Global pharmaceutical company Mylan N.V. (MYL) reported 100% surge in earnings for the third quarter helped by lower costs and expenses as well as a drop in income tax provision. The bottom line came in ahead of analysts’ expectations while the top line missed consensus estimates. Following this, the stock inched up over 6% in the after-market session.
Net income soared 100% to $176.7 million and earnings surged 113% to $0.34 per share. Adjusted earnings increased 14% to $1.25 per share.
A dip in sales from existing products hurt the total revenues that declined by 4% to $2.86 billion. The decrease in total revenues included lower net sales in the North America segment.
Mylan Q3 2018 Earnings InfographicsNet sales from existing products, partially offset by new product launches, decreased on a constant currency basis by about $14.6 million primarily as a result of lower volumes, and to a lesser extent, pricing. Net sales were also negatively impacted by the adoption of new accounting standards and foreign currency translation.
The company remained committed to its full-year 2018 guidance and this is not dependent on any single product approval or launch. Mylan is very optimistic about its long-term growth prospects as it has secured almost all regulatory approvals necessary for its key 2019 product drivers around the world.
Mylan remained confident in its full-year adjusted free cash flow outlook. As anticipated, its capital deployment priority is focused on deleveraging in the second half of 2018, and the company expects this to continue into 2019. Mylan plans to repay at least $1.2 billion of debt maturing through year-end 2019 and remain fully committed to maintaining its investment-grade credit rating.
For the third quarter, net sales in North America segment decreased 14% due primarily to lower volumes on existing products, including the EpiPen Auto-Injector. This was due to the timing of purchases of its products by customers, the divestiture of certain contract manufacturing assets, the loss of exclusivity of a product, and actions associated with the restructuring and remediation program at the Morgantown manufacturing facility.
Net sales in the Europe segment were essentially flat as new product sales and higher volumes on existing products were offset by lower pricing and the unfavorable impact of foreign currency translation.
Net sales in the Rest of World segment increased 4% helped by new product sales, partially offset by the unfavorable impact of foreign currency translation and lower pricing. New product sales came from the company’s anti-retroviral therapy franchise as well as from Australia and China regions.
Shares of Mylan ended Monday’s regular session down 0.98% at $31.37 on the Nasdaq. The stock has fallen over 12% in the past year and over 25% in the year so far.
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