Home / Market News / Mylan shares slide 5.5% as CFRA downgrades to sell from hold

Mylan shares slide 5.5% as CFRA downgrades to sell from hold

CFRA downgraded Mylan N.V. stock to sell from hold on Tuesday, after the company’s reported third-quarter earnings that showed adjusted EPS down 8% in the year to date and adjusted free cash flow down 36%. Analyst Colin Scarola said the company’s launch of Wixela and Yupelri, two treatments for chronic obstructive pulmonary disease, are helping offset generic pricing and volume pressures, which he blamed on low-cost foreign producers that are capturing market share in the U.S. “Management is touting its pending combination with Pfizer’s Upjohn unit as a strategy to stabilize its current decline,” the analyst wrote. “Yet, given Upjohn sales are currently falling at a pace of 28% YoY, we see high risk that the deal will underperform MYL’s expectations and do not expect shares to outperform over the next year.” Mylan shares were down 5.5% Tuesday, and have lost 32% in 2019, while the S&P 500 has gained 23%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story