November 5, 2018 / 9:30 PM / 7 days ago

UPDATE 2-Drugmaker Mylan's profit beats on higher emerging markets sales

(Adds details on results; Updates share price)

Nov 5 (Reuters) - Mylan NV beat analysts' estimates for third-quarter profit on Monday, as the generic drugmaker reported higher sales of its products in emerging markets, sending its shares up about 6 percent in after-market trading.

Sales from the company's unit which caters to markets including China and Australia rose 4 percent to $773.7 million in the reported quarter, boosted by its anti-retroviral therapy franchise.

EpiPen maker Mylan said in August its board had set up a committee to review possible strategic alternatives, citing a tough U.S. environment for generic drugmakers. The company did not provide any detail about the alternatives on Monday.

Revenue from the North America unit, its biggest, fell 13.6 percent to $1.01 billion, mainly due to lower sales volumes of EpiPens and other products.

EpiPen revenue has declined over the last year on stiff competition, the launch of its own cheaper generic and higher rebates that it has had to pay as a result of a settlement for overcharging the U.S. government.

The company's shares have lost more than a quarter of their value this year as EpiPen shortages due to manufacturing issues hit revenue and approval of a generic copy of the emergency shot from rival Teva Pharmaceutical Industries Ltd deepened investor concerns.

Shares of Mylan, which reaffirmed its full-year 2018 revenue and profit forecasts, were up 5.8 percent at $33.20 after the bell on Monday.

The company's net earnings doubled to $176.7 million, or 34 cents per share, in the quarter ended Sept. 30, from $88.3 million, or 16 cents per share, a year earlier.

On an adjusted basis, the company earned $1.25 per share. Total revenue fell 4 percent to $2.86 billion.

Analysts had expected the company to earn $1.19 per share on revenue of $2.91 billion, according to IBES data from Refinitiv. (Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shounak Dasgupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below