Mylan's 8% 2nd-qtr revenue rise slightly lower than expectations

Netherlands-incorporated generic drugmaker Mylan (Nasdaq: MYL) has reported second-quarter 2016 financials, showing that total revenues of $2.56 billion were up 8% compared to the prior year period, but just missed analysts' projected $2.57 billion. Generics segment third party net sales of $2.14 billion, an increase of 4% compared to the prior year period.

Specialty segment third party net sales of $402.5 million were up 33% compared to the prior year period, mainly fuelled by sales of its EpiPen auto-injector.

US generally accepted accounting principles (GAAP) diluted earnings per ordinary share (EPS) rose 3% to $0.33, due to higher sales and gross margins, partially offset by increased non-operating expenses driven mainly by certain Meda transaction related acquisition and financing costs. Adjusted diluted EPS of $1.16, was up 28% compared to the prior year period, beating analysts' estimates of $1.13 per share. Earnings from operations were $410.9 million for the quarter, an increase of 49% from the comparable prior year period. Net profit was flat at $168.4 million.