Health and Healthcare
Mylan Crashes to Multiyear Low on Missed Earnings
Published:
Last Updated:
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.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
