(By Balaseshan) Mylan Inc. (NASDAQ:MYL), a pharmaceutical company, reported better than expected quarterly earnings on double-digit growth in its North American, antiretroviral and Specialty businesses, sending its shares up 2.58% in premarket.
Profit declined 5.4% to $138.55 million for the second quarter, while earnings per share (EPS) remained unchanged from last year's $0.33. Adjusted earnings rose to $253.9 million or $0.60 per share from $231.6 million or $0.52 per share.
Revenue increased 7.5% to $1.69 billion, while adjusted revenue rose 7.2% to $1.69 billion.
Analysts, on average, surveyed by Thomson Reuters had expected a profit of $0.55 per share on revenue of $1.66 billion for the second quarter.
Generics revenue rose 3.3% to $1.49 billion, while specialty revenue jumped 38.6% to $207.7 million.
Looking ahead into the fiscal 2012, the company reaffirmed its adjusted EPS guidance of $2.45 to $2.55, while Street predicts $2.47.
Mylan expects to continue to generate strong cash flows, further enhancing its financial flexibility and capacity to invest in its current business, as well as other opportunities as they arise.
Further, the company reaffirmed its adjusted EPS outlook for fiscal 2013 of $2.75, while Street predicts $2.72.
MYL ended Wednesday's regular session at $21.69. The stock has been trading between $15.49 and $23.88 for the past 52 weeks.