U.S. stocks pare gains; Dow and Nasdaq turn negative

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Mylan shares drop 2% after Q1 revenue miss

Mylan shares dropped 2% in premarket trade Wednesday after the company reported a first-quarter revenue miss and profit beat. Earnings for the latest quarter rose to $87.1 million, or 17 cents per share, from $66.4 million, or 12 cents per share in the year-earlier period. Adjusted earnings-per-share were 96 cents, above the FactSet consensus of 95 cents. Revenue declined to $2.68 billion from $2.72 billion, below the FactSet consensus of $2.73 billion. The latest results include a year-over-year decline in North America net sales, driven by a decrease in sales of branded products like the EpiPen, among other factors. Following reports of EpiPen shortages in Canada and the United Kingdom, an advocacy group said this week that the U.S. is facing a growing national shortage of EpiPens and other allergic reaction treatments, which the Food and Drug Administration denied. Mylan also affirmed its 2018 revenue guidance of $11.75 billion to $13.25 billion and its 2018 adjusted EPS guidance of $5.20 to $5.60. Mylan shares were inactive in Wednesday premarket trade. Shares have dropped nearly 10% over the last three months, compared with a 2% rise in the S&P 500 and a 0.7% rise in the Dow Jones Industrial Average .

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