Mylan (MYL) on Wednesday reported adjusted income of $1.07 per share on sales of $2.81 billion for its second quarter. In the year-earlier period, it reported adjusted earnings of $1.10 per share on $2.96 billion in sales.
XAnalysts polled by Zacks Investment Research had called for adjusted profit of $1.23 per share on $2.96 billion in sales.
For the year, Mylan predicts adjusted earnings of $4.55-$4.90 per share and $11.25 billion to $12.25 billion in sales. Analysts had forecast adjusted earnings of $5.28 per share and $12.24 billion in sales.
In premarket trading on the stock market today, Mylan stock toppled 4%, near 37. Mylan is second in the generic drugs industry group only to Teva Pharmaceutical (TEVA) in market cap.
Mylan also said it would begin a strategic review to evaluate a wide range of alternatives to "unlock the true value of our one-of-a-kind platform." The board didn't set a timetable for the evaluation.
More to follow.
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The post Mylan Stock Tumbles After Lagging Quarterly, Guidance Views appeared first on Investor's Business Daily.
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