Shares of Mylan (MYL - Get Report) traded higher on Tuesday ahead of the release tomorrow of the pharmaceutical company's first-quarter numbers.

Analysts expect, on average, adjusted EPS of 92 cents on revenue of $2.82 billion, according to FactSet Research Systems.

The stock closed at $38.01 on Tuesday, up 1.7%.

"Despite significant headwinds with generics leading to a sector very much out of favor, longer term we see MYL as one of the best positioned generic companies to navigate through a challenging time and come out on top," wrote BMO Capital Markets analyst Gary Nachman in a May 1 note as he initiated coverage of Mylan with an outperform rating and a price target of $50.

Diversification, both in terms of product offering and geography, has helped Mylan "minimize the exposure from some of the pressures it has faced recently, particularly with the EpiPen franchise," Nachman said.

According to Securities and Exchange Commission filings, Mylan anticipates that its EpiPen business will account for approximately 6% of sales in the U.S. and abroad in 2017. The company previously relied much more heavily on the autoinjector, but has since worked to diversify as a result of public pressure over its pricing practices.

Mylan, which is domiciled for tax purposes in Hertfordshire, England but headquartered in Canonsburg, Pa., came under public scrutiny last year when it was revealed that many uninsured patients had to pay approximately $600 per two pack of EpiPen, which is used to treat severe allergies and anaphylaxis. The company had been steadily raising the price of EpiPens 25% each year since 2007, when it acquired the device. This compares with the drug industry average of 10% yearly price raises on prescriptions.

Mylan has worked to remedy these problems, making changes to how it prices EpiPens and offering patient assistance programs. In December, the company launched a generic version of EpiPen.

Also last year, it came to light that EpiPen had been misclassified for years by the Centers for Medicare and Medicaid Services as a generic, which allowed Mylan to receive bigger rebates from the government. Mylan in October agreed to the terms of a $465 million settlement with the Department of Justice and other government agencies.

This year, Mylan expanded its over-the-counter business with its acquisition of global rights to the Cold-Eeze brand cold remedy line from ProPhase Labs for $50 million. The transaction builds upon Mylan's global OTC business, which also includes Dona, Betadine, Saugella, ArmoLipid, CB12, Brufen, EndWarts, Froben, Ferrograd, MidNite and Vivarin.

Mylan's other recent M&A activity include its $9.9 billion purchase of Swedish specialty pharmaceutical company Meda AB in a deal completed in August and the purchase Renaissance Acquisition Holdings LLC's non-sterile, topicals-focused specialty and generics business for $950 million in cash plus additional contingent payments of up to $50 million in a deal completed in June.

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