TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Mylan posts a 17 percent drop in quarterly profit

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Thursday, May 2, 2013, 4:42 p.m.
 

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 anixon@tribweb.com.

Add Alex Nixon to your Google+ circles.

Subscribe today! Click here for our subscription offers.

 

 

 


Show commenting policy

Most-Read Business Headlines

  1. Developer hopes to make Allegheny Center a tech hub
  2. Murray Energy expects to lay off as many as 1,800 more
  3. BNY Mellon promotes executive
  4. Market inches further into record territory as oil price jump boosts energy sector
  5. IRS refunds $10M to tax preparers who paid to take competency test
  6. Home sales slipped in April on tight supply, high prices
  7. BNY Mellon to pay $180M to end foreign-exchange lawsuit
  8. CVS to enter elder-care market with acquisition of drug distributor Omnicare
  9. Lumber Liquidators CEO abruptly resigns
  10. McDonald’s CEO ‘proud’ of pay hike
  11. Minorities lose out on lending, survey reports