Shares of Mylan N.V. plunged 21% on Tuesday, as the stock headed toward its steepest one-day decline in 19 years.

The slide came after the EpiPen maker MYL, -0.93% reported revenue that missed Wall Street expectations for the third time in the past four quarters, yet did not provide anxious and impatient investors with any update on its plan to turn things around at the company.

Mylan’s board said in August that it would form a committee to conduct a strategic review to look at “a wide range of alternatives to unlock the true value of our one-of-a-kind platform.” But when asked for an update on Tuesday, management didn’t have much to say.

Read: Mylan reports first-quarter earnings on Tuesday. Here’s what to expect

There’s a “tremendous amount of work being done,” said Chief Executive Heather Bresch. The committee will discuss its findings “when appropriate,” she said, which she expects will be “in the near term.”

That was not what investors wanted to hear.

“Worst management team ever,” Jefferies health-care trading desk strategist Jared Holz said in an email to clients on Tuesday.

Mylan has been dealing with a difficult pricing environment for generic drugs, which bring in the bulk of the company’s sales. Prices have been falling amid a push by government regulators to speed up the approval of generic drugs to increase competition. And one of Mylan’s star products, the EpiPen, is facing continued competition from Teva Pharmaceutical Industries Ltd’s generic version.

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On the bright side, Mylan has said it expects new drug launches to bring in more than $1 billion in sales this year. Wixela, a generic version of GlaxoSmithKline Plc’s Advair Diskus inhaler, was approved by the Food and Drug Administration in January.

But for some, that’s not enough.

“This will likely end badly,” Cowen analyst Ken Cacciatore wrote in a Tuesday note to clients.

“Like all generic franchises, there are only so many undifferentiated acquisitions that can be made to cover the constant downward deterioration in the base businesses. At a certain point, the new product cycle needs to materialize. But even in this case with quality launches, it is still not enough,” he wrote. “We would avoid.”

For the latest quarter, Mylan reported a loss of $25 million, or a loss of 5 cents per share, compared with a profit of $87.1 million, or 17 cents per share, a year ago. Adjusted EPS was 82 cents, above the FactSet consensus of 79 cents.

Revenue fell 7% to $2.68 billion from $2.5 billion, missing the FactSet consensus of $2.69 billion. Sales in North America fell 6% to $922.9 million, while revenue in Europe declined 14% to $895.3 million. Sales from the rest of the world rose 3% to $642.4 million

Shares of Mylan have fallen 18% in the year to date, while the S&P 500 SPX, +0.35% has gained 14.4%.

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