Generic and specialty pharmaceuticals company Mylan reported a 41.4% plunge in its fourth quarter earnings to $244.3 million, impacted by the recognition of a tax benefit in the prior year of $192.6 million as compared to tax expense in the current period of $82.8 million, including the provisional impact of $128.6 million related to the enactment of the Tax Cuts and Jobs Act of 2017.
Adjusted earnings per share declined 8.9% to $1.43 from $1.57 in the same period in 2016.
Revenue declined marginally by 0.8% to $3.23 billion from $3.26 billion a year earlier. North American third party net sales declined 17%, while excluding the decline in sales of the EpiPen, this segment slid 8%. However, Europe segment third party net sales jumped 16% to $1.07 billion.
Outlook
For 2018, Mylan expects total revenue in the range of $11.75 billion to $13.25 billion. Adjusted EPS is expected to be in the range of $5.20 to $5.60, the midpoint of which represents an increase of 18% versus 2017.
Most Popular
PG Earnings: Procter & Gamble Q3 profit climbs, beats estimates
Consumer goods behemoth The Procter & Gamble Company (NYSE: PG) announced financial results for the third quarter of 2024, reporting a double-digit growth in net profit. Sales rose modestly. Core
AXP Earnings: All you need to know about American Express’ Q1 2024 earnings results
American Express Company (NYSE: AXP) reported its first quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, increased 11% year-over-year to $15.8 billion, driven mainly by higher
Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers
Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street's
