Mylan quarterly profit beats estimates

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© Reuters. Logo of Mylan Laboratories, a company primarily engaged in the commercialization of generic drugs is pictured in Merignac near Bordeaux© Reuters. Logo of Mylan Laboratories, a company primarily engaged in the commercialization of generic drugs is pictured in Merignac near Bordeaux

(Reuters) – Drugmaker Mylan NV (O:) reported a fourth-quarter profit on Thursday that beat estimates, helped by sales of new products such as asthma treatment Wixela.

The company is set to merge with Pfizer Inc’s (N:) China-headquartered Upjohn unit that houses off-patent branded drugs such as cholesterol drug Lipitor, allowing Mylan to leverage a strong base in Asia.

However, investors have raised concerns about growth prospects of the combined company and if the tie-up would help address the underlying deterioration at Mylan’s core business, brought on by years of generic drug price erosion.

Excluding the impact of the Upjohn deal, Mylan expects 2020 total revenue between $11.5 billion and $12.5 billion. Analysts were expecting revenue of $11.92 billion, according to IBES data from Refinitiv.

Net earnings fell to $20.5 million, or 4 cents per share, in the quarter ended Dec. 31, from $51.2 million, or 10 cents per share, a year earlier.

The company recorded an income tax provision of $114.7 million in the reported quarter, compared to a provision of $25.8 million a year earlier.

On an adjusted basis, the company earned $1.40 per share, beating analysts’ estimates of $1.28, according to IBES data from Refinitiv.

Total revenue rose 3.7% to $3.19 billion, missing estimates of $3.23 billion.

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