Unlike a year ago, Mylan reports loss in 3Q
CANONSBURG (AP) – Mylan N.V. on Wednesday reported a third-quarter loss of $119.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the company, which is incorporated in the Netherlands and has its administrative offices in Southpointe, said it had a loss of 23 cents. Earnings, adjusted for nonrecurring costs, were $1.38 per share.
According to a news release, the company said total revenues and adjusted total revenues of $3.06 billion, each up 13 percent compared to the prior year period predominantly because of net sales from acquisitions and new product launches.
Mylan said its generics segment third party net sales of $2.61 billion was up 17 percent compared to the prior year period.
The company said its specialty segment third party net sales of $418.7 million were down 4 percent compared to the prior year period.
The company said its U.S. GAAP diluted loss per share of 23 cents, compared to 83 cents in the prior year period was primarily because of it agreeing to the terms of a $465 million settlement with the U.S. Department of Justice and other government agencies related to the classification of the EpiPen Auto-Injector for purposes of the Medicaid Drug Rebate Program.
It said the loss was also because of the current quarter of $90 million of expense related to the Strides settlement and the Agila acquisition.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.
The generic drugmaker posted revenue of $3.06 billion in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $3.23 billion.
Mylan expects full-year earnings in the range of $4.70 to $4.90 per share.
Mylan shares have fallen 28 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 6 percent. In the final minutes of trading on Wednesday, shares hit $38.91, a decrease of 14 percent in the last 12 months.