Mylan posts a 17 percent drop in quarterly profit
Profit at generic drugmaker Mylan Inc. dropped 17 percent in the first quarter on higher research and development expenses, the company said on Thursday.
Cecil-based Mylan reported net income of $106.9 million, or 27 cents a share, down from $129.1 million, or 30 cents a share, in the same quarter a year ago.
The company spent $126.5 million on research and development, up from $81 million. Mylan Chief Financial Officer John Sheehan said the company is investing more to develop new products that will drive growth, including generic biologic drugs and respiratory products, such as inhalers for asthma and other breathing problems. Biologics are medicines that are derived from human proteins, instead of from chemicals.
Revenue was $1.63 billion, up from $1.58 billion.
CEO Heather Bresch said sales in Mylan's Specialty division rose 24 percent on the strength of its EpiPen product, an injector used in emergencies to treat severe allergic reactions.
On an adjusted basis, the company's earnings per share were 62 cents, up from 52 cents in the same quarter last year. Adjustments were for one-time payments such as litigation settlements, research licensing costs, acquisition-related costs and restructuring, the company said.
“Our first quarter results provide a strong start to the year and are fully in line with our expectations,” Bresch said in a written statement.
The company affirmed its full-year outlook for adjusted earnings per share of $2.75 to $2.95.
“We remain very confident in our outlook for our business in 2013,” Bresch said.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or email@example.com.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Consol Energy reports deep loss, bigger Utica results
- Leisure, hospitality lead Pittsburgh area job gains
- Ambridge’s PittMoss takes off with help from TV show, Mt. Lebanon native Cuban
- U.S. Steel to debut oil, gas pipeline connector
- Plummeting natural gas prices slash revenue of Marcellus shale producers
- Invasive beetle costs Pittsburgh-area power companies plenty
- Israel’s Teva drops bid for Mylan, buys Allergan for $40.5B
- Alcoa among 13 firms in $140B carbon-footprint pledge
- Pitt to start Energy Law and Policy Institute
- Muni bond funds stressed
- Bayer sets sights beyond aspirin