Mylan ticks higher after reporting earnings and reaffirming guidance

Mylan volatile on Q3 earnings miss

Mylan shares rose more than 1 percent after the company reported third-quarter earnings Wednesday, missing analysts' expectations on both its top and bottom lines.

The drug maker posted adjusted earnings of $1.38 per share on revenues of $3.06 billion. Analysts expected earnings of $1.45 per share on $3.12 billion, according to a Thomson Reuters consensus estimate.

Mylan CEO Heather Bresch reaffirmed the company's 2016 EPS guidance and its 2018 EPS target, saying the company reported strong performance across its "European and Rest of World regions."

"We remain committed to our recently updated full year 2016 adjusted EPS guidance range of $4.70 to $4.90, and to our $6.00 adjusted EPS target in 2018, with targeted growth in the low-teens in both 2017 and 2018," she said.

The company reported a GAAP loss of 23 cents a share, due to a $465 million settlement with the Department of Justice and other agencies over the classification of its EpiPen under the Medicaid Drug Rebate program. The company had recently come under fire from lawmakers for hiking the price of the device by 500 percent, to more than $600 for a package of two, in less than a decade.

The settlement does not provide for any finding of wrongdoing on the part of Mylan, but the company said it expected to enter into a corporate integrity agreement with the Office of Inspector General of the Department of Health and Human Services.

Mylan said at the time it expects full-year 2016 adjusted earnings of $4.70 to $4.90 a share, down from previous guidance of $4.85 to $5.15. The company said the majority of the change was due to previously announced changes in EpiPen Auto-Injector access programs, as well as the upcoming launch of a lower-cost generic EpiPen Auto-Injector.

The company's stock is down more than 27 percent year to date but has recently pared back some of its losses. Mylan shares were up more than 8 percent in the past month and up more than 2 percent this quarter.

—CNBC's Christina Cheddar-Berk and Dan Mangan contributed to this report.