Mylan 4Q Net Soars On Year-Earlier Items, Improved Margins
02/21/2012| 07:35am US/Eastern
Mylan Inc.'s (>> Mylan Inc.) 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; firstname.lastname@example.org