Mylan tops Street estimates, reports 25% Q3 profits drop
Cecil generic drugmaker Mylan reported a 25 percent drop in third-quarter profits, a performance that topped Wall Street estimates. But revenue, which fell 2 percent, came up short of analyst forecasts. Net income totaled $158.9 million, or 40 cents per share, on revenue of $1.77 billion vs. earnings of $211.3 million, or 51 cents per share, and revenue of $1.8 billion in the year-ago quarter. Excluding financing-related costs, acquisition expenses and other items, Mylan said adjusted earnings totaled 82 cents per share. Analysts had expected the drugmaker to report adjusted earnings of 79 cents per share on revenue of $1.84 billion.
$28M BNY settlement resolves overcharge claims
Florida's attorney general Friday announced a $28 million settlement with Bank of New York Mellon resolving allegations the bank overcharged a state pension plan on foreign currency transactions. The lawsuit, filed in 2011, was triggered by a whistle-blower who worked as a currency trader in BNY Mellon's Pittsburgh office. A BNY Mellon spokesman Friday said the bank was pleased to have reached an agreement. The bank faces other lawsuits tied to its foreign currency trading practices, including suits filed by New York's attorney general and the U.S. attorney in Manhattan.
New drug product sales push up Bayer Q3 income
Bayer AG said third-quarter income surged 42 percent on strong sales of new drug products. The German-based chemicals and pharmaceuticals giant said net income was 733 million euros ($998 million) and global sales were 9.6 billion euros ($13 billion), down less than 1 percent from a year ago. In North America, sales were 2.1 billion euros ($2.8 billion), down 3.6 percent from third quarter 2012. Bayer MaterialScience's North American headquarters is based in Robinson, and the company also has health care and corporate administration functions in the region.
Nova profit rises to $120M due to polyethylene business
Nova Chemicals said third-quarter profit rose 15 percent to $120 million as a result of increased operating profit in its polyethylene business, which makes plastics for packaging and industrial applications. Third-quarter sales increased by nearly 6 percent to $1.26 billion from the year-ago quarter. Nova is based in Calgary, Canada, with executive operations in Moon. Separately, the company extended an agreement with Lanxess to supply raw material to a Lanxess plant in Sarnia, Ontario. Financial terms were not disclosed.
Also in business ...
Downtown-based Education Management Corporation announced that its chairman of the board, Todd Nelson, will be leaving the company effective Friday. The company had previously announced that William R. Johnson, the former president and CEO of H.J. Heinz Co., would be nominated to serve as the new chairman of the board of directors. ... FAB Universal, a Pittsburgh company that sells and distributes digital media, named Steve Sun to the new position of chief operating officer. Mr. Sun, 52, is a co-founder and director of Concord Medical Services Holdings, a Beijing-based health care company.