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COPYRIGHT 2004 NewsRX
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,...
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