Mylan N.V. (NASDAQ: MYL) reported third-quarter 2017 earnings before markets opened Monday. The pharmaceuticals company posted adjusted earnings per share (EPS) of $1.10 on revenues of $2.99 billion. In the same period a year ago, the company reported EPS of $1.38 on revenues of $3.06 billion. Third-quarter results also compare to the consensus estimates for EPS of $1.20 and $3.1 billion in revenues.

The company missed profit estimates when it reported second-quarter earnings in August and lowered its full-year guidance to an EPS range of $4.30 to $4.70 and between $11.5 billion to $12.5 billion in revenue. The consensus estimates at the time called for $5.12 in EPS and $12.46 billion in revenue for the year.

The company raised the low end of adjusted EPS guidance to $4.45 Monday morning, but it said that it will not provide further GAAP guidance or a reconciliation of non-GAAP financial measures.

CEO Heather Bresch said:

Our third quarter results … were especially strong considering the ongoing challenges we experienced in the U.S., including accelerated deceleration of EpiPen sales – both from our launch of an authorized generic as well as the contraction of the overall epinephrine auto-injector market. … Our third quarter results also continue to show the durability of our resilient global platform, where we now believe that approximately 75% of our more-than-$2 billion adjusted operating cash flows stems from more predictable, recurring revenues across all markets around the world. … We also see sustainable momentum globally as we head into the new year, which is why we remain confident in our 2018 target of at least $5.40 in adjusted EPS.

For the current year, analysts are looking for EPS of $4.59 and revenues of $12.07 billion. For 2018, analysts had estimated adjusted EPS of $5.33 and revenues of $12.68 billion.

Raising guidance at the low end of its projected range to a number below the current analyst projection is not the way to impress investors. Analysts are also less confident about projected fiscal year 2018 earnings. Planning to replace lost revenues in North America with solid revenue growth in Europe and the rest of the world looks achievable by the numbers but may be more difficult to realize.

Shares traded down by more than 4% in Monday’s premarket session but at last look had recovered enough to trade up about 1.5% at $36.26. The stock’s 52-week range is $29.39 to $45.87 and the consensus 12-month price target was $42.00 before this morning’s earnings report.

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