Generic drugmaker Mylan on Tuesday reported lower-than-expected fourth-quarter profit and forecast 2019 earnings well below Wall Street estimates, as it grapples with significant problems at its Morgantown, West Virginia, plant.
Mylan said the lower forecast was due to higher projected sales, marketing and research and development costs, and its shares fell about 10 percent. Mylan Chief Executive Heather Bresch also said the company was still seeing pricing erosion in the U.S. generic market, but that new product launches should offset revenue decreases for existing products in 2019. The company formed a review committee in August to evaluate possible strategic alternatives, citing the tough U.S.
80 a share and revenue of $11.5 billion to $12.5 billion. Analysts, on average were estimating earnings of $5.04 per share and sales of $11.9 billion. Revenue for the quarter fell 5 percent to $3.08 billion. Mylan received a warning letter from the U.S. Food and Drug Administration in November, flagging"significant" manufacturing violations at the Morgantown plant, including"inadequate" cleaning of equipment.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Home Depot forecasts poor 2019 earnings as U.S. housing momentum slowsHome Depot Inc projected 2019 earnings below Wall Street forecasts on Tuesday, a...
और पढो »
CVS 2019 profit forecast a wide miss, shares fall 9 percentCVS Health Corp on Wednesday forecast 2019 profit well below Wall Street forecas...
और पढो »
CVS profit miss, rebate questions send shares tumbling 8 percentCVS Health Corp on Wednesday forecast 2019 profit well below Wall Street estimat...
और पढो »
Stocks making the biggest moves after hours: Weight Watchers, Papa John's, Mylan and moreSee which stocks are posting big moves after the bell on February 26.
और पढो »
Mylan stock drops 6% as earnings, forecast come in short of profit expectations
और पढो »
Fortnite, ‘Frozen’ and llamas among the toy trends for 2019Many items at this year’s Toy Fair in New York City fell in with some common trends and themes, including popular movies and videogames.
और पढो »