Mylan NV (MYL) Stock Jumps on Strong Q4 Earnings

Mylan NV (NASDAQ:MYL) shares were on the rise as the company posted fiscal fourth-quarter earnings that were well ahead of expectations.

Mylan×150.jpg 150w,×40.jpg 40w,×30.jpg 30w,×65.jpg 65w,×100.jpg 100w,×80.jpg 80w,×125.jpg 125w,×50.jpg 50w,×71.jpg 71w,×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.

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