Mylan Q3 Non-GAAP EPS Beats Street Estimate; Drugmaker Narrows Guidance Range

Generic drug maker Mylan NV MYL reported Tuesday ahead of the open with higher third-quarter revenue and GAAP earnings, although earnings declined year-over-year on an adjusted basis.

Mixed Q3

Mylan said its third-quarter revenue rose 3% year-over-year to $2.96 billion, shy of the consensus estimate of $3.01 billion.

On a constant currency basis, revenue rose 6%. Geographically, North American revenue, accounting for roughly 37% of the total, rose 3%, and European revenue, comprising about 36% of the total, increased less than 1%.

"During the third quarter, we benefited from continued momentum on key products, including Yupelri, Copaxone, Fulphila and Wixela Inhub," Mylan President Rajiv Malik said in a statement.

On a GAAP basis, the company reported earnings of 37 cents per share, higher than the 34 cents per share reported for the third quarter of 2018.

Adjusted EPS declined from $1.25 to $1.17, while analysts, on average, estimated EPS of $1.13.

Guidance Narrowed

The company reduced the high end of its 2019 revenue guidance from $12.5 billion to $12 billion while maintaining the low end at $11.5 billion.

Mylan narrowed its adjusted EPS guidance from a range of $3.80-$4.80 to a range of $4.20-$4.40.

The guidance surrounded the consensus estimates that call for EPS of $4.29 and revenue of $11.61 billion.

"We will continue to execute and remain laser-focused as we now set our sights on year-end commitments, including the upcoming launch of our biosimilar to Herceptin, Ogivri, and as we continue to make progress toward a successful deal close with Pfizer Inc.PFE's Upjohn business, which we continue to expect will occur in mid-2020," Mylan CEO Heather Bresch said in a statement.

Mylan shares were down 3.9% at $18.97 at the time of publication.

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