News Column

BRIEF: Profit down at generic drugmaker Mylan Inc. in 2nd quarter

August 7, 2014

By Alex Nixon, The Pittsburgh Tribune-Review

Aug. 07--Mylan Inc.'s profit fell in the second quarter despite higher revenue at the generic drugmaker.

Cecil-based Mylan said net income was $125.2 million, or 32 cents a share, in the April-June quarter, down from $177.7 million, or 46 cents a share, in the same period last year.

On an adjusted basis, net income was 69 cents a share, which Mylan said was in line with its prior guidance.

Revenue in the quarter was $1.8 billion, up from $1.7 billion. But expenses jumped 34 percent to $582.7 million, up from $433.7 million a year earlier, on higher spending for research and development, administration and court settlements.

Mylan also said it was narrowing its estimate for full-year earnings because of delays in product approvals at the Food and Drug Administration.

The company expects adjusted net income of $3.25-$3.45 a share this year. It previously predicted adjusted net income of $3.25-$3.60 a share.

Mylan officials will discuss the results during a conference call with analysts at 10 a.m.

Alex Nixon is a Trib Total Media staff writer. Reach him at 412-320-7928 or .

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Source: Pittsburgh Tribune-Review (PA)

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