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Home / Business / Mylan earnings are missing on Morgantown plant problems, stocks falling 8 percent

Mylan earnings are missing on Morgantown plant problems, stocks falling 8 percent



(Reuters) – Mylan NV lost sales estimates for the first quarter on Tuesday, damaged by lower demand for its products and manufacturing problems in the Morgantown facility, and sent its shares down nearly 8 percent.

The company has dealt with problems at its Morgantown plant in West Virginia and announced last year that products and work reductions at the factory were closed.

The US Food and Drug Administration issued a notice to Mylan, raising concerns such as lack of compliance with plant cleaning and maintenance procedures at the facility.

Only five of the top 50 and one of the 10 largest gross margin products will be produced in the facility in 2019, drugmaker said in February.

Revenue from its North America, the largest, fell 6 percent to $ 922.9 million and lost estimates of $ 952.43 million.

Total revenue fell 7 percent to $ 2.5 million and lost estimates of $ 2.69 billion, Ording to Refinitive's IBES data.

It was also affected by a 14 percent decline in sales in the Europe business to $ 895.3 million, partly due to a stronger dollar. Analysts expect revenue from Europe to be $ 1.06 billion.

The company reported a net loss of $ 25 million, or 5 cents per share, in the first quarter of March 31, compared to a profit of $ 87.1 million or 17 cents per share the year before.

Excluding items, the company achieved 82 cents per share and hit expectations of 79 cents per share.

Mylan on Tuesday did not provide an update on his decision last year to review possible strategic options. 19659011] Stocks of the company traded lower at $ 26.09 before the clock.

(Report by Saumya Sibi Joseph and Aakash Jagadeesh Babu in Bengaluru; Editing by Arun Koyyur)


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