May 3, 2016 1 min read

CANONSBURG – Mylan N.V. reported Tuesday first-quarter earnings of 76 cents per share to beat the Wall Street concensus of 75 cents per share.

While the Netherlands-based generic drug producer posted revenue of $2.19 billion, up 19 percent from the comparable quarter of a year ago, it fell short of analysts’ expectations of $2.26 billion.

For the quarter, Mylan, which has its administrative offices in Southpointe, reiterated its outlook for 2016, stating it expects earnings in the range of $4.85 to $5.15 per share while total revenues are expected in the range of $10.5 billion to $11.5 billion.

The company noted its specialty segment third-party net sales of $247.9 million were up 17 percent.

In related news, the company said it is set to acquire Sweden-based Meda, a leading international specialty pharmaceutical company, in a deal worth $9.9 billion. The transaction is expected to be completed by the end of the third quarter.

Mylan also announced the appointment of Kenneth S. Parks as chief financial officer, effective June 6. He joins the company with more than 30 years of corporate finance experience, including responsibilities across financial planning, accounting, investor relations, treasury, tax and information technology.