearly 5% at $38.92, with a consensus analyst price target of $52.53 and a 52-week trading range of $33.60 to $55.51. Following the release of the earnings report, the stock was up 1.5% at $39.50 in the after-hours trading session.