Nov 7, 2017 2 min read

CANONSBURG – Mylan N.V. on Monday reported adjusted third-quarter earnings of $589.7 million, a 19 percent decline from the $726.4 million it earned in the comparable quarter of 2016.

The Southpointe-based company, which is headquartered in the Netherlands, is the largest maker of generic and specialty drugs in the United States.

Mylan also reported a 2 percent decline in revenue, ending the quarter at $2.99 billion, down from $3.057 billion for the third quarter of 2016.

Most of the revenue decline occurred in the company’s North American market, whose net sales of $1.17 billion, were down 22 percent from a year ago. According to the company, the amount was down approximately 6 percent excluding the decrease in sales of the EpiPen Auto-Injector of $245.1 million.

Despite the North American revenue decline, the company noted Europe segment net sales of $1.04 billion, up 24 percent from the comparable period of a year ago, and rest of world net sales of $743.3 million, up 9 percent.

Adjusted diluted earnings per share were $1.10, which Mylan said was in line with its expectations. Analysts had expected the company to earn $1.20 per share.

“Our third quarter results, which included adjusted earnings per share of $1.10, were especially strong considering the ongoing challenges we experienced in the U.S., including accelerated deceleration of EpiPen sales – both from our launch of an authorized generic as well as the contraction of the overall epinephrine auto-injector market,” said Mylan CEO Heather Bresch. “Our third quarter results also continue to show the durability of our resilient global platform, where we now believe that approximately 75 percent of our more than $2 billion adjusted cash flow stems from more predictable, recurring revenues across all markets around the world.”