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Pharma company reports second quarter financial results.
2004 NOV 27 - (NewsRx.com & NewsRx.net) -- Mylan Laboratories Inc. (NYSE:MYL) announced its financial results for the second quarter ended September 30, 2004.
Mylan also reported that it is currently assessing certain disclosures in King Pharmaceuticals' earnings release relating to returns reserves, which King indicated could lead to a restatement of its financial statements.
Net revenues for the quarter were $307.0 million, a decrease of $53.1 million from the same prior year period. Net earnings were $48.7 million, a decrease of $42.6 million from the second quarter of fiscal 2004, while earnings per diluted share were $0.18 compared to $0.33 in the same prior year period.
Mylan also issued revised earnings guidance for fiscal 2005 of $0.80 to $0.90 per diluted share, including net gains on legal settlements in the first quarter of fiscal 2005, which amounted, net of tax, to approximately $0.06 per diluted share. This guidance assumes a January 24, 2005, launch of fentanyl with at least one competitor in the market.
Mylan had previously suspended its earnings guidance in June 2004 in response to certain U.S. Food and Drug Administration (FDA) rulings, including its fentanyl decision, and issues facing the generic pharmaceutical industry, such as the practice of "authorized generics."
Generic segment net revenues for the second quarter decreased $52.0 million to $247.5 million, while brand segment net revenues of $59.4 million declined $1.1 million from the same prior year period.
For the first 6 months of fiscal 2005, Mylan reported net revenues of $646.0 million, a decrease of $45.5 million from the same prior year period. Net earnings and earnings per diluted share decreased to $130.7 million and $0.48 per share, respectively, from $175.1 million and $0.63 per share, respectively, in the prior year. The first 6 months of fiscal 2005 included net gains on legal settlements, which amounted, net of tax, to approximately $0.06 per diluted share. This compares to $0.05 per diluted share attributed to gains on legal settlements in the first 6 months of fiscal 2004.
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Source: HighBeam Research, Pharma company reports second quarter financial results.