Mylan Lifts FY17 Earnings Outlook; Says Confident In FY18 View

(RTTNews) - Mylan N.V. (MYL) on Monday said it is increasing the midpoint of its previous 2017 adjusted earnings per share guidance and total revenue range by increasing the low end of the ranges, citing mainly the launch of generic Copaxone.

Adjusted earnings per share for 2017 is now expected to be in the range of $4.45 to $4.70 per share, a decrease of 6% at the midpoint when compared to the prior year. The company previously expected adjusted earnings per share in the range of $4.30 to $4.70.

Mylan now expects 2017 total revenues in the range of $11.75 billion to $12.5 billion, which represents an increase of 9% at the midpoint versus full-year 2016. The company previously expected total revenues in the range of $11.5 billion to $12.5 billion.

On average, analysts polled by Thomson Reuters expect earnings of $4.59 per share on revenues of $12.07 billion for the year. Analysts' estimates typically exclude special items.

For 2017, Mylan continues to expect to generate $2.0 billion to $2.4 billion of adjusted free cash flow, net of our revised capital expenditures range of $300 million to $350 million.

Mylan CEO Heather Bresch said, "Our third quarter results, which included adjusted EPS of $1.10, were especially strong considering the ongoing challenges we experienced in the U.S., including accelerated deceleration of EpiPen sales - both from our launch of an authorized generic as well as the contraction of the overall epinephrine auto-injector market....Given that, and the stability of our global platform, we see a strong finish ahead for the year."

The company also said it sees sustainable momentum globally and remains confident in 2018 target of at least $5.40 in adjusted earnings per share. Analysts expect earnings of $5.33 per share.

In pre-market activity, shares were trading at $34.30, down 4 percent.