When Mylan N.V. (NASDAQ: MYL) released its first-quarter financial results before the markets opened on Tuesday, the company posted $0.82 in earnings per share (EPS) and $2.5 billion in revenue. That compared with consensus estimates of $0.79 in EPS and $2.69 billion in revenue, as well as the $0.96 per share and $2.68 billion reported in the same period of last year.

During the most recent quarter, total sales decreased 7% year over year. The decrease in net sales included a decrease in the Europe segment of 14% and a decrease in the North America segment of 6%. These decreases were partially offset by an increase in the Rest of World segment of 3%.

Mylan’s net sales were unfavorably impacted by the effect of foreign currency translation, primarily reflecting changes in the U.S. dollar as compared to the currencies of Mylan’s subsidiaries in India, Australia and the European Union. Also note that the company voluntarily recalled two lots of its levoleucovorin injection cancer treatment in mid-March.

For the full year 2019, Mylan reaffirmed its guidance and business outlook, including total revenue range of $11.5 billion to $12.5 billion, adjusted EPS guidance of $3.80 to $4.80 and adjusted free cash flow of $1.9 billion to $2.3 billion. Consensus estimates call for $4.40 in EPS and $11.96 billion in revenue for the year.

Heather Bresch, Mylan’s CEO, commented:

Mylan’s first quarter represents a solid start to the year and we remain positioned to reaffirm our guidance for 2019. We continue to manage an increasingly diverse portfolio of products across all three segments of our business, and given the evolution of our commercial and geographic mix see opportunities to enhance our investments for certain areas of our portfolio. In the U.S., where the industry continues to experience volatility, we are leveraging past experience and applying key learnings to our largest launches, like Wixela, even as we advocate for policies that seek to put the patient first.

Shares of Mylan were last seen down about 16% at $23.70, in a 52-week range of $23.12 to $42.50. The consensus price target is $35.94.

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