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UPDATE 4-Mylan cuts forecasts on delays in new drugs, weak prices

(Adds comment from conference call, updates share price)

Aug 9 (Reuters) - Mylan NV said on Wednesday that delays in launching key new drugs and eroding prices for generics in the United States will hurt its profitability this year and in 2018.

The generic drugmaker said it was no longer including any major U.S. product launches in its forecast for this year, pushing them back to 2018 due to the uncertain U.S. regulatory environment. The launches include Mylan's generic version of GlaxoSmithKline's blockbuster Advair asthma treatment and Teva's multiple sclerosis drug, Copaxone.

Mylan's shares fell as much as 7 percent to a four-year low before recovering to close up 0.9 percent on Wednesday.

The company has been dealing with a scandal related to its life-saving EpiPen allergy treatment after the price shot up to more than $600 for a two-pack of the device from less than $100 in 2007.

The price spike spurred government investigations and a shareholder campaign against Mylan's board and executive pay. The EpiPen scandal has also roiled Mylan's stock price, which has plunged from around $53 at the beginning of 2016 to $32.08 at Wednesday's close.

The challenges facing generic drugmakers broadly have also weighed on Mylan's shares. Mylan's shares are down nearly 20 percent since last week as other generic drugmakers like Teva and Endo International Plc have said they are facing weakening prices in the United States.

Those companies said their profits are being hit as customers consolidate to negotiate lower prices and as regulators have approved more versions of drugs to increase competition.

Mylan said it expects mid-single-digit generic drug price erosion worldwide and high-single-digit price drops in North America.

Over the past year, "there's been challenges in the industry, but Mylan had been able continue to absorb those challenges and that volatility," Chief Executive Heather Bresch said on a conference call following the release of quarterly results.

But delays in drug approvals and increased competition from new generic versions of its own drugs forced Mylan to reassess and lower its forecast, she said.

Mylan now expects 2017 adjusted earnings of $4.30 to $4.70 per share, down from $5.15 to $5.55 per share. It also cut a long-standing 2018 earnings per share target of $6 to at least $5.40.

"Mylan had refused to capitulate for over a year as headwinds were building, holding itself out as differentiated and able to weather challenges that its peers were facing," RBC Capital Markets analyst Randall Stanicky said in a research note. "This is clear evidence that generic challenges are being faced by all."

Mylan said its second-quarter net earnings rose 76.4 percent to $297 million, or 55 cents per share, mostly due to revenue from its purchase 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.

Mylan executives expressed frustration that the U.S. Food and Drug Administration has been slow to approve its drugs.

The company said it is disappointed by the FDA's pace in the approval process of its generic version of Copaxone. It said it has been in discussions with the FDA over its generic version of Advair and that no further clinical or device-related studies are required.

(Reporting by Michael Erman in New York and Natalie Grover and Manas Mishra in Bengaluru; Editing by Bill Trott and Leslie Adler)