AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
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.
- First Albany Reports First Quarter 2003 Results; Consolidated Net Revenues Grow...
- Press release article from: Business Wire April 17, 2003 700+ words
...first quarter of 2002. Net revenues from the Company's brokerage...Taxable Fixed Income net revenues were $15.7 million for...million for the comparable prior year quarter. The decrease in net revenues in the Taxable Fixed Income...
- ZipRealty, Inc. Announces Third Quarter 2005 Results; Net Revenues Increase 61%...
- Press release article from: Business Wire November 3, 2005 700+ words
...third quarter ended September 30, 2005. For the quarter, net revenues were $28.2 million, a 61% increase from the $17.6...2005 represents a growth rate of approximately 50% over the prior year. For the full year ended December 31, 2006, management...
- Piper Jaffray Companies Announces 2004 First Quarter Results; Net Revenues Up...
- Press release article from: PR Newswire April 21, 2004 700+ words
...percent for the prior year period. Business...9 million in net revenues for the quarter...period, segment net revenues increased 33...improved over the prior year period, again...5 million in net revenues for the quarter...
- Acclaim Entertainment, Inc. Reports 75% Increase in Net Revenues Over Prior...
- Press release article from: Business Wire April 11, 2002 700+ words
...or $0.06 per diluted share, on net revenues of $70.7 million for the second fiscal...million or $0.27 per diluted share on net revenues of $151.8 million. These profits...second quarter, gross profit was 59% of net revenues, which was below the Company's forecast...
- Diagnostics company reports 2003 net revenues increase 27.7% from prior year.
- Newspaper article from: Pharma Business Week April 12, 2004 700+ words
...quarter ended December 31, 2003. IVAX Diagnostics reported net revenues for the year ended December 31, 2003, of $17,673,000...year ended December 31, 2002, a reduction of 76.1%. Net revenues for the fourth quarter of 2003 were $4,394,000, compared...
- IVAX Diagnostics Releases Fourth Quarter and Year End Results; 2003 Net...
- Press release article from: Business Wire March 18, 2004 700+ words
...31, 2003. IVAX Diagnostics reported net revenues for the year ended December 31, 2003...31, 2002, a reduction of 76.1%. Net revenues for the fourth quarter of 2003 were...Unaudited) Net revenues $4,394 $4,315 $17,673 $13...
- Marvell Technology Group Ltd. Reports Record Second Quarter Fiscal 2005...
- Press release article from: Business Wire August 19, 2004 700+ words
SUNNYVALE, Calif. -- Marvell(R) Technology Group Ltd. (Nasdaq:MRVL), the technology leader in the development of extreme broadband communications and storage solutions, today reported financial results for its second fiscal quarter ended July 31, 2004. Net revenue for the second quarter of fiscal
- Marvell Technology Group Ltd. Reports Record First Quarter Fiscal 2005 Results;...
- Press release article from: Business Wire May 20, 2004 700+ words
Business Editors/High-Tech Writers SUNNYVALE, CalifBUSINESS WIREMay 20, 2004 Marvell(R) Technology Group Ltd. (Nasdaq:MRVL), the technology leader in the development of extreme broadband communications and storage solutions, today reported financial results for its first fiscal quarter ended May 1,