EpiPen maker Mylan stock jumps on earnings beat

EpiPen 2-Pak Mylan
Daniel Acker | Bloomberg | Getty Images

Shares of EpiPen maker Mylan surged 7 percent in morning trade Wednesday, on the heels of the company reporting fourth-quarter earnings that topped Wall Street's expectations.

Mylan reported adjusted earnings per share of $1.57, beating a Thomson Reuters consensus estimate of $1.42. Quarterly revenue rose 31 percent to $3.27 billion, also ahead of expectations of $3.17 billion from Thomson.

Mylan updated its full year 2017 forecast, saying it expects sales to fall between $12.25 billion and $13.75 billion. Analysts, surveyed by Reuters, had forecast $12.64 billion in revenue for the year.

The EpiPen producer sparked public outrage last summer over news it had hiked prices of the lifesaving device more than five-fold since 2008, leaving some customers paying more than $600 out-of-pocket for a package of two auto-injectors.

Since then, Mylan has expanded its assistance program for patient purchases and introduced a generic version of the EpiPen that sells for $300.

In its latest earnings release, Mylan said it continues to see price erosion both globally and in U.S. markets, which falls in line with the company's expectations.

With Wednesday's gains, shares of Mylan have climbed more than 17 percent year-to-date, but are down little-more-than 2 percent over the past twelve months.

Mylan year-to-date performance

Source: FactSet

— CNBC's Dan Mangan contributed to this report.