Mylan's revenue, profit miss estimates as EpiPen sales fall

Earnings Reuters

EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo (Copyright Reuters 2017)

Nov 6 (Reuters) - U.S. drugmaker Mylan NV's third-quarter revenue and profit missed analysts' estimates due to a fall in sales of its blockbuster emergency allergy shot EpiPen.

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The company's shares fell 4.2 percent to $34.21 in premarket trading on Monday.

Sales of EpiPen declined by $245.1 million on increased competition and higher governmental rebates following a settlement with the U.S. Department of Justice, Mylan said.

Third-party net sales in North America fell 22 percent, or $333.3 million, from a year earlier, as a result of declining generic prices and loss of market exclusivity for one of its drugs, the company said.

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The company's net earnings were $88.3 million, or 16 cents per share, in the third quarter ended Sept. 30, compared with a loss of $119.8 million, or 23 cents per share, a year earlier.

The year-ago quarter included litigation-related expenses of $558 million.

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Excluding items, Mylan earned $1.10 per share.

Total revenue fell 2.3 percent to $2.99 billion.

Analysts on average had expected a profit of $1.20 per share and revenue of $3.09 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Tamara Mathias in Bengaluru; Editing by Sriraj Kalluvila)

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