LONDON (ShareCast) - (Sharecast News) - American speciality pharmaceuticals company Mylan reported a fall in revenue for first-quarter on Wednesday but upped its full year guidance.
Despite revenues slipping to $2.68bn from the $2.72bn posted a year earlier, a result of lower volumes, and to a lesser extent, pricing, this was partially offset by new product introductions. The Street had been expecting $273bn.

Net sales in North America came to $985.3m, a decrease of 19% over the prior year, primarily driven by a $108.7m decrease in the sales of Mylan's branded products, including its EpiPen Auto-Injector for diabetes.

While Mylan's income rose 31% to $87.1m, adjusted earnings per share ended the quarter at $0.96, just above consensus estimates of $0.95.

Following reports of EpiPen shortages in the UK and Canada, an advocacy group has claimed that the US is similarly facing a national shortage of the devices and other treatments for allergic reactions, something the US Food and Drug Administration has denied.

Shaking off its weakened revenues in the quarter, Mylan upped its 2018 revenue guidance from $11.75bn to $13.25bn and its 2018 adjusted EPS guidance of $5.20 to $5.60.

Mylan's chief executive Heather Bresch, said, "Mylan's first quarter demonstrates continued execution on our long-term plan. Our diversity and durability are what allow us to absorb evolving industry dynamics and natural market volatility, while at the same time accelerate our mission of providing access to high-quality medicine."

As of 1420 BST, Mylan shares had collected 0.25% in pre-market trade to $35.46 each.

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