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Mylan Turns To Profit In Q2; Updates 2020 Outlook

Mylan N.V. (MYL) reported that its second quarter net earnings were $39.4 million or $0.08 per share, compared to a loss of $168.5 million or $0.33 per share in the same quarter last year.

The company recognized a U.S. GAAPincome tax benefit of $19.4 million in the latest-quarter period, compared to a U.S. GAAP income tax provision of $116.4 million for the comparable prior year period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted net earnings increased to $574.3 million compared to $532.8 million for the prior year period.

Net sales for the quarter were $2.70 billion, a decrease of $122.3 million, or 4% from the prior year.The decrease in net sales was primarily the result of a decrease in net sales in the Rest of World segment of 10% and a decrease in net sales in the Europe segment of 6%, which were partially offset by an increase in the North America segment of 2%.

Total revenues for the quarter were $2.73 billion, compared to $2.85 billion for the comparable prior year period, representing a decrease of $120.3 million, or 4%. Analysts expected revenue of $2.75 billion for the quarter.

Mylan tightened its full year guidance within the ranges of the original expectations for both adjusted EBITDA and total revenues. The company now expects the overall COVID-19 recovery efforts will occur slower than anticipated and may continue throughout the rest of the year.

As a result, the company expects total revenues, which absorbed a 2% net decline related to COVID-19 in the first half of the year, to have an overall similar negative impact for the second half of the year. As a result it has tightened its total revenue range to between $11.5 billion to $12.0 billion. Analysts expect annual revenues of $11.62 billion. In addition, the company tightened its adjusted EBITDA guidance range to between $3.30 billion to $3.70 billion.

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