Aug 9, 2018 2 min read

Mylan N.V. issued its second-quarter report, which showed profits dropping and revenue falling 5 percent.

The generic and specialty pharmaceuticals company also contended Wednesday it is undervalued in the U.S. stock market and announced its board will perform a strategic review to consider options.

Mylan, whose global headquarters are in Southpointe, reported total revenues were $2.81 billion, down from $2.96 billion a year earlier. That was due largely to a 22 percent drop in North American sales, which is attributed to lower prices, decreased sales of the EpiPen allergy shot and a restructuring of the manufacturing facility in Morgantown, W.Va. Mylan laid off employees, reduced production and dropped some products at that plant.

Net income was $37.5 million (7 cents per share), an 87 percent drop from $297 million (55 cents a share) from the second quarter of 2017. Adjusted earnings dropped 3 percent, to $1.07 per share from $1.10 per share. That is below Wall Street estimate of $1.22 per share.

The board said in a statement: “We believe that the U.S. public markets continue to underappreciate and undervalue the durability, differentiation and strengths of Mylan’s global diversified business, especially when compared to our peers around the globe.”

Chief executive officer Heather Bresch said in a statement: “Our Europe and Rest of World segments continue to deliver growth in line with our expectations. However, our efforts to serve patients in the U.S. have been shaped by the industry’s transformation there, and our results and guidance for 2018 are directly correlated with the ongoing rebasing of the U.S. health-care environment.”

Mylan is registered in the Netherlands and has its principal executive offices in Hatfield, Hertfordshire, United Kingdom.