Lawsuit targets Mylan over blood-pressure pill

Cecil-based Mylan Inc. said it was being sued for patent infringement by Novartis AG over Mylan's generic version of Lescol capsules used to treat high cholesterol. The suit, against Mylan's Fluvastatin capsules, was filed Oct. 10 in U.S. District Court in New Jersey. Mylan also announced it received tentative approval from the U.S. Food and Drug Administration to market the generic version of the high blood pressure drug Benicar. Mylan expects to have 180 days of exclusive marketing rights when its version is approved.

Earnings

Wabtec Corp., which supplies goods and services to railroads, yesterday reported third-quarter earnings above Wall Street estimates and raised guidance for full-year sales and profit. The Wilmerding company said it earned $33.2 million, or 68 cents per share, up from $27.2 million, or 55 cents per share, in the same quarter a year ago. Analysts surveyed by Thomson Reuters expected profit of 65 cents per share. Sales rose 12 percent to $396 million from $354.8 million, helped by strength in its transit group. Wabtec raised its full-year guidance to earnings of between $2.66 and $2.70 per share.

GlaxoSmithKline PLC posted better-than-expected third-quarter results yesterday after the weak British pound helped outweigh the impact of increased generic competition in the United States. The London company said net profit dipped 1.8 percent to $2.1 billion in the three months ended Sept. 30. Glaxo has been moving to diversify its business, with an emphasis on deals to bulk up its nonprescription health care business. GlaxoSmithKline Consumer Healthcare's North American operations are headquartered in Moon.

ESB Financial Corp. of Ellwood City, parent company of ESB Bank, reported third-quarter net income yesterday of $3.1 million, or 26 cents per diluted share, up from 2 million, or 16 cents per diluted share, in the year-ago quarter. For the nine-month period ended Sept. 30, ESB earned $8.2 million, or 68 cents per diluted share, compared with $6 million, or 47 cents per diluted share in the same period a year ago.

Also in business ...

FedEx Corp. said in a regulatory filing that the IRS had withdrawn its tentative $319 million assessment of tax and penalties for the Moon-based FedEx Ground division's classification of owner-operators in 2002. Critics have argued those positions should be classified as employees. FedEx said the IRS is continuing its employment tax audit of the company. ... Medrad's Heilman Center plant in O'Hara won the Association for Manufacturing Excellence's 2008 national prize, awarded to plants using effective strategies to improve competitiveness and profitability. The plant employs 300 and generated revenue of $153.6 million last year. ... Merck & Co. said it would cut 7,200 jobs in the face of generic competition, regulatory delays and falling sales of its cholesterol pills and cancer vaccine.