→ It seems Mylan $MYL can’t catch a break. Following a CRL earlier this summer, the company reported out earnings Wednesday morning for Q2 that disappointed Wall Street. On top of that, Mylan put out a concerning statement today that it was evaluating a “wide range of strategic alternatives” because it believes the public markets are undervaluing the company.
We believe that the US public markets continue to underappreciate and undervalue the durability, differentiation and strengths of Mylan’s global diversified business, especially when compared to our peers around the globe. Therefore, while we will continue to execute on our best-in-class, long-term focused sustainable strategy, the Board has formed a strategic review committee and is actively evaluating a wide range of alternatives to unlock the true value of our one-of-a-kind platform. The Board has not set a timetable for its evaluation of alternatives and there can be no assurance that any alternative will be implemented.
The statement follows today’s quarterly earnings, which showed a slight dip from Q2 last year. Adjusted income was $1.07 per share on sales of $2.81 billion, while the same quarter last year saw $1.10 per share on sales of $2.96 billion.
And in June, Mylan reported that the FDA had kicked back its copycat version of Advair, again. The company’s stock is down 4.6% in premarket trading Wednesday.
→ Novo Nordisk $NVO had a notably downbeat Q2 to report today, with profits sliding and the pricing forecast for the US — where it makes half of its cash — set for stormy. And heavy pressure is building to push them even lower. In its R&D update, researchers at Novo say their 26-week Phase II test of three doses of their long-acting recombinant growth hormone somapacitan failed to significantly beat out the company’s aging Norditropin, with the two lower doses actually performing worse. The three drug arms hit average growth rates of 8.0 cm, 10.9 cm and 12.9 cm, outlining a dose response, as compared to 11.4 cm for daily Norditropip. The Q2 summary, though, goes on to record that it’s planning to push on into Phase III, apparently ready to lean on the preferred dosing strategy over any significant improvement in growth as it preps for a life cycle replacement to its established therapy.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 33,200+ biopharma pros who read Endpoints News by email every day.Free Subscription