James Hester(Reuters) - Mylan on Monday raised the lower end of its 2017 forecasts as the US drugs maker looks set to benefit from the earlier-than-expected approval of its copycat of Teva’s blockbuster multiple sclerosis treatment Copaxone.
Shares of the company rose 2% to $36.44 in early trading on Monday.
Mylan raised the lower end of its full-year revenue forecast to $11.75bn from $11.50bn. The company retained the upper end of the range at $12.50bn.
The pharma name increased the lower end of its adjusted earnings per share expectation by 15 cents to $4.45, while maintaining the upper end at $4.70.
US regulators last month approved two doses of Mylan’s generic version of Teva Pharmaceutical Industries Copaxone.
Copaxone is the leading multiple sclerosis therapy worldwide as well as Teva’s best-selling drug, generating more than $4bn in revenue for the Israeli drug maker last year.
Mylan had earlier said it did not expect any major product launches until 2018.
But, Mylan’s third-quarter results highlighted the company’s struggles with declining sales of its blockbuster emergency allergy shot EpiPen.
Sales of EpiPen declined $245.1m on increased competition and higher governmental rebates following a settlement with the US Department of Justice, Mylan said.