Mylan reports strong 4th-qtr and full-year 2010 financials

The USA’s largest generic drugs company Mylan (Nasdaq: MYL) posted a healthy set of financial results for the fourth-quarter and full-year 2010, with sales up 6% to $1.43 billion for the three months and growing 7% to $5.45 billion for the year.

Earned a net income was $2.6 million for the quarter compared to $4.1 million a year ago, which includes unfavorable litigation charges of $114.2 million. Adjusted diluted earnings per share leapt 36% to $0.45 for the quarter, with adjusted diluted EPS rising 24% to $1.61, in line with Wall Street expectations. For the full-year, on a GAAP basis, diluted EPS was flat at $0.01. On a GAAP basis, diluted EPS was $0.68 for 2010 compared to $0.30 for the prior year. Cash flow from operating activities of $931 million for the year compared to $605 million in 2009, an increase of 54%.

Looking ahead, Mylan forecast 2011 profit of $1.90-$2.10, on revenue of $6.1 billion-$6.4 billion, above Wall Street expectations of $1.99 per share on revenue of $6.10 billion. The drugmaker also reaffirmed its 2013 targets of $8.5 billion in revenues and $2.75 per diluted share