Mylan Boosts Q3, 2014 Outlook

(RTTNews) - Generic drug maker Mylan, Inc. (MYL) on Friday raised its adjusted earnings guidance for the third quarter and the full-year 2014, citing primarily better-than-expected operational performance as well as multiple product approvals and launches in the U.S. during the quarter.

Following the news, the company shares are trading higher by more than five percent.

The company had in early August cut its adjusted earnings per share guidance for the full-year, citing the ongoing delays in approvals of key products by the U.S. Food and Drug Administration.

The company had said at the time that it expects the fourth quarter to be the strongest quarter of the year, considering the anticipated launches of key products.

Canonsburg, Pennsylvania-based Mylan said it now expects adjusted earnings for the third quarter in a range of $1.12 to $1.16 per share, up from the prior guidance in the range of $0.90 to $0.95 per share.

"Also, the raised third-quarter outlook includes around $0.14 per share as a result of an agreement with Strides Arcolab Ltd. Mylan recognized compensation, and the resulting positive impact on cash, for lost revenues in 2014 arising from supply disruptions that resulted from on-going quality-enhancement activities initiated at certain Agila facilities prior to Mylan's acquisition of Agila from Strides in 2013," the company said in a statement.

Looking ahead to fiscal 2014, the company raised adjusted earnings forecast for the year to a range of $3.44 to $3.54 per share from the previous projection in the range of $3.25 to 3.45 per share.

The company noted that the revised guidance for the full year excludes potential launches of generic versions of Copaxone and Lidoderm.

Mylan also announced that it will release its financial results for the third quarter ended September 30, 2014, after the market closes on October 30.

MYL closed Thursday's regular trading session at $46.50, up $1.33 on a volume of 15.73 million shares. It is surging more than five percent in pre-market trading on Friday.