Mylan Backs Year View After Sales Rise 8%

Mylan NV logged 8% second-quarter sales growth, driven by a jump in specialty drug sales and higher sales of generic treatments.

The pharmaceutical giant last month won regulatory clearance for its $7.2 billion acquisition of Swedish rival Meda. The deal comes about a year after Mylan fended off Israeli generic drugmaker Teva Pharmaceuticals Industries Ltd.'s $40 billion bid and Dublin-based Perrigo Co. rebuffed Mylan's $26 billion proposal. In June, Mylan bought the generic and specialty topicals business of Renaissance Acquisition Holdings.

Chief Executive Heather Bresch on Tuesday said the recent deals are helping to increase Mylan's scale and breadth and that the company sees more opportunities to differentiate the business.

For the June quarter, Mylan posted a profit of $168.4 million, or 33 cents a share, up from $167.8 million, or 32 cents a share, a year earlier. Excluding acquisition-related expenses, among other items, earnings per share rose to $1.16 from 91 cents.

Revenue rose to $2.56 billion from $2.37 billion. Analysts projected $1.13 in adjusted earnings per share on $2.57 billion in revenue, according to Thomson Reuters.

The revenue increase came despite lower generic prices. The company credited new product launches for a 4% rise in revenue from generic drugs. Meanwhile, sales in its smaller specialty business climbed 33%, thanks to higher volume and prices of its EpiPen.

Following the results, Ms. Bresch said Mylan is still on track to report $4.85 to $5.15 in adjusted earnings per share this year.

Shares in the company added 2% in after hours trading. Through Tuesday's close, the stock fell 8% this year.

Write to Lisa Beilfuss at [e-mail]

(END) Dow Jones Newswires

August 09, 2016 17:55 ET (21:55 GMT)

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