Shares of Mylan NV (MYL) fell sharply Tuesday after the specialty pharmaceuticals company reported a decline in its fourth-quarter earnings which also missed analysts’ estimates. Though revenue decreased, it came in above expectations. The company also provided earnings and revenue guidance for fiscal 2019.
Adjusted earnings declined 9% to $1.30 per share during the three-month period and missed market estimates. Reported profit was $51.2 million or $0.10 per share, compared to $244.3 million or $0.46 per share in the fourth quarter of 2017.
Revenues dropped 5% annually to $3.08 billion, hurt mainly by a decline in the sale of existing products. The top-line, meanwhile, exceeded the Wall Street forecast. During the quarter, a 1 % revenue growth in Europe and 4% increase in the rest of the world were more than offset by a 16% fall in the North American market, continuing the recent trend.
Revenues dropped 5% annually to $3.08 billion, hurt mainly by a decline in the sale of existing products
“Looking forward, I can confidently say, through leveraging the diversification across our commercial, operational and scientific platforms, we feel incredibly positive about our ability to deliver a strong top-line financial performance in 2019,” said CEO Heather Bresch.
The company expects full-year 2019 adjusted earnings to be in the range of $3.80 per share to $4.80 per share. Revenues are currently forecast between $11.5 billion and $12.5 billion, which reflects growth across all geographical regions. The management is looking for adjusted free cash flow of $1.9-$2.3 billion for the year.
Related: Mylan Q3 profit beats estimates
Having secured several key regulatory approvals, required for the development and launch of products, the company expects overall performance to improve this year and beyond.
Mylan’s stock has been in a free fall for the past few years, after reaching a peak mid-2015. Since last year, the shares dropped about 25% and are hovering near the multi-year lows seen a few months ago. The stock plunged about 10% in Tuesday’s after-hours session following the earnings report.