Mylan stock drops 6% as earnings, forecast come in short of profit expectations

Mylan NV MYL, -1.

13% reported smaller profit than expected in the fourth quarter and predicted earnings for 2019 would be substantially lower than analysts' projections Tuesday, pushing shares down more than 6% in late trading. The pharmaceutical giant reported fourth-quarter earnings of $51.2 million, or 10 cents a share, on sales of $3.08 billion, down from $3.24 billion a year ago. After taking out restructuring charges and other costs, the company claimed adjusted earnings of $1.30 a share, down from $1.

For 2019, Bresch promised "a strong top-line financial performance," but the bottom line again looks problematic. Mylan forecast adjusted earnings of $3.80 a share to $4.80 a share on revenue of $11.5 billion to $12.5 billion, while analysts on average were predicting 2019 adjusted profit of $5.03 a share on revenue of $11.79 billion, according to FactSet. Mylan previously guided for 2019 revenue of $11.25 billion to $12.25 billion. Mylan shares closed with a 1.1% decline at $30.

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