Mylan's Beat Lifts Hopes That Worst Is Over for Generic Drugs
(Bloomberg) -- Mylan NV’s quarterly earnings beat estimates by the most in nearly two years, a sign the drugmaker may be turning a corner in the struggling U.S. generics market.
- Mylan’s North American net sales of $1.01 billion were down 14 percent, a less severe decline than in previous quarters. The company cited lower volumes of EpiPens and a restructuring at a troubled plant in West Virginia.
- While the North American business declined, other regions didn’t pick up the slack as much as in recent quarters.
- Mylan’s announcement followed rival Teva Pharmaceutical Industries Ltd.’s results late last week, when the Israeli company lifted its forecast for the third time this year.
- Mylan didn’t give an update on its generic version of Advair, one of a handful of drugs it’s hoping will help boost future earnings.
Mylan shares rose 6 percent to $33.30 at 4:31 p.m. in New York after the market closed Tuesday. Through Monday’s close, the stock had lost 26 percent in 2018, compared with a 2.4 percent decline in the S&P 500 index.
- To read more on the results, click here.
- To read Mylan’s press release, click here.
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