EpiPen and generic drugmaker Mylan (MYL) - Get Report on Tuesday posted an adjusted quarterly profit that beat analysts' forecasts as the company generated increased sales from its existing suite of generic drugs as well as some new product launches.
The company said it earned $189.8 million, or 37 cents a share, in the quarter ended Sept. 30, vs. $176.7 million, or 34 cents a share, a year earlier. On an adjusted basis, the company earned $1.17 a share, above analysts' forecasts of $1.13.
Sales rose to $2.96 billion from $2.86 billion, though were slightly short of analysts' forecasts $3 billion.
The company attributed strong demand for its lineup of generic drugs and more to come from additional upcoming launches "... as we continue to make progress toward a successful deal close with Pfizer's (PFE) - Get Report Upjohn business, which we continue to expect will occur in mid-2020," Mylan CEO Heather Bresch said in a statement.
"We expect to finish the year from a position of strength as we have reached all of the product milestones necessary to meet our performance commitments, including approval on our Ogivri product, which we expect to launch in the coming weeks," added Mylan President Rajiv Malik.
Separately, Mylan updated its previous full-year 2019 guidance, saying it continues to expect to generate between $1.9 billion and $2.3 billion of adjusted free cash flow, adjusted per-share earnings in the range of $4.20 to $4.40, and sales in the range of $11.5 billion to $12 billion.
Mylan in September agreed to pay $30 million to settle a Securities and Exchange Commission lawsuit related to a probe of its EpiPen product.
Shares of Mylan were up a little more than 1% at $19.94 in morning trading on Tuesday. Shares of Pfizer were down 0.34% at $37.90.