Mylan's 2nd-qtr earnings plunge on higher costs and product approval delays

US generics major Mylan (Nasdaq: MYL) has reported that profits dropped nearly 30% in the second quarter of 2014, despite higher revenue, as expenses rose and there were delays in US Food and Drug Administration approvals.

The company earned $125.2 million, or $0.32 per share, down from $177.7 million, or $0.46 in the like 2013 quarter in the same period last year. Revenue increased 8% to $1.84 billion. Adjusted diluted earnings per share (EPS) were $0.69, an increase of 1% and in line with company guidance; generally accepted accounting principles (GAAP) diluted EPS of $0.32.

Generics segment third party sales were $1.53 billion, up 6% on a constant currency basis. Specialty segment third party sales were $287.8 million, up 22%.