Drugmaker Mylan (NASDAQ: MYL) reported third-quarter revenues that fell short of expectations. Meanwhile, earnings increased and surpassed the consensus estimate. The company also revised its full-year 2019 guidance.
Revenues increased 3% annually to $2.96 billion, helped by an 8% growth in North America. In Europe sales were almost flat. The top-line missed the estimates. Revenues were negatively impacted unfavorable foreign currency translation, primarily reflecting changes in the U.S. Dollar as compared to the currencies of Mylan’s subsidiaries in the European Union and Australia.
Adjusted earnings decreased year-over-year to $1.17 per share during the three month period from $1.25 per share last year, but surpassed the analysts’ forecast. On a reported basis, September-quarter earnings rose to $189.8 million or $0.37 per share from $176.7 million or $0.34 per share last year.
“Mylan achieved healthy revenue growth across all segments of our business during the third quarter, supporting solid year-to-date revenue growth as compared with last year on a constant currency basis. Also, this quarter, we continued the purposeful work of transforming our business by applying a highly disciplined financial lens to further maximize the value of our asset base,” said CEO Heather Bresch.
The management currently expects full-year 2019 revenues to be in the range of $11.50 billion to $12.00 billion. It continues to expect full-year free cash flow to be between $1.9 billion to $2.3 billion, on an adjusted basis. The earnings forecast has been reaffirmed in the range of $4.20 per share to $4.40 per share.
The company said it is making progress towards closing the deal with Pfizer’s Upjohn business by mid-2020, and is on track to launch its biosimilar to Herceptin, Ogivri, later this year.
Mylan’s stock, which has been on a losing spree since the beginning of the year, closed the last trading session higher.