PITTSBURGH (AP) — Generic drug maker Mylan Inc. said today
that its first-quarter profit rose 71 percent, mainly on increasing drug sales
in North America.
The company earned $104.2 million, or 23 cents per share,
for the three months ended March 31, up from $61.1 million, or 20 cents per
share, a year ago. The most recent quarter included an additional 136.5 million
shares of stock outstanding.
Revenue rose 12 percent to $1.45 billion.
Excluding charges, including purchase accounting items and
litigation expenses, the company said it earned 44 cents per share, matching
expectations of analysts polled by FactSet. Analysts expected revenue of about
Generic drug revenue rose 12 percent to $1.34 billion during
the quarter, driven by volume in North America.
Specialty drug revenue rose 17 percent to $97 million.
Looking ahead, the company reaffirmed 2011 profit guidance
between $1.90 and $2.10 per share. In February, the company also said it
expects revenue between $6.1 billion and $6.4 billion. Analysts expect profit
of about $2.01 per share on revenue of about $6.1 billion
Also, Mylan said its board of directors approved a $350
million stock buyback program, which is expected to be completed by June 30.