Mylan raised the lower end of its 2017 forecasts as the U.S. drugmaker expects to benefit from the earlier-than-expected approval of its copycat of Teva’s blockbuster multiple sclerosis treatment Copaxone.
Shares of the company reversed course and rose 1.5 percent to $36.25 in premarket trading on Monday 6th November.
The U.S. FDA last month approved two doses of Mylan’s generic version of Teva Pharmaceutical Industries Ltd’s Copaxone.
Copaxone is the leading multiple sclerosis therapy worldwide as well as Teva’s best-selling drug, generating more than $4 billion in revenue for the Israeli drugmaker last year.
Mylan had earlier said it did not expect any major product launches until 2018.
But, Mylan’s third-quarter results highlighted the company’s struggles with declining sales of its blockbuster emergency allergy shot EpiPen.
Sales of EpiPen declined $245.1 million on increased competition and higher governmental rebates following a settlement with the U.S. Department of Justice, Mylan said.
Additionally, the company said third-party net sales in North America fell 22 percent, or $333.3 million, from a year earlier. The company blamed falling generic prices and loss of market exclusivity for one of its drugs, the company said.
“The question for Mylan will be whether its higher barrier pipeline can help deliver through continued erosion headwinds,” RBC Capital Markets analyst Randall Stanicky said, adding “it could have been worse.”