Mylan sees profit fall 25 percent
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CANONSBURG – Mylan Inc. said Thursday its third-quarter net income fell 25 percent, but the Southpointe-based generic drug maker’s adjusted profit topped analysts’ estimates. However, revenue, which fell 2 percent, missed Wall Street’s view.
The company said for the three months ended Sept. 30, it earned $158.9 million, or 40 cents per share, on revenue of $1.77 billion. The latest figure is down from $211.3 million, or 51 cents per share for the comparable period of a year ago.
When removing financing-related costs and other items, earnings were 82 cents per share. Analysts had expected earnings of 79 cents per share and revenue of $1.85 billion.
Mylan Chief Executive Officer Heather Bresch said revenue from new products was lower in the third quarter. The company also said a stronger U.S. dollar accounted for the decline in revenue.
Bresch said Mylan expects to complete its $1.6 billion acquisition of India’s Agila Specialties, a maker of generic injectable drugs, in the fourth quarter.
Mylan narrowed its 2013 adjusted profit guidance to between $2.80 and $2.90 per share, down from an earlier outlook of $2.75 to $2.95 per share.