Mylan 2Q profit drops 30 percent

SHARE Mylan 2Q profit drops 30 percent

Mylan Inc. on Thursday reported profit that declined by 30 percent in its second quarter, and missed analysts’ expectations.

The Canonsburg, Pennsylvania-based company in July announced a $5.3 billion deal to buy Abbott Laboratories’ generic drugs business in developed markets. The combined company will be based in the Netherlands for tax purposes. Mylan is buying more than 100 generic and specialty drugs that had sales of about $2 billion in sales last year.

Mylan said its second-quarter net income fell to $125.2 million, or 32 cents per share, from $177.7 million, or 46 cents per share, in the same quarter a year earlier.

Earnings, adjusted for one-time gains and costs, came to 69 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The generic drugmaker said revenue rose 8 percent to $1.84 billion from $1.7 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $1.9 billion, according to Zacks.

Mylan shares have risen $4.52, or 10 percent, to $47.92 since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 4 percent.

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