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Mylan Profit Jumps 23 Percent in First Quarter

BRIEF: Mylan Profit Jumps 23 Percent in First Quarter [the Pittsburgh Tribune-Review]

From Pittsburgh Tribune-Review (PA) (April 26, 2012)

April 26--Generic drug maker Mylan Inc. said today that its first quarter profit jumped 23 percent on higher sales.

Net income in the January-March quarter was $129.1 million, or 30 cents a share, up from $104.2 million, or 23 cents a share, in the same quarter last year.

The Canonsburg-based company reported revenue of $1.6 billion in the quarter, up from $1.4 billion a year ago.

"I am pleased with our first quarter results, which were consistent with our expectations," John Sheehan, chief financial officer, said in a statement. "Moving forward, we anticipate earnings in the second quarter to be in line with the first, before accelerating into the third quarter, which will be by far our strongest of the year."

Mylan, the world’s third largest generic drug maker, also said today that a settlement had been reached over a generic version of Mylan’s EpiPen auto-injector, which is used to treat severe allergic reactions.

Teva Pharmaceuticals will be able to begin selling a generic epinephrine auto-injector starting in June 2015, pending approval from the Food and Drug Administration, Mylan said.


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Posted: April 2012