Mylan sees solid third-quarter results

USA-based Mylan Laboratories says that its revenue for the third quarter ended December 31, 2005, increased 7% to $311.2 million from $291.0 million in the same period last year. The quarter also saw the firm's earning per diluted share reach $0.25 and Generally-Accepted Accounting Principles earnings of $0.22. The company updated its adjusted diluted earning per share guidance for the year ended March 31, 2006, from $0.94 to $1.00.

Mylan added that products launched after January 1, 2005, contributed $47.9 million to its net revenues during the the final three months of 2005, the majority of which stemmed from the fentanyl transdermal system, the equivalent of Alza's analgesic Duragesic.

In addition, the sale of Apokyn (apomorphine), used in the treatment of hypomobility associated with advanced Parkinson's disease, to Vernalis added $3.6 million to Mylan's revenue. Mylan's stock soared 12%, or $2.28, on the day of the announcement to $21.58, in high volume trading on the New York Stock Exchange. Wachovia Capital Markets analyst Michael Tong upgraded his rating on the company's shares to outperform, adding that the increased stability in Mylan's core business has cut its costs and increased its expansion potential.