Mylan NV (NASDAQ:MYL) shares were on the rise as the company posted fiscal fourth-quarter earnings that were well ahead of expectations.
investorplace.com/wp-content/uploads/2013/01/MYLAN185-150×150.jpg 150w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-40×40.jpg 40w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-30×30.jpg 30w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-65×65.jpg 65w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-100×100.jpg 100w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-80×80.jpg 80w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-125×125.jpg 125w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-50×50.jpg 50w, investorplace.com/wp-content/uploads/2013/01/MYLAN185-71×71.jpg 71w,http://investorplace.com/wp-content/uploads/2013/01/MYLAN185-120×120.jpg 120w” sizes=”(max-width: 185px) 100vw, 185px” />The pharmaceutical giant finished its fiscal 2016 by revealing that it earned $417.5 million, or 78 cents per share, topping the year-ago figure of $194.6 million, or 38 cents per share. Excluding certain items, earnings came in at $1.57 per share, which was 15 cents higher than the $1.42 per share that Wall Street expected.
Revenue surged 31.2% to $3.27 billion, topping Wall Street’s consensus estimate by $100 million. The figure marked a 31.2% rise year-over-year in the revenue category for the EpiPen maker.
The results were a welcome change for Mylan, which many analysts considered would have disappointing results due to the company raising the price of EpiPen. The product was also labeled as a generic, rather than a branded product.
“We look forward in 2017 to delivering yet another strong year of performance,” CEO Heather Bresch said in a statement.
The company also updated its full-year forecast for fiscal 2017, as it expects sales to be in the range of $12.25 billion to $13.75 billion. Analysts expect $12.64 billion in revenue, according to Thomson Reuters.
The branded version of EpiPen now costs more than $600, while a generic version of the product will set you back $300. Mylan said in its report that it expects price erosion both in the U.S. and abroad, and the company is ready for such a change.
The pharmaceutical corporation announced in December that it was scaling down, cutting costs by reducing about 10% of its workforce. The move comes in light of Mylan’s acquisition of Meda in August.
MYL stock grew 6.5% Wednesday.