Mylan shares rise despite mixed 3rd-qrt financials

Following reporting its financial results for the third quarter of 2018, Netherlands-incorporated Mylan (Nasdaq: MYL) saw its shares rise 7.43% to $33.70 in after-hours New York trading on Monday, as its mixed result suggested that the worst is over for the generics sector in the USA.

Total revenues of $2.86 billion, down 4% compared to the prior year quarter and adjusted diluted earnings per ordinary share of $1.25, up 14% over the prior year period US generally accepted accounting principles (GAAP) diluted earnings per ordinary share of $0.34, up 113% over the prior year period.

Europe segment net sales of $1.04 billion, flat, up 2% on a constant currency basis. North America segment net sales of $1.01 billion, down 14%, down 13% on a constant currency basis, primarily due to the combined impact of the implementation of new accounting standards, lower volumes including EpiPen Auto-Injector sales, the divestiture of certain contract manufacturing assets, the loss of exclusivity of a product and actions associated with th restructuring and remediation program at the Morgantown manufacturing facility.