-=Mylan N.V. (MYL) reported earnings on Mon 5 Nov 2018 (a/h)

Mylan N.V. beats by $0.06, misses on revs; committed to FY guidance

Reports Q3 (Sep) earnings of $1.25 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $1.19; revenues fell 4.2% year/year to $2.86 bln vs the $2.91 bln S&P Capital IQ Consensus. Rest of World segment net sales of $773.7 million, up 4%, up 11% on a constant currency basis. Europe segment net sales of $1.04 billion, flat, up 2% on a constant currency basis. North America segment net sales of $1.01 billion, down 14%, down 13% on a constant currency basis, primarily due to the combined impact of the implementation of new accounting standards, lower volumes including EpiPen Auto-Injector sales, the divestiture of certain contract manufacturing assets, the loss of exclusivity of a product and actions associated with the restructuring and remediation program at the Morgantown manufacturing facility. 

"We remain committed to our full-year 2018 guidance, and this confirmation is not dependent on any single product approval or launch. As we look ahead, we're very optimistic about our long-term growth prospects as we have secured almost all regulatory approvals necessary for our key 2019 product drivers around the world."

Upgraded to Buy (from Neutral) at BofA/Merrill Lynch, which suggests that the Q3 report may help to reveal that some concerns regarding co's broader portfolio appear overdone.