Shares of Mylan Increase Even Though Revenue Misses Forecasts
Shares of Mylan NV jumped more than 2.8 percent in premarket trade on Tuesday after the pharmaceutical company reported first-quarter profit that beat estimates.
The Pennsylvania-based company said it earned $66.4 million or 12 cents per share in the latest quarter, up from $13.9 million or 3 cents per share in the year-earlier period. Adjusted for one-timed items, EPS were 93 cents against economists’ forecast of 92 cents.
However, revenue only rose to $2.72 billion from $2.19, well below analysts’ consensus of $2.82 billion. The decline came as a result of a drop in sales of the EpiPen allergic reaction treatment.
The company maintained its March guidance for full year 2017 revenues between $12.25 billion and $13.75 billion and earnings between $2.8 billion and $3.0 billion.
Buy Stop at 39.00, Take profit 40.00, Stop loss at 38.50