Mylan NV could face decline in profitability in 2017 and 2018
Generic drug maker Mylan NV admitted on Wednesday that delays in the launch of some of its new drugs in addition to eroding prices for generics in the U.S. could hurt its profitability in 2017 as well as in 2018.
Due to uncertain U.S. regulatory environment, Mylan NV pushed back the launch of its key drugs in the U.S. to 2018.
David Maris, an analyst with Wells Fargo, said, “It’s clear they can’t achieve it. The fact they can’t make that tells you things must be bad. The $6 number has had a long and questionable history in my book.”
The launches, which the company pushed back to next year, include those of the company’s generic version of Teva’s multiple sclerosis drug Copaxone and GlaxoSmithKline’s (GSK’s) blockbuster Advair.
In the after-hours trading, stock in Mylan NV slipped nearly 7 per cent to hit its nearly four-year low. Since last week, the generic drug maker’s stock has shed nearly 20 per cent of its market value.
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