Mylan 4Q Net Soars On Year-Earlier Items, Improved Margins

Date : 02/21/2012 @ 7:50AM
Source : Dow Jones News
Stock : NY^TEVA (TEVA)
Quote : 38.92  0.0 (0.00%) @ 6:28AM

Mylan 4Q Net Soars On Year-Earlier Items, Improved Margins

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Mylan Inc.'s (MYL) fourth-quarter earnings soared from a year-earlier period that was hit by litigation and other items as the pharmaceutical company's margins also improved.

Mylan -- the world's third-largest generic-drug maker by sales, after Novartis AG's (NVS, NOVN.VX) generic arm Sandoz and Teva Pharmaceuticals Industries Ltd. (TEVA, TEVA.TV) -- has seen its revenue jump in recent quarters as concerns about the economy spur interest in lower-cost health options. But the company's bottom line has been hampered by litigation and acquisition-related costs of late.

Mylan reported a profit of $129.5 million, or 30 cents a share, up from $2.59 million, or 1 cent, a year earlier. Excluding items such as amortization, litigation settlements and restructuring costs, earnings rose to 53 cents from 45 cents. Revenue jumped 6.7% to $1.53 billion.

Analysts polled by Thomson Reuters had most recently forecast earnings of 50 cents on revenue of $1.56 billion.

Gross margin rose to 42.1% from 40.4%.

Sales of generics, which brings in most of the company's revenue, jumped 4.6%, reflecting a 14% rise in North America and a 11% increase in the Asia Pacific region.

Shares closed Friday at $23.42 and were inactive premarket. The stock has risen 9.1% so far this year.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283;

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