Mylan Posts Lower Q3 Profit, Yet Tops View - Quick Facts

(RTTNews) - Generic drug maker Mylan Inc. (MYL) reported a drop in third-quarter net earnings attributable to the company to $158.9 million, or $0.40 a share, from last year's $211.3 million, or $0.51 a share. Adjusted earnings totaled $324.3 million, or $0.82 a share for the three months ended September 30, 2013. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.80 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues were $1.77 billion in the quarter, compared with $1.80 billion in the prior-year period, down 2%. Eleven analysts estimated revenues of $1.84 billion for the quarter. The effect of foreign currency translation had an unfavorable impact of nearly 2% on total revenues primarily reflecting a stronger U.S. Dollar in comparison to the currencies of the other major markets in which Mylan operates. Excluding the negative effects of currency translation, total revenues were essentially unchanged.

On October 29, the board approved the repurchase of up to $500 million of the company's common stock. Further, the company said it expects to close Agila transaction in the fourth quarter of 2013.