The company gave guidance for the 2015 full year. Mylan expects EPS in a range of $4.00 to $4.30 and revenues in the range of $9.6 billion to $10.1 billion. There are consensus estimates of $4.16 in EPS and $9.82 billion in revenue.
The generics segment third party net sales of $1.82 billion were up 16% from the fourth quarter of the previous quarter. The Generics segment broke down into separate regional third party net sales, compared to the prior year period:
- North America had sales of $1 billion, up 17%. The increase was primarily driven by net sales from new products, partially offset by lower net sales of existing products as a result of lower volumes. The effect of foreign currency translation on third party net sales was insignificant in North America.
- Europe had sales of $373.4 million, a decrease of 1%, or an increase of 8% on a constant currency basis. During the quarter, Mylan benefited from increased volumes in France, Italy and the UK as well as net sales from new products. These increases were partially offset by lower pricing throughout Europe.
- Rest of the World had sales of $441.0 million, an increase of 13%, or 18% on a constant currency basis. This increase was primarily driven by higher third party net sales volumes from operations in India, namely from strong growth in the anti-retroviral (ARV) franchise which manufactures products used in the treatment of HIV/AIDS. Higher sales to emerging markets and sales in Brazil also positively contributed to the quarter.
Specialty segment third party net sales of $242.7 million, up 38% from the same period in the previous year. The big jump in this segment was due to higher net sales of the EpiPen Auto-Injector driven by increased volume and favorable pricing.
Mylan had an adjusted gross margin of 54%, up 250 basis points from the same period of the previous year.
Heather Bresch, CEO of Mylan, commented earnings:
For the full year 2014, we delivered growth across all of our business segments, with constant currency revenues up 13% and adjusted diluted EPS up 23%, all of this while we continued to make meaningful progress against all of our key growth drivers. Notably, 2014 marked an important milestone for EpiPen Auto-Injector, as it became Mylan’s first $1 billion product.
Shares of Mylan closed Monday up 1% at $57.89. Following the release of the earnings report, shares were down 2.3% at $56.55 in after-hours trading. The stock has a consensus analyst price target of $59.56 and a 52-week trading range of $44.74 to $59.60.
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