May 11, 2017 2 min read

CANONSBURG – Mylan Inc. Wednesday reported a four-fold jump in first-quarter profit to $66.4 million, or 12 cents per share, as acquisitions helped to boost revenue and offset declining sales of its EpiPen Auto-Injector.

The country’s largest producer of generic drugs, which is headquartered in the Netherlands but has its administrative operations in Southpointe, reported a 24 percent increase in revenue, moving to $2.72 billion.

North American sales were $1.21 billion, up 5 percent and up 20 percent when the impacts of the downturn in the company’s EpiPen were excluded.

Last fall, the EpiPen came under fire by Congress when it was noted the company was profiting by as much as 600 percent from the autoinjectors, which are used in emergencies to stop anaphylaxis, a potentially fatal allergic reaction to insect bites and stings and certain foods.

Mylan introduced a generic version of the treatment at half the price of the branded option as a result of customer complaints and the Congressional inquiries.

First-quarter European net sales were $892 million, up 53 percent, and in the rest of the world, net sales increased 34 percent to $580.5 million.

“Mylan’s results during the first quarter marked a great start to what we believe will be another year of strong financial performance, and continue to reflect the strength and diversity of our global business and demonstrate our resilience and ability to absorb both our industry’s natural volatility, as well as additional headwinds, related to particular products and/or markets.”

The company’s results matched analysts expectations. Most of the increase in revenue came from sales of products acquired with Meda AB and topicals from Renaissance Acquisition Holdings, which combined contributed $606.6 million in sales.