Mylan fourth-quarter revenue misses expectations

Mylan on Wednesday announced that its revenue for the fourth quarter rose by 20 percent year-over-year to $2.5 billion, missing analyst forecasts of $2.7 billion. Meanwhile, the drugmaker's net profit for the three-month period reached $194.6 million, versus $189.2 million in the year-ago period.

In the quarter, Mylan recorded specialty drug revenue of $254.1 million, up 5 percent compared to the corresponding quarter of 2014. The company attributed the increase to higher sales of the Epi-Pen Auto-Injector due to higher volumes, which follows Sanofi's recall of the competing product Auvi-Q because of possible inaccurate dose delivery.

For the full year, Mylan said that revenue climbed 28 percent on a constant currency basis to $9.5 billion, while net profit totalled $848 million. The company added that excluding the contribution of Abbott's developed markets branded generics, which was purchased for about $5.3 billion in 2014, full-year revenue climbed by 9 percent year-over-year.

Mylan chief financial officer John Sheenan stated "Mylan's exceptional 2015 results reflect strong growth in our legacy business, enhanced by the addition of the EPD business, demonstrating our ability to drive organic growth as well as execute on value-enhancing transactions."

For 2016, the company projects earnings in the range of $4.85 per share to $5.15 per share on revenue of $10.5 billion to $11.5 billion.

Separately on Wednesday, Mylan announced an agreement to purchase Meda in a stock-and-cash transaction valued at $7.2 billion, or $9.9 billion including debt.

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