Mylan 2nd-qtr misses expectations; generic launches delayed

Netherlands-incorporated Mylan’s (Nasdaq: MYL) shares were down 7.9% at $31.79 in pre-market trading, after the company released second-quarter 2017 financial results which missed expectations, and reduced its full-year guidance. The stock was down 5.8% to $29.94 at 9:41 am.

Total revenue for the quarter was up 16% to $2.96 billion, but missed analysts’ estimates of $3.02 billion. Sales were helped by recent acquisitions, including Meda and Renaissance Acquisition that contributed about $633 million in net sales during the quarter.

North America segment third party net sales of $1.28 billion were down 9%; and up around 4% excluding the decrease in sales of the EpiPen Auto-Injector of approximately $172 million. Europe segment third party net sales were $954.3 million, up 59%.