Mylan Posts Q1 Loss, Revenues Miss Estimates; Stock Down

(RTTNews) - Mylan N.V. (MYL) on Tuesday reported a loss for the first quarter, reflecting lower revenue as well as impact of Morgantown plant remediation activities. Quarterly revenues decreased 7 percent. It reaffirmed its guidance for fiscal year 2019.

Adjusted earnings per share topped analysts' expectations, while quarterly revenues missed their estimates.

In the pre-market, MYL is trading at $26.75, down $1.51 or 5.34 percent.

Looking forward to full year 2019, Mylan still expects adjusted earnings of $3.80 to $4.80 per share and revenues of $11.50 billion to $12.50 billion. Wall Street currently is looking for fiscal year 2019 earnings of $4.40 per share on annual revenues of $11.96 billion.

The company said it remains committed to deleveraging and intend to repay $1.1 billion of debt during 2019.

Mylan reported that its first quarter net loss was $25.0 million or $0.05 per share, compared to net income of $87.1 million or $0.17 per share in the previous year.

Adjusted net earnings were $421.9 million or $0.82 per share, compared to $495.6 million or $0.96 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share. Analysts' estimates typically exclude special items.

Total revenues for the first quarter were $2.50 billion, a decrease of 7 percent from $2.68 billion last year. Analysts expected revenue of $2.69 billion for the quarter.

Net sales for the quarter were $2.46 billion, a decrease of $189.8 million, or 7% from the previous year, impacted by the effect of foreign currency translation, primarily reflecting changes in the U.S. Dollar as compared to the currencies of Mylan's subsidiaries in India, Australia, and the European Union.

Rest of World segment net sales were $642.4 million, up 3%, up 11% on a constant currency basis. Europe segment net sales were $895.3 million, down 14%, down 6% on a constant currency basis.

North America segment net sales were $922.9 million, down 6% on an actual and constant currency basis, primarily driven by changes in the competitive environment and the impact of the Morgantown plant remediation activities.