Mylan 1st-qtr profit impacted by higher costs, but revenues leap 17%

Netherlands-incorporated generics giant Mylan (Nasdaq: MYL) today announced its financial results for the first quarter of 2016, noting that total revenues of $2.19 billion, up 19% on a constant currency basis compared to the like prior year period (up 17% on a US generally-accepted accounting principles [GAAP] basis).

Generics segment third party net sales of $1.93 billion, up 19% on a constant currency basis (up 17% on a GAAP basis). All regions in the Generics segment showed positive year-over-year growth. Shares of Mylan rose 5.3% to $44.97 a share in premarket trading, even though sales were below the $2.23 billion analysts had forecast.

For the reporting period, Mylan reported a profit of $13.9 million, or $0.03 a share, down from $56.6 million, or $0.13 cents a share, a year earlier. Excluding special items, such as amortization expenses related to acquisitions completed in 2015, per-share earnings were $0.76 a share. Analysts polled by Thomson Reuters had expected $0.74 a share.