Mylan shares rise despite missing on 3rd-qtr sales and earnings

Netherlands-incorporated generics major Mylan (Nasdaq: MYL) saw its shares rise 0.9% to $36.40 in late-morning trading, have hit a $36.92 pre-market after posting third-quarter 2017 financials that came in below analysts’ forecasts.

For the reporting quarter, total revenues were $2.99 billion, down 2% compared to the prior year period, and missing Zacks Investment Research consensus estimate of $3.08 billion.

Adjusted diluted earnings per ordinary share (EPS) of $1.10 were in line with Mylan’s expectations, but down 20% over the prior year period, and below Zacks estimated of $1.22. Gross profit was $1.18 billion and $1.28 billion for the third quarter of 2017 and 2016, respectively. US generally accepted accounting principles (GAAP) net earnings increased to $88.3 million for the three months, compared to a loss of $119.8 million for the prior year period