Mylan tightens guidance, despite turning a 2nd-qtr profit

Generic drugs major Mylan (NYSE: MYL) reported second-quarter 2020 results today, showing total revenues of $2.73 billion, down 4% (-2% on a constant currency basis), compared to the prior year period, and parred down it full-year guidance, leading its shares down 1.1%.

Mylan benefited in the first quarter from stocking up on over-the-counter medicines ahead of the lockdowns imposed to curb the spread of the new coronavirus. The stockpiling, however, meant that patients bought fewer drugs in the second quarter.

Earnings, adjusted for one-time gains and costs, were $1.11 per share.