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Mylan's stock plunges on outlook

Wednesday, August 09, 2017 - 00:52

Mylan's shares dropped after it said that delays in launching key new drugs and lower prices for generics in the United States will hurt its profitability this and next year. Fred Katayama reports.

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Mylan's stock plunged after the maker of Epi-Pen gave a bleak outlook. The pharma giant said it's pushing back new product launches due to the uncertain U.S. regulatory environment And it's also taking a hit from falling drug prices. All this, Mylan says, is going to hurt its profitability this and next year. Reuters correspondent Mike Erman covers the story: (SOUNDBITE) MICHAEL ERMAN, REUTERS CORRESPONDENT, (ENGLISH) SAYING: "They're facing trouble because of increasing competition, because the FDA is approving a lot of new drugs. They're facing trouble because of lower prices that they're receiving becasue customers are teaming up and negotiating contracts for their customers. So, it's really hitting their bottom line." Mylan's quarterly profit and revenue rose, but both missed analysts' estimates.

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Mylan's stock plunges on outlook

Wednesday, August 09, 2017 - 00:52