Mylan Posts Higher Profit and Sales

By Josh Beckerman 

Mylan Inc. said fourth-quarter profit rose 5% as the drug company said it had an "exceptional" quarter.

For 2015, the company expects earnings excluding items of $4 to $4.30 a share on revenue of $9.6 billion to $10.1 billion. Analysts polled by Thomson Reuters expected $4.16 and $9.81 billion.

Mylan shares fell 2.6% to $56.40 in after-hours trading.

Mylan said its full year was "outstanding," as the EpiPen Auto-Injector became Mylan's first $1 billion product.

Total operating expenses rose to $576.5 million from $522.7 million. The company said EpiPen sales and marketing costs and legal and marketing costs for new products contributed to its higher expenses.

Mylan launched a generic version of Celebrex in December. Mylan also has been planning a generic equivalent of multiple-sclerosis treatment Copaxone, but the U.S. Supreme Court ruled in favor of Teva Pharmaceuticals Industries Ltd. in a patent case in February, a setback for Mylan and others hoping to launch generic versions of the Teva drug.

Last month, Mylan bought part of Abbott Laboratories' generic-drugs business for $5.3 billion in a deal structured as a tax inversion. Mylan also said in February that it agreed to buy certain women's health-care businesses from India's Famy Care Ltd. for $750 million in cash, in a move that will position Mylan as a leading provider of contraceptives in emerging markets.

On Monday, Mylan reaffirmed that it plans to "aggressively pursue additional acquisition opportunities."

In August, Mylan trimmed the top of its full-year profit and revenue outlook, citing delays in approvals from the U.S. Food and Drug Administration for key products, then increased its profit guidance in October following a strong third quarter.

For the fourth quarter, Mylan reported a profit of $189.2 million, or 47 cents a share, up from $180.2 million, or 45 cents a share, a year earlier. Excluding restructuring and acquisition-related impacts and other items, earnings rose to $1.05 a share from 78 cents.

Revenue increased 15% to $2.08 billion.

Mylan had forecast per-share earnings of $1.03 to $1.09. Analysts surveyed by Thomson Reuters projected revenue of $2.07 billion.

Write to Josh Beckerman at [e-mail]

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