Mylan, Allergan Shares Fall After Perrigo Profit Warning
Perrigo Co.'s lowered profit outlook, as a result of pricing pressures caused by increasing competition, is weighing on the shares of its generic competitors. Shares of Mylan N.V. slumped 3.9% and of Allergan PLC shed 1.5%. Among others in the generic drug business, Endo International PLC's stock dropped 2.9% and Mallinckrodt PLC's fell 2.1%, while Teva Pharmaceutical Industries Ltd.'s eased 0.1%. Meanwhile, Evercore ISI analyst Umer Raffat said he didn't see much of an overlap between Perrigo's prescription portfolio and the generics from Allergan, Mylan or Teva. Perrigo's stock tumbled 9.5%, and was heading to the lowest close since February 2013.
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