Mylan says pandemic lockdowns slowed sales
Generic drug giant Mylan earned $39.4 million in the second quarter versus a loss a year earlier on lower revenue as COVID-19 pandemic lockdowns hurt retail pharmacy sales and nonvirus-related visits to hospitals.
Net income of $39.4 million, or 8 cents per share, compared with a loss of $168.5 million, or 33 cents, in the same period last year.
Excluding special items, adjusted profits were $574.3 million, up from $532.8 million.
Revenue fell 4% to $2.73 billion from $2.85 billion in the second quarter of 2019.
Due to the pandemic, Mylan lowered the top end of its sales estimates for the full year. The company now expects revenue in the range of $11.5 billion-$12 billion, down from $11.5 billion-$12.5 billion.
“We now expect the overall COVID-19 recovery efforts will occur slower than anticipated and may continue throughout the rest of the year,” the company said in a statement Thursday.
Mylan, which is run from executive offices in Cecil, said its chief financial officer, Ken Parks, would be leaving Sept. 1 to take a CFO post with another company instead of staying on through the completion of Mylan’s upcoming merger with Upjohn as previously expected.
The pending merger is on track to be completed in the fourth quarter, Mylan said.
Mylan controller and chief accounting officer Paul Campbell will be interim CFO until Upjohn’s CFO, Sanjeev Narula, takes over as previously announced once the companies merge.
Mylan’s shares were down 64 cents, or 3.8%, to $16.26 in early afternoon trading.