Categories Earnings, LATEST, Other Industries
Mylan reports revenue decline in Q2; Misses earnings expectation
Mylan NV (MYL) missed analyst expectations on revenue and earnings for the second quarter of 2018. The company’s total revenues dropped 5% to $2.81 billion from last year, mainly due to a decline in existing-products sales. The drop in sales from existing products was partially offset by new product launches.
Mylan shares dropped 5% during premarket trading following the announcement.
Total revenues include net sales and other revenues, of which net sales fell 6% while other revenues improved to $52.8 million from $35.7 million last year.
On a GAAP basis, net income fell 87% to $37.5 million or $0.07 per share from the same period last year. Adjusted net income came in at $551.5 million or $1.07 per share for the quarter.
Mylan revised its guidance for the full year of 2018. The company now expects total revenues to come in at $11.25 billion to $12.25 billion, which is essentially flat at the midpoint versus full-year 2017. Adjusted EPS is expected to be $4.55 to $4.90, an increase of 4% at the midpoint when compared to last year. Adjusted free cash flow is expected to be $2.1 billion to $2.5 billion.
Net sales in North America declined mainly due to lower volumes on existing products, including EpiPen. The Europe and Rest of World segments posted sales increases with Rest of World benefiting from new product sales, particularly from the anti-retroviral therapy franchise.
During the quarter, Mylan faced an FDA inspection at its Morgantown facility and the company is making the required improvements at the plant. This, along with job cuts and product discontinuations, led to production and supply issues which affected quarterly results.
The company’s board of directors is said to be looking at strategic alternatives to deal with lower prices and volumes for many of its products in the US market.
Related: Mylan first quarter earnings
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to