Mylan Backs Year View After Sales Rise 8%
10 August 2016 - 8:10AM
Dow Jones News
Mylan NV logged 8% second-quarter sales growth, driven by a jump
in specialty drug sales and higher sales of generic treatments.
The pharmaceutical giant last month won regulatory clearance for
its $7.2 billion acquisition of Swedish rival Meda. The deal comes
about a year after Mylan fended off Israeli generic drugmaker Teva
Pharmaceuticals Industries Ltd.'s $40 billion bid and Dublin-based
Perrigo Co. rebuffed Mylan's $26 billion proposal. In June, Mylan
bought the generic and specialty topicals business of Renaissance
Acquisition Holdings.
Chief Executive Heather Bresch on Tuesday said the recent deals
are helping to increase Mylan's scale and breadth and that the
company sees more opportunities to differentiate the business.
For the June quarter, Mylan posted a profit of $168.4 million,
or 33 cents a share, up from $167.8 million, or 32 cents a share, a
year earlier. Excluding acquisition-related expenses, among other
items, earnings per share rose to $1.16 from 91 cents.
Revenue rose to $2.56 billion from $2.37 billion. Analysts
projected $1.13 in adjusted earnings per share on $2.57 billion in
revenue, according to Thomson Reuters.
The revenue increase came despite lower generic prices. The
company credited new product launches for a 4% rise in revenue from
generic drugs. Meanwhile, sales in its smaller specialty business
climbed 33%, thanks to higher volume and prices of its EpiPen.
Following the results, Ms. Bresch said Mylan is still on track
to report $4.85 to $5.15 in adjusted earnings per share this
year.
Shares in the company added 2% in after hours trading. Through
Tuesday's close, the stock fell 8% this year.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
August 09, 2016 17:55 ET (21:55 GMT)
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