Mylan Cuts 2017 Outlook; Stock Down

(RTTNews) - Mylan N.V. (MYL) cut its 2017 guidance, as a result of expected delays in the timing of certain key new product launches.

In the Wednesday's pre-market trade, MYL is trading at $28.90, down $2.89 or 9.09 percent.

The company now expects adjusted earnings per share for 2017 to be in the range of $4.30 to $4.70, the midpoint of which represents a decrease of 8% versus 2016. It now expects 2017 total revenues in the range of $11.5 billion to $12.5 billion, the midpoint of which represents an increase of 8% versus 2016. Analysts polled by Thomson Reuters expect the company to report earnings of $5.12 per share and revenues of $12.46 billion for 2017. Analysts' estimates typically exclude special items.

While announcing the fourth-quarter results, Mylan expected 2017 total revenues to be in the range of $12.25 billion to $13.75 billion, the midpoint of which represents an increase of 17% versus 2016. Adjusted EPS was expected to be in the range of $5.15 to $5.55, the midpoint of which represents an increase of 9% versus 2016.

Mylan CEO Heather Bresch said, "Given the region's ongoing challenges and the uncertain U.S. regulatory environment, we have elected to defer all major U.S. launches from our full year 2017 financial guidance to 2018, including generic Advair and generic Copaxone."

Mylan CEO Heather Bresch said, "...., as we look to 2018, we are moving our target of $6.00 in adjusted EPS to at least $5.40. This new target represents 20% growth from 2017 based on the midpoint of our revised adjusted EPS guidance range. Looking ahead, we continue to have great confidence in our underlying business in every region and the opportunities we have for long-term growth."