AMSTERDAM: The full-year and fourth quarter 2016 financial results statement from generics and specialty drug maker Mylan appear to show the company has left its EpiPen troubles behind.
The Netherlands-incorporated firm beat analysts’ revenue and profit expectations for the fourth quarter of 2016. Sales were bolstered by strong performance from recently acquired Meda, the Swedish speciality pharmaceutical firm. The company’s share price charged up 7% as investors digested the news.
Mylan reported revenues of $3.3 billion for the fourth quarter of 2016, up 31% compared to the same period in 2015. Following generally accepted accounting principles (GAAP), the earnings per share (EPS) figure was $0.78, more than double the previous year. Gross profit was $1.3 billion, up from $1 billion.
For the full year, the company reported revenues of $11 billion, up 18% compared to the previous year. The EPS figure was down 46% from the previous year at $0.92. Gross profit was $4.7 billion, up from $4.2 billion for the previous year.
The total revenue figure breaks down to approximately $5.6 billion in North America, $2.9 billion in Europe and $2.4 billion from Rest of World.
The full year result includes a $465 million charge related to the Medicaid Drug Rebate Program Settlement as well as $165 million settlement related to the Modafinil antitrust litigation.
Mylan chief executive Heather Bresch said: “We saw all of our regions contribute to our results for the year, with double-digit revenue increases in North America, Europe and Rest of World.”
“The diversity of our business was demonstrated by our six global therapeutic franchises that delivered approximately $1 billion or more in revenue.”