Mylan Records 4Q Loss On Special Items
Fri, 02/20/2009 - 5:38am
PITTSBURGH (AP) — Drugmaker Mylan Inc. on Thursday reported a fourth-quarter loss on several one-time items, but adjusted results topped analyst estimates. Mylan posted a loss of $40 million, or 13 cents per share, compared with a loss of $1.38 billion, or $5.04 per share, during the same period a year prior. The 2007 quarter included hefty charges for acquired research and development. In the latest quarter, the company recorded several one-time items, including $82 million in amortization expense related to acquired intangible assets, and a non-cash impairment charge of $70.4 million. Excluding special items, the company earned 26 cents per share in the 2008 quarter. Revenue rose 4 percent to $1.2 billion from $1.16 billion. Analysts polled by Thomson Reuters expected profit of 14 cents per share on revenue of $1.17 billion. For the full year, Mylan lost $320.3 million, or $1.05 per share, compared with a loss of $1.23 billion, or $4.91 per share, in 2007. Revenue rose to $5.14 billion from $2.67 billion. Looking ahead, the company reaffirmed its outlook for 2009 adjusted profit between 90 cents and $1.10 per share. Analysts expect profit of $1 per share. For 2010, Mylan projects profit of $1.50 to $1.70 per share. Wall Street estimates 2010 income of $1.39 per share. Mylan also said that Edward J. Borkowski will transition out of his role as chief financial officer over the next several months. He will remain in place until the company finds a successor.