Mylan N.V. (NASDAQ: MYL) reported its third-quarter financial results before the markets opened on Friday. The company had $1.43 in earnings per share (EPS) on $2.71 billion in revenue, versus Thomson Reuters consensus estimates that called for $1.38 in EPS on revenue of $2.79 billion. In the same period of the previous year, it posted EPS of $1.16 and $2.08 billion in revenue.
The genetics segment had adjusted third-party net sales of $2.26 billion in this past quarter, an increase of 40% from last year. The specialty segment reported third-party net sales of $437 million, a decrease of 5%, which was primarily due to a lower average selling price for its EpiPen Auto-Injector.
In this quarter, adjusted cash provided by operating activities was $1.13 billion, and cash flow was $1.04 billion, compared to $403 million in the prior year period. On the books, cash and cash equivalents totaled $587.0 million at the end of the third quarter, versus $225.5 million at the end of December 2014.
Heather Bresch, CEO of Mylan, commented on earnings:
Our outstanding third quarter results underscore the diversity of Mylan’s platform and organic growth capabilities, which allows us to successfully identify and integrate strategic acquisitions and drive sustainable long-term growth and shareholder value creation. With our business continuing to hit on all cylinders, as well as the recent developments with respect to EpiPen Auto-Injector, we are expecting to be at the high end of our 2015 guidance of $4.15 to $4.35 in adjusted diluted EPS.
John Sheehan, CFO of Mylan, added:
Mylan’s exceptional third quarter results reflect double digit growth in our legacy business as well as enhanced double digit growth with the addition of the EPD Business. As of the end of the third quarter, our debt to adjusted EBITDA leverage was 2.0 times and our adjusted cash provided by operating activities was an impressive record of $1.62 billion year-to-date. Mylan continues to have ample borrowing capacity and financial firepower to execute on strategic opportunities while maintaining our commitment to an investment grade credit rating.
Shares of Mylan closed Thursday up 2% at $45.78, with a consensus analyst price target of $65.33 and a 52-week trading range of $37.59 to $76.69. Following the release of the earnings report, shares were up 0.5% at $46.00 in early trading indications on Friday.