Mylan Fourth Quarter Profit Jumps 11%
CANONSBURG, Pa. (AP) — Shares of Mylan Inc. jumped in premarket trading Thursday as the generic drugmaker reported an 11 percent increase in its fourth-quarter earnings, topping expectations despite a rise in expenses.
The Canonsburg, Pa., company said double-digit revenue growth from its specialty segment helped counter revenue hits from foreign exchange rates and a smaller gain from new product launches in the quarter that ended Dec. 31.
Mylan said that delays in several key product approvals will add to the opportunities it has in 2014. The company also said it expects to execute another "substantial transaction" this year, but it did not offer details.
Mylan earned $180.2 million, or 45 cents per share, in the three months ended Dec. 31, up from $162 million, or 39 cents per share, a year ago. Adjusted results totaled 78 cents per share.
That topped analyst expectations for 75 cents per share, according to FactSet.
Total revenue rose 5 percent to $1.81 billion, while analysts forecast $1.79 billion.
The drugmaker's operating expenses rose 9 percent to $522.7 million.
It forecast earnings of $3.25 to $3.60 per share. Analysts expect $3.39 per share.
Company shares were up more than 3 percent, or $1.58, to $53 in premarket trading an hour and a half before the markets open.