Mylan's 2nd-qtr misses consensus on sales but beats on EPS

US generics drugmaker Mylan (Nasdaq: MYL) announced its financial results for the second quarter of 2013, showing that total revenues increased 1% to $1.70 billion, falling short of analyst expectations for revenue of $1.73 billion. On a constant currency basis and excluding the impact of escitalopram, total revenues would have increased about 10%.

Adjusted diluted earnings per share increased 13% to $0.68, just beating the mean analysts’ estimate of $0.67. On a Generally Accepted Accounting Principles (GAAP) basis, diluted EPS of $0.46 for the compared to $0.33 for the same prior year period, an increase of 39%. Mylan shares edged 0.7% higher to $33.30 in mid-morning trading today (August 1).

The company reaffirmed its full-year 2013 adjusted diluted EPS guidance range of $2.75-$2.95 and projects revenue growth of 12% in 2014 and year-over-year growth in adjusted diluted EPS of 19%.