Mylan sees quarterly profit fall as revenue rises
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Generic drug maker Mylan said today second-quarter profit fell 5 percent despite a 7 percent increase in revenue.
The Cecil company reported profit of $138.6 million, or 33 cents per diluted share, on revenue of $1.69 billion versus earnings of $146.4 million, or 33 cents per diluted share, and revenue of $1.57 billion in the year-ago quarter.
Per-share earnings for both quarters were the same because the number of shares outstanding has been reduced 5 percent since 2011's second quarter.
Higher overhead and research and development costs contributed to a 8 percent drop in earnings from operations, which totalled $257.8 million.
North American sales increased 13 percent to $845.3 million, offset by a 14 percent drop in European sales and a 1 percent drop in Asian Pacific sales.
Mylan reported the results before the market opened. Shares of the drug maker finished Wednesday at $21.69, up 15 cents. They are up 1 percent this year.
First Published July 26, 2012 9:41 am