Mylan reports fourth-quarter drop in profits
Generic pharmaceutical giant Mylan N.V. reported a drop in revenue and profits for the fourth quarter of 2017.
The company, with administrative headquarters in Southpointe II, reported Wednesday total revenue for the quarter was $3.24 billion, a 1 percent dip from the same quarter of 2016. Net income was $244.3 million (46 cents per share) for the final three months of 2017, down 41 percent from the same quarter the previous year. Adjusted earnings were $1.43 per share, a 9 percent drop from the same period a year earlier.
Mylan, now with global headquarters in Hertfordshire, England, has been hit by low U.S. generic drug prices in the United States and a dip in EpiPen sales.
The company reported total revenues of $11.91 billion for the year, an 8 percent increase from 2016.
CEO Heather Bresch said: “Mylan’s business continues to deliver solid results and I am pleased once again to provide a strong outlook for growth, especially given the U.S. environment. Our performance is a testament to the strength, diversification and resilience of our unique global platform, and it demonstrates that Mylan truly is built to last.”
Mylan also reported it has made a deal with Revance Therapeutics to “develop and commercialize” a biosimilar for Botox. Biosimilars, according to Mylan, are “similar biologically or interchangeable with other FDA-approved medication.”