Thursday, August 1, 2013
Mylan earnings rise, but dollar drags on revenue
(Reuters) - Mylan Inc's quarterly earnings rose 28 percent, but the generic drugmaker said the weakness of the Indian and Japanese currencies against the dollar would put 2013 revenue at the low end of its forecast range of $7 billion to $7.4 billion.
Revenue in the second quarter was $1.7 billion, up from $1.69 billion a year earlier, the company reported on Thursday. That fell short of analysts' average forecast of $1.73 billion, according to Thomson Reuters I/B/E/S.
The stronger dollar brought revenue down by about 1 percent, the company said.
Net income rose to $178 million, or 46 cents per share, from $139 million, or 33 cents per share, a year earlier.
On an adjusted basis, which excludes amortization, litigation settlements, acquisition-related costs and other items, Mylan earned 68 cents a share. On that basis, analysts had expected 67 cents, according to Thomson Reuters I/B/E/S.
Mylan left its full-year earnings forecast unchanged at $2.75 to $2.95 per share.
(Reporting by Caroline Humer; Editing by Gerald E. McCormick and John Wallace)
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