Mylan sees 2nd-qtr 2011 adjusted EPS rocket 41%

US generics drug major Mylan (Nasdaq: MYL) announced its financial results for the three months ended June 30, 2011 showing that adjusted diluted earnings per share were $0.52, a leap of 40.5% over the like year-earlier quarter. Total revenues of $1.57 billion for the quarter rose 14.6% to $1.37 billion.

On a GAAP basis, diluted EPS of $0.33 for the three months compared to $0.16 for the same prior year period. The company repurchased 14.8 million shares for around $350 million during the second quarter. Consensus forecasts of analysts polled by Thomson Reuters expected EPS of $0.45 on revenues of $1.49 billion.

Sales of generic drugs advanced 17.1% to $1.44 billion from $1.23 billion a year ago, with revenues from North American rising 27.2% to $749.1 million, mainly due to the sale of new products. In Europe, sales rose slightly, to $378.7 million from $378 million. Foreign currency exchange had a positive impact on sales, reflecting the weakening of the US dollar against the euro.