Generic drug giant Mylan reported lower revenue and profits for the fourth quarter, hurt by weak prices for generic drugs in the U.S. and declining sales of its EpiPen emergency allergy shot.

Net income skidded 41 percent to $244.3 million, or 46 cents per share, down from $417.5 million, or 78 cents, in the same quarter a year earlier.

Excluding special items, adjusted earnings fell 9 percent to $1.43 per share vs. $1.57, in line with the consensus estimate on Wall Street of $1.41 per share.

Revenue for the final quarter of 2017 was $3.24 billion, down 1 percent from $3.27 billion a year earlier.

Sales of the EpiPen tumbled $131.9 million in the fourth quarter and $655.4 million for the year. The decline was attributed to Mylan’s launch of a lower-priced authorized generic, increased competition and higher rebates to the government as a result of a settlement over misclassification of the EpiPen.

For the full year, Mylan earned $696 million, or $1.30 per share, up 45 percent from $480 million, or 92 cents, in 2016.

Adjusted profits fell 7 percent, to $4.56 per share from $4.89. 

Revenue for 2017 rose 8 percent to $11.9 billion from $11.1 billion.

Earnings were released after the close of the stock market Wednesday.

The company, which has its operations base in Cecil, forecast adjusted earnings for 2018 in the range of $5.20 to $5.60 per share, in line with analysts’ estimates.

Also Wednesday, Mylan said it signed a deal to collaborate with Revance Therapeutics to develop and commercialize a proposed biosimilar to Allergan’s Botox wrinkle treatment.

Mylan sharesa closed at $40.32, down 79 cents.

Patricia Sabatini: PSabatini@post-gazette.com; 412-263-3066.

First Published: February 28, 2018, 11:05 p.m.