Mylan Stock Rises 3% After First-quarter Profit Beat, Revenue Miss

By Emma CourtMarketsMarketWatch Pulse

Mylan NV shares rose 2.8% in premarket trade Tuesday after the company reported a first-quarter profit beat and revenue miss. Earnings for the latest quarter rose to $66.4 million, or 12 cents per share, from $13.9 million, or 3 cents per share in the year-earlier period. Adjusted earnings-per-share were 93 cents, compared with the FactSet consensus of 92 cents. Revenue rose to $2.72 billion from $2.19 billion, compared with the FactSet consensus of $2.82 billion. The latest results included a decline in sales of the EpiPen allergic reaction treatment due to new competition and Mylan's release of a cheaper, authorized generic product, the company said. Mylan reaffirmed its March guidance for full year 2017 revenues between $12.25 billion and $13.75 billion, earnings between $2.8 billion and $3.0 billion and adjusted EPS of $5.15 to $5.55. Mylan shares have declined 3.3% over the last three months, compared with a 3.5% rise in the S&P 500 .

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