Generic drugmaker Mylan on Tuesday reported lower-than-expected fourth-quarter profit and forecast 2019 earnings well below Wall Street estimates, as it grapples with significant problems at its Morgantown, West Virginia, plant.
Mylan said the lower forecast was due to higher projected sales, marketing and research and development costs, and its shares fell about 10 percent. Mylan Chief Executive Heather Bresch also said the company was still seeing pricing erosion in the U.S. generic market, but that new product launches should offset revenue decreases for existing products in 2019. The company formed a review committee in August to evaluate possible strategic alternatives, citing the tough U.S.
80 a share and revenue of $11.5 billion to $12.5 billion. Analysts, on average were estimating earnings of $5.04 per share and sales of $11.9 billion. Revenue for the quarter fell 5 percent to $3.08 billion. Mylan received a warning letter from the U.S. Food and Drug Administration in November, flagging"significant" manufacturing violations at the Morgantown plant, including"inadequate" cleaning of equipment.
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