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MarketWatch MarketPulseAug 06, 2020
Mylan swings to profit as sales fall slightly short of estimates
Mylan N.V. said Thursday it had net income of $39.4 million, or 8 cents a share, in the second quarter, after a loss of $168.5 million, or 33 cents a share, in the year-earlier period. The company said its adjusted net income came to $574.3 million compared with 532.8 million a year ago, but did not offer an adjusted per-share figure. Revenue fell to $2.731 billion from $2.852 billion. The FactSet consensus was for EPS of 99 cents and revenue of $2.735 billion. "We now expect the overall COVID-19 recovery efforts will occur slower than anticipated and may continue throughout the rest of the year," the company said in a statement. "As a result, we expect total revenues, which absorbed a 2% net decline related to COVID-19 in the first half of the year, to have an overall similar negative impact for the second half of the year." Mylan now expects full-year revenue to range from $11.5 to $12.0 billion. The company is expecting the acquisition of Pfizer's Upjohn business to be completed in the fourth quarter. Shares were slightly higher premarket, but have fallen 16% in the year to date, while the S&P 500 has gained 3%.

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