It has been an unusual day for generic manufacturer Mylan, the group led by CEO Heather Bresch. Mylan’s shares dropped 9% over few minutes as trading opened, as the second quarter results were announced. Shortly afterwards, the group announced in a board statement the creation of a team aimed to weigh strategic options to counteract the price war ongoing in the US, which is the main cause for Mylan’s disappointing financial performance. The shares started rising soon after the announcement, and closed the day in the positive territory (+1.2%).
Sales volume was down 5% to $2.81bn vs the expected $2.96bn, due to the drop in revenues in the US market. The group’s profits were down too, and even more dramatically–they plunged by 87% to $37.5m. EPS was $1.07, whereas stock-market analysts had expected $1.22.