Generic drug giant Mylan Inc. this morning reported profits skidded 30 percent in the second quarter, despite higher revenue, as expenses rose.
The Cecil-based company earned $125.2 million, or 32 cents per share, down from $177.7 million, or 46 cents, in the same period last year.
Revenue increased 8 percent to $1.84 billion from $1.7 billion.
Mylan lowered its earnings and revenue forecasts for all of 2014, citing delays in regulatory approvals for key products. The company now expects per-share profits of between $3.25-$3.45, down from a range of $3.25 -$3.60. It projects revenue of $7.8 billion-$8 billion compared with the previous estimate of $7.8 billion-$8.2 billion.
Mylan also said it was postponing an investor day conference scheduled for next month because management was busy with “additional strategic opportunities.”
Last month, the company announced it had agreed to buy a large chunk of Abbott Laboratories’ generic drug business outside the U.S., and would reincorporate in the Netherlands in what is known as an inversion to lower its corporate tax bill.
Top executives were set to discuss second-quarter results this morning in a conference call with Wall Street analysts.
Patricia Sabatini: email@example.com; 412-263-3066. First Published August 7, 2014 12:00 AM