Mylan (MYL) beats on both earnings and revenues for the second quarter of 2020.
Mylan (MYL) delivered earnings and revenue surprises of 16.84% and 1.08%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
Generic drugmakers like Mylan benefited in the first quarter from customers stocking up on over-the-counter medicines ahead of the lockdowns imposed to curb the spread of the virus. The stockpiling, however, meant that patients bought fewer drugs in the second quarter, weighing on sales outside North America and the company now expects 2020 revenue of between $11.5 billion and $12.0 billion, versus up to $12.50 billion previously. Mylan, which sells a cheaper version of Gilead Sciences Inc's COVID-19 drug remdesivir, took a roughly 5% hit to sales of products in Europe and the rest of the world as non-COVID-19 related hospital visits fell during the pandemic.