Mylan misses Street 3Q forecasts

Markets Associated Press

Mylan Inc. (MYL) on Monday reported third-quarter net income of $88.3 million, after reporting a loss in the same period a year earlier.

Continue Reading Below

The Hatfield, Britain-based company said it had net income of 16 cents per share. Earnings, adjusted for one-time gains and costs, were $1.10 per share.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.

The generic drugmaker posted revenue of $2.99 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $3.08 billion.

Mylan expects full-year earnings in the range of $4.45 to $4.70 per share, with revenue in the range of $11.75 billion to $12.5 billion.

Mylan shares have fallen slightly more than 6 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. The stock has risen 2 percent in the last 12 months.

Continue Reading Below

_____

This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MYL at https://www.zacks.com/ap/MYL