Mylan's 1st-qtr 2011 adjusted diluted EPS up 22%, in line with forecasts

US generics group Mylan (Nasdaq: MYL) reported that total revenues for the quarter ended March 31, 2011 increased 12.1% to $156.6 million. Total revenues include both net revenues and other revenues from third parties.

Third party net revenues for the current quarter were $1.44 billion compared to $1.28 billion for the prior year quarter, representing an increase of $158.4 million, or 12.4%. Other third party revenues for the current quarter were $12.4 million compared to $14.3 million in the prior year quarter, a decrease of $1.9 million. Revenues in the current quarter were favorably impacted by the effect of foreign currency translation, generally reflecting a weaker US dollar compared to the currencies of several other markets in which Mylan operates. Translating total current year revenues at prior year exchange rates would have resulted in year-over-year growth in total revenues excluding foreign currency, of $141 million, or approximately 11%, the company noted.

Generic drug revenue rose 12% to $1.34 billion during the quarter, driven by volume in North America. Specialty drug revenue rose 17% to $97 million.