Mylan Raises Outlook After Stronger Generics Sales

Mylan NV on Thursday reported better-than-expected per-share earnings and raised its outlook for the year, as the pharmaceutical company continues to try to buy Perrigo Co.

Mylan has spent the past few months fending off takeover advances from Teva Pharmaceutical Industries Ltd., while pursuing its own deal with rival Perrigo.

In July, Teva struck a deal to buy Allergan PLC's generics unit. Mylan has since reiterated its commitment to buying Perrigo, which so far has rebuffed Mylan's advances.

"We remain steadfast in our commitment to acquire Perrigo," Mylan Chief Executive Heather Bresch said in a news release.

The company raised its 2015 adjusted per-share earnings guidance to $4.15 to $4.35, up from $4.00 to $4.30.

In the latest quarter, Mylan's generics segment third-party sales rose 34% to $2.06 billion, though it would have grown 43% on a constant-currency basis.

The specialty segment reported sales of $301.9 million, up 5%.

Overall, Mylan reported a profit of $167.8 million, or 32 cents a share, compared with $125.2 million, or 32 cents a share, a year earlier. On an adjusted basis, per-share earnings increased 32% to 91 cents.

Revenue rose 29% to $2.37 billion but was hurt by unfavorable exchange rates by $127 million.

Analysts had forecast earnings of 89 cents a share on revenue of $2.39 billion.

Earlier this year, Mylan bought part of Abbott Laboratories' generic-drugs business for $5.3 billion in a deal structured as a tax inversion. Mylan also had agreed to buy certain women's health-care businesses from India's Famy Care Ltd. for $750 million in cash, in a move seen positioning Mylan as a leading provider of contraceptives in emerging markets.

Neil Haggerty contributed to this article.

Write to Chelsey Dulaney at [e-mail]

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