Mylan Inc. (NASDAQ:MYL), the generic drug developer, raised its full-year earnings forecast, citing continued strong operational performance.
The Canonsburg, Pennsylvania-based company now expects adjusted earnings per share in the range of $2.45 to $2.55 from prior expectations of $2.30 to $2.50. Analysts expect earnings of $2.42 per share for 2012.
In addition, Mylan announced the buyback of up to $500 million of its shares, saying the repurchase represents an "appropriate use of its capital... while still maintaining significant financial flexibility for the right strategic opportunities."
Shares of Mylan ended Wednesday's regular trading at $20.64. The stock has been trading in the 52-week range between $15.49 and $25.00.