News Column

BRIEF: Mylan posts higher fourth-quarter profit

February 27, 2014

By Alex Nixon, The Pittsburgh Tribune-Review

Feb. 27--Generic drugmaker Mylan Inc. boosted profit 11 percent in the fourth quarter on gains in revenue.

The Cecil-based company said it had net income of $180.2 million, or 45 cents a share, in the October-December quarter, up from $162 million, or 39 cents a share, in the same period the previous year.

Revenue in the quarter was $1.8 billion, up from $1.7 billion.

On an adjusted basis, the company said profit was 78 cents a share, up 20 percent from 65 cents a share the year before.

Mylan CEO Heather Bresch said the strong results have put the company in a position to make "another substantial acquisition" this year.

Investors responded to the news by trading the stock higher. Shares were up $3.36 to $54.78, a 6 percent gain, on Thursday morning.


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Source: Pittsburgh Tribune-Review (PA)

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