Mylan N.V. (NASDAQ:MYL) stock was down today after the company updated its forecast for 2017.
Mylan N.V. says that it is now expecting earnings per share for the full year of 2017 to range from $4.30 to $4.70 on revenue between $11.5 billion and $12.5 billion. This is bad news for MYL stock, as Wall Street is looking for earnings per share of $5.12 on revenue of $12.46 billion for the year.
Mylan N.V. says that the reason it is cutting guidance for 2017 has to do with product launches. The company says it is delaying all major launches in the United States to fiscal 2018 due to “the uncertain U.S. regulatory environment.”
The rest of Mylan N.V.’s earnings report for the second quarter of 2017 also didn’t help MYL stock. This includes revenue of $2.96 billion, which is up 16% from the same time last year. However, it didn’t beat analysts’ revenue estimate of $3.04 billion for the quarter.
Earnings per share reported by Mylan N.V. in the second quarter of 2017 was 55 cents. This is up from the drug company’s earnings per share of 33 cents that was reported in the second quarter of 2016. Wall Street was looking for earnings per share of $1.16 from MYL for the second quarter of the year.
Mylan N.V. reported net income of $297 million during its second quarter of 2017. This is an increase over the company’s net income of $168.40 million that was reported during the same period of the year prior.
MYL stock was down 1% as of noon Wednesday and is down 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
