When Mylan N.V. (NASDAQ: MYL) reported its most recent quarterly results after the markets closed on Monday, the company said that it had $1.25 in earnings per share (EPS) and $2.86 billion in revenue. The consensus estimates had called for $1.17 in EPS and $2.87 billion in revenue. In the third quarter of last year, it said it had EPS of $1.10 on revenue of $2.99 billion.
During the most recent quarter, the decrease in total revenues included lower net sales in the North America segment of 14%. This decrease was partially offset by increased net sales in the Rest of World segment of 4%. Net sales in the Europe segment were essentially flat. The overall decrease in total revenues was primarily driven by a decrease in net sales from existing products.
In terms of its segments, Mylan reported as follows:
- Net sales in the North America segment totaled $1.01 billion in the current quarter, a decrease of $159.9 million or 14% when compared to the prior year period.
- Net sales in the Europe segment totaled $1.04 billion in the current quarter, an increase of $0.5 million, when compared to the prior year period.
- Net sales in the Rest of World segment totaled $773.7 million in the current quarter, an increase of $30.4 million, or 4% when compared to the prior year period.
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Looking ahead to the fourth quarter, consensus estimates call for $1.42 in EPS and $3.14 billion in revenue.
Heather Bresch, Mylan’s CEO, commented:
Mylan’s third quarter performance was in line with our expectations and we delivered solid year-over-year growth. Our confidence in the company’s bright future extends well beyond any single factor or particular quarter, including the current, short-term macro market turbulence our industry is experiencing. Year-to-date, we have launched nearly 475 new products across our segments, including a record number of complex generics and biosimilars for Mylan. These medicines represent many different therapeutic categories, channels and dosage forms.
Shares of Mylan closed Monday at $31.37, with a consensus analyst price target of $44.75. The stock has a 52-week trading range of $30.33 to $47.82. Following the announcement, the stock was up over 8% at $34.05 in early trading indications Tuesday.
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