May 11, 2020 / 12:54 PM / 19 days ago

UPDATE 1-Mylan sticks to forecast, first-quarter benefits from COVID-19 stockpiling

(Adds details on quarter, forecast)

May 11 (Reuters) - Mylan NV on Monday maintained its 2020 revenue forecast and posted a 5% rise in quarterly sales as it benefited from customers stocking up on its cold and asthma medicines ahead of lockdowns imposed to curb the spread of the coronavirus.

The company said it expects 2020 revenue in the range of $11.5 billion to $12.5 billion, assuming a resumption in global hospital visits in the second half of the year.

Mylan is one of the several drugmakers ramping up production of an old malaria drug hydroxychloroquine, touted by U.S. President Donald Trump as a "game changer" in the fight against COVID-19, the respiratory illness caused by the virus.

The drugmaker posted net earnings of $20.8 million, or 4 cents per share, in the three months ended March 31, compared with a net loss of $25 million, or 5 cents per share, a year earlier.

Total revenue of the company, whose merger with Pfizer Inc's off-patent branded drugs unit has been delayed by the pandemic, rose 5% to $2.62 billion.

The quarter was boosted by higher demand for products such as Cold-EEZE cold lozenges and asthma drug Perforomist as the COVID-19 outbreak worsened in North America.

Reporting by Saumya Sibi Joseph and Trisha Roy in Bengaluru; Editing by Sriraj Kalluvila

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