Second-quarter profit rises at Mylan

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Mylan Inc. this morning reported profit for the second quarter rose 28 percent from a year earlier, to $177.7 million from $138.6 million, on revenue that edged up 1 percent.

Per-share profit rose 40 percent, to 46 cents from 33 cents, reflecting fewer shares outstanding in the most recent period.

Excluding acquisition-related costs and other special items, Mylan reported adjusted profit of $261.6 million, up 3 percent from $254 million a year earlier.

On a per-share basis, adjusted profit was 68 cents versus 60 cents, in line with Wall Street estimates.

Revenue for the three months ended June 30 was $1.7 billion vs. $1.69 billion a year earlier, lower than analysts' consensus estimate of $1.73 billion.

Revenue was hurt by a strong U.S. dollar, according to the company.

The Cecil-based generic drugmaker said it expects revenue for the full year to be $7 billion, at the low end of its guidance of $7 billion to $7.4 billion.

The company said profit for the third quarter would be lower than expected, but it reaffirmed its earnings guidance for the full year.

Results were released before the opening of the stock market.

Mylan is hosting an investor conference in New York City today from 1-5 p.m. It will be broadcast live via webcast and available through the investor relations section of Mylan's website.

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Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066.


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