Mylan profits slide 51% in the first quarter
US generic drugmaker Mylan (Nasdaq: MYL) posted disappointing profits ahead of the company's proposed hostile acquisition of Perrigo.
Profits fell 51% this quarter to $56.6 million, down from $115.9 million that Mylan reported for the first quarter of 2014. The company blamed this on costs related to the acquisition of part of Abbott Laboratories’ (NYSE: ABT) non-US operations. Revenue for the quarter climbed 9% to $1.87 billion from $1.72 billion.
Earnings per share fell 55% down to $0.13 from $0.29 in the same period of 2014. Without special items, adjusted profits rose 6% to $0.70 per share, in line with analysts’ estimates.
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