Pharmaceutical company Mylan NV (NASDAQ:MYL) reported better-than-expected fourth quarter earnings but revenue missed expectations due to weak US prices for generic drugs and lower sales of its EpiPen emergency injector.
Net income fell to US$244.3mln, or 46 cents a share, in the quarter, from US$417.5mln, or 78 cents, a year ago.
Excluding one-time items, the group earned US$1.43 a share, beating analysts’ estimates of US$1.41.
Revenue declined 1% to US$3.24bn, below market forecasts of US$3.3bn.
The company expects adjusted earnings per share of US$5.20 to US$5.60 and revenue of US$11.75bn to US$13.25bn for 2018.
"2018 will be a year of execution, including our expectation of significant launches such as generic Advair in the US and pegfilgrastim, our first biosimilar launch in the U.S., insulin glargine in Europe and hundreds more across the globe," said president Rajiv Malik.
"We will continue to execute integration activities to further optimise our cost structure. At the same time, we will be strategically reinvesting in our business, especially in areas such as sales and marketing and lifecycle management of several global key products, all supported by our ONE Mylan approach across geographies and channels."
Shares rose 3.3% to US$40.32 each in US pre-market trade.