On Thursday after the close, the U.K.-based drug maker reported earnings of $1.40 per share, beating analysts' estimates of $1.28. Revenue totaled $3.19 billion, up 3.7% from a year ago, but missing estimates of $3.23 billion.
Shares were down 8% to $17.20 on Friday afternoon.
JP Morgan analyst Chris Schott, who has an overweight rating on the stock, said in a note to clients that "we continue to see Mylan as better positioned than many of its peers, with a globally diversified platform that should enable growth to resume as Mylan moves beyond challenging U.S. generic fundamentals."
"However," Schott continued, "following a series of disappointing updates and with a litigation overhang, we see Mylanta as very much a 'show-me' story at this point."
Mylan is set to complete its merger with Pfizer's (PFE) China-based Upjohn unit that houses off-patent branded drugs such as cholesterol drug Lipitor.
During a conference call with analysts, CEO Heather Bresch addressed concerns over the deadly coronavirus, which originated in China, saying "our business exposure in China, specifically, is limited."
"However, given the global nature of our supply chain, operations and businesses, our results could potentially be impacted," she said, according to a transcript of the call. "The guidance we disclose today does not include any anticipated impact from coronavirus, however, we will continue monitoring the situation very closely from a business perspective."
Excluding the impact of the company's Upjohn merger, Mylan expects 2020 total revenue between $11.5 billion and $12.5 billion. Analysts were expecting revenue of $11.92 billion.
"With the multiple headwinds in China and the Upjohn business, there remains uncertainty around where the newco will reset to," Ami Fadia, an analyst with SVB Leerink, said in a note to clients. "We do not see the combined business starting to grow until 2023, which we believe is not fully understood. This is because we see the business deteriorating faster than realization of cost synergies and, at this time, do not see revenue synergies anytime soon."