Mylan Inc. (NASDAQ: MYL), the world's third largest generic drug maker, is scheduled to release its fourth-quarter financial results before the market open on Thursday, February 24, 2011. Analysts, on average, expect the company to report earnings of 45 cents per share on revenue of $1.46 billion. In the year ago quarter, the company reported earnings of 33 cents per share on revenue of $1.35 billion.
Mylan Inc. and its subsidiaries engage in the development, manufacture, marketing, licensing, and distribution of generic and branded generic pharmaceuticals, specialty pharmaceuticals, and active pharmaceutical ingredients (APIs) worldwide.
In the preceding third quarter, the Canonsburg, Pennsylvania-based company's net income was $108.42 million or $0.33 per share, compared to a loss of $40.02 million or $0.13 per share in the previous year. On an adjusted basis, net income for the quarter was $0.43 per share, compared to $0.32 per share a year ago. Total revenues for the quarter increased to $1.35 billion from $1.26 billion last year. Analysts, on average, expected the company to report earnings of $0.42 per share on revenue of $1.40 billion.
At its last earnings call in November, the company reaffirmed its adjusted earnings guidance of $1.55 to $1.65 per share for the full year 2010.
The company continues to benefit from the trend toward cost containment in health care across the globe. Going forward, the company could benefit as regulations change in the next few years to allow more prescriptions to be filled with generic drugs. The company may also get a boost as drugmakers lose key patents.
Currently, Mylan has 170 ANDAs pending FDA approval representing $97.7 billion in annual sales, according to IMS Health. Forty-five of these pending ANDAs are potential first-to-file opportunities, representing $24.2 billion in annual brand sales, for the 12 months ending June 30, 2010, according to IMS Health.
Recently, the generics company received approval for 25-, 50- and 100-milligram doses of its Acarbose tablets, which are used to improve glycemic control in adults with Type 2 diabetes. The tablets had U.S. sales of about $23 million for the year that ended Sept. 30, according to Mylan, citing data from IMS Health. Last month, the company settled a U.S. patent dispute with Pfizer Inc (NYSE: PFE) which will enable it to sell the generic version of Pfizer's drug Caduet for treating high blood pressure and high cholesterol. According to IMS Health, Caduet raked in $389 million in U.S. sales for the twelve months ending September 30. The company also received final U.S. approval to sell a generic version of Pfizer Inc's big-selling Protonix DR for preventing acid reflux. The branded drug had U.S. sales of $1.7 billion for the 12 months ending September 30, according to data compiled by IMS Health. In January, the company acquired a license to make and sell a generic version of a potential HIV drug in sub-Saharan Africa, India, and some developing countries.
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