Mylan N.V. shares fell 4% in premarket trade Monday, after the drug company missed estimates for third-quarter earnings. The company said it had net income of $88.3 million, or 16 cents a share, after a loss of $119.8 million, or 23 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.10, below the FactSet consensus of $1.20. Revenue edged down to $2.987 billion from $3.057 billion, also below the FactSet consensus of $3.077 billion. Chief Executive Heather Bresch said EpiPen sales continued to slow, thanks to the launch of a new generic and the contraction of the overall epinephrine auto-injector market. The company said it is raising the low end of its adjusted EPS guidance range, and is now expecting 2017 EPS of $4.45 to $4.70. The company is expecting revenue of $11.75 billion to $12.50 billion. The FactSet consensus is for full-year EPS of $4.58 and revenue of $12.04 billion. Shares are down 6.4% in 2017, while the S&P 500 has gained about 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News