Mylan N.V. (NASDAQ: MYL) reported this Wednesday its second quarter earnings that missed Wall Street estimates on both profit and revenue, plummeting shares nearly 9%.
As the EpiPen maker’s sales fell 22% from the previous year, Mylan warned investors that it would generate less revenue for the year than it had expected.
The Pharmaceutical Company said it earned USD 1.07 a share during the three months ended June 30th, below the average estimate of USD 1.22 a share. It generated USD 2.81 Billion in revenue while the market expected USD 2.96 Billion, according to Thomson Reuters.
Mylan said decreased net sales in North America took a bite out of its revenue. Sales on the continent fell 22% to USD 1 Billion during the quarter from USD 1.29 Billion during the same time frame last year. Chief Executive Officer Heather Bresch blamed changes in the U.S. health care industry for the drop.
"Our Europe and 'rest of world' segments continue to deliver growth in line with our expectations," Bresch said. "However, our efforts to serve patients in the U.S. have been shaped by the industry's transformation there and our results and guidance for 2018 are directly correlated with the ongoing rebasing of the U.S. healthcare environment."
Mylan expects full-year revenue of between USD 11.25 Billion and USD 12.25 Billion, cutting its previous expectations of USD 11.75 Billion to USD 13.25 Billion. The Company expects 2018 earnings-per-share of USD 4.55 to USD 4.90, slashing prior estimates of USD 5.20 to USD 5.60 per share.