Mylan's second-quarter sales rise 2%, topping forecasts

Headline results for the second quarter:

Revenue

$2.9 billion (forecasts of $2.8 billion)

+2%

Loss

$168.5 million

-549%

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

"Mylan's second-quarter performance was strong as we delivered or exceeded on expectations across all financial metrics," commented CEO Heather Bresch, adding "we remain on track to deliver on our 2019 guidance."

Separately on Monday, Pfizer announced plans to combine its Upjohn off-patent branded and generic established medicines business with Mylan into a new company, confirming a recent report on the matter.

Other results:

  • North America segment: $1 billion, +2%, mainly driven by new product launches including Fulphila and Wixela Inhub, partially offset by decreases in volume and lower prices
  • Europe segment: $989.6 million, flat year-over-year, with unfavourable currency impacts and pricing decreases offset by sales of new products such as Hulio and TOBI Podhaler and higher volume on older products
  • Rest of World segment: $805.2 million, +5%, fuelled by higher volumes on existing products and new product sales in Australia and emerging markets, partially offset by unfavourable currency impacts and lower prices on existing products

Looking ahead:

For 2019, Mylan reaffirmed that it expects earnings in the range of $3.80 per share to $4.80 per share on $11.5 billion to $12.5 billion in revenue.

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