Mylan N.V. (NASDAQ: MYL) released its most recent quarterly earnings report before the markets opened on Wednesday. Unfortunately, the earnings and guidance weren’t strong enough to hold up the firm and as a result shares hit a multiyear low in early trading on Wednesday.
The company said that it had $1.10 in earnings per share (EPS) and $2.96 billion in revenue, compared with consensus estimates from Thomson Reuters that called for EPS of $1.16 and $3.04 billion in revenue. The same period of last year reportedly had $1.16 in EPS and revenue of $2.56 billion.
For its business segments, Mylan reported:
- Third party net sales from North America were $1.28 billion for the quarter, a decrease of 9% from last year.
- Third party net sales from Europe were $954.3 million for the quarter, an increase of 59%.
- Third party net sales from Rest of World were $692.6 million for the quarter, an increase of 29%.
In terms of guidance for the 2017 full year, Mylan expects to see EPS in the range of $4.30 to $4.70 and between $11.5 billion to $12.5 billion in revenue. The consensus estimates are $5.12 in EPS and $12.46 billion in revenue for the year.
On the books, Mylan cash and cash equivalents totaled $612.8 million at the end of the quarter, down from $998.8 million at the end of the previous fiscal year.
Heather Bresch, Mylan CEO, commented:
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.
Shares of Mylan closed Tuesday at $31.79, with a consensus analyst price target of $46.76 and a 52-week range of $31.28 to $49.91. Following the release of the earnings report, the stock was down over 9% at $28.80 in early trading indications Wednesday.