Mylan's earnings outlook certainly didn't make investors sick.

Mylan NV (MYL) after the market close on Wednesday, Feb. 28, reported fourth-quarter adjusted earnings that topped analysts' estimates, and revenue that came in below expectations.

The pharmaceutical company also unveiled a collaboration and license agreement with Revance Therapeutics Inc. (RVNC) for the development and commercialization of a proposed biosimilar or copy of Action Alerts Plus holding Allergan plc's (AGN) Botox.

Mylan reported fourth-quarter adjusted diluted earnings per share of $1.43, representing a 9% decline from the year-ago period. Revenue dipped 1% to $3.24 billion.

Analysts had forecast, on average, non-GAAP EPS of $1.41 on revenue of $3.29 billion, according to FactSet Research Systems.

For 2018, Mylan said it expects adjusted EPS to be in the  $5.20 to $5.60 range and revenue of $11.75 billion to $13.25 billion. Analysts projected 2018 non-GAAP EPS of $5.39 on revenue of $12.73 billion.

Terms of the biosimilar collaboration call for Mylan to make a $25 million upfront payment to Revance plus potential milestone payments and sales royalties.

Shares of Mylan rose in after-hours trading on Wednesday and were up almost 5% to 42.16 on Thursday morning. Shares of Allergan fell 4.3% to $147.59 on Thursday.

An Allergan spokesperson said in an email to TheStreet that the Botox brand is "tested and proven for nearly 30 years with over 12 indications," and noted that Allergan's research and development investment "includes potential future indications for Botox and Botox Cosmetic as well as next-generation neurotoxins."

Updated from Feb. 28 with comments from Allergan

Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AGN? Learn more now.

More from Stocks

Abercrombie & Fitch CEO: We Aren't the Same Abercrombie You Once Knew

Abercrombie & Fitch CEO: We Aren't the Same Abercrombie You Once Knew

Amazon Wants to Use Your Car as a Mobile Warehouse - Here's What That Could Mean

Amazon Wants to Use Your Car as a Mobile Warehouse - Here's What That Could Mean

Chipotle's New CEO Has Set its Path for Redemption

Chipotle's New CEO Has Set its Path for Redemption

TheStreet Is About to Hold the BEST Institutional Investor Conference of 2018

TheStreet Is About to Hold the BEST Institutional Investor Conference of 2018

Twitter's Turnaround Continues but Investors Don't Seem Entirely Convinced

Twitter's Turnaround Continues but Investors Don't Seem Entirely Convinced