Mylan failed to hit its first-quarter targets this year.
The company reported lower-than-expected results and cited weakening demand for its products, along with ongoing manufacturing challenges at its plant in Morgantown, West Virginia.
In November, the FDA sent a warning letting to Mylan, saying that the company had failed to adequately respond to the agency’s concerns over cleaning and equipment maintenance practices at the plant. The company said it was working closely with the FDA to resolve the issues but that the situation had strained output from the facility. Since this, Mylan has discontinued some of the plant’s products and laid off workers.
All told, Mylan repoqrted that its total revenue fell by 7 percent in the first quarter of 2019 and that it lost $25 million in market value.
Read the full Reuters report.
