Shares of Mylan (MYL) were rising Monday after the drug maker swung to a first quarter profit in the quarter as consumers stocked up on drugs during the coronavirus pandemic, but still fell just shy of revenue estimates.
Mylan reported a 5% jump in quarterly revenue to $2.62 billion with GAAP net earnings of $20.8 million, compared to a net loss of $25 million a year ago. Mylan reported adjusted earnings of 90 cents per share.
Analysts were expecting the company to report revenue of $2.65 billion with earnings of 86 cents per share.
Mylan shares rose 0.8% to $17.71 in early morning trading on Monday.
"As a result of the Mylan team's efforts, our broad and diverse manufacturing footprint of more than 40 manufacturing facilities, which is spread across 12 countries, has maintained supply continuity," said Mylan President Rajiv Malik. "The strategic locations of our plants have enabled Mylan to avoid disruptions due to logistical challenges in any one part of the world."
Mylan reaffirmed its 2020 revenue guidance between $11.5 billion and $12.5 billion. Analysts are expecting the company to report revenue of $11.74 billion this year.
Mylan estimates that the COVID-19 pandemic resulted in overall volume growth impacted by increased customer buying patterns and patient prescription trends, primarily in Europe.
Net sales in Europe totaled $1.02 billion, a 14% increase year over year. Net sales from North America totaled $955.5 million, a 4% year over year increase.
Mylan says that it is close to finalizing its pending combination with Pfizer's (PFE) UpJohn Business in the second half of the year.