Mylan stock (NASDAQ:MYL) is skyrocketing late in the day Monday as the company reported its latest quarterly earnings results after hours, yielding a profit that was more than double what it amassed during the year-ago quarter, while also topping analysts’ expectations.
The Canonsburg, Penn.-based specialty pharmaceutical company said that for its third quarter of the fiscal year, it brought in earnings of $176.7 million, or 34 cents per share. The figure was stronger than its earnings of 16 cents per share from the year-ago quarter.
Mylan added that on an adjusted basis, the company brought in a profit of $1.25 per share, which is stronger than the $1.10 per share it raked in during the year-ago quarter. Analysts were calling for the company to earn about $1.19 per share on an adjusted basis.
The pharmaceutical company also said that its revenue for its third quarter of fiscal 2018 came in at $2.86 billion, marking a decline from the $2.99 billion it brought in during the year-ago quarter. Analysts said they were calling for the company to bring in revenue of $2.91 billion.
MYL shares soared more than 7.2% after the bell on Monday following the company’s strong quarterly earnings showing late in the day. Mylan stock had been declining a little under 1% during regular trading hours in anticipation of the company’s results for the day.
