Generic drug giant Mylan Inc. this morning reported fourth-quarter profits rose 11 percent, to $180.2 million from $162 million a year earlier, as CEO Heather Bresch said the Cecil-based company was poised for another “substantial transaction” this year.
Revenue for the final three months of 2013 was $1.81 billion, an increase of 5 percent from $1.72 billion the previous year, while per-share profits climbed 15 percent to 45 cents from 39 cents.
Stripping out special items, per-share profits were 78 cents, an increase of 20 percent from 65 cents a year earlier.
For the full year, Mylan saw earnings drop 3 percent to $623.7 million from $640.9 million as new product releases were 69 percent lower than in 2012 . Earnings per share edged up 4 percent to $1.58 from $1.52.
Revenue for 2013 was $6.91 billion, an increase of 2 percent from $6.8 billion the previous year.
Adjusted earnings per share rose 12 percent to $2.89 from $2.59.
“We currently expect to be in a position to execute on another substantial transaction this year,” Ms. Bresch said in a statement. Any deal would come on the heels of Mylan’s acquisition of Agila Specialties base in India at the end of last year.
Ms. Bresch said the company expects adjusted earnings per share to grow 19 percent in 2014 on revenue that increases 16 percent.
Top executives were to discuss the results in a conference call with Wall Street analysts this morning.
Patricia Sabatini: email@example.com or 412-263-3066.