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UPDATE 1-Mylan slashes earnings forecast, shares fall

(Adds details, shares)

Aug 9 (Reuters) - Mylan NV on Wednesday cut its 2017 and 2018 forecasts as eroding prices for generic drugs and challenges getting new products approved in the U.S. hurt the drugmaker's profitability.

Shares of the company fell 7 percent to $29.55 in premarket trading.

Mylan said it was defering all major U.S. product launches from its 2017 forecast to next year, citing an "uncertain U.S. regulatory environment." The launches include those of its generic version of GSK's blockbuster, Advair and Teva's multiple sclerosis drug, Copaxone.

The company lowered its forecast for 2017 adjusted earnings to $4.30 to $4.70 per share from $5.15 to $5.55 per share.

Mylan also cut its 2018 earnings per share target from $6.00 to at least $5.40.

Rival generic drugmakers such as Teva and Endo International Plc have also lowered their 2017 forecasts, hurt by continued generic drug price erosion.

Mylan, the maker of the EpiPen allergy treatment, also reported lower-than-expected earnings and revenue for the second quarter ended June 30.

Mylan's quarterly net earnings rose 76.4 percent to $297 million, or 55 cents per share, helped by demand for products it gained through the acquisition of Swedish drugmaker Meda last year.

Excluding one-time items, the company earned $1.10 per share, missing analysts' average estimate by 6 cents, according to Thomson Reuters I/B/E/S.

Total revenue rose to $2.96 billion from $2.56 billion. Analysts had expected $3.03 billion. (Reporting by Natalie Grover and Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)