Mylan Q4 Adj Profit Meets View, Revenues Top; Guides 2015 In Line

(RTTNews) - Generic drugmaker Mylan, Inc. (MYL) reported Monday a profit for the fourth quarter that grew percent from last year, reflecting improved margins and double-digit revenue growth.

Adjusted earnings per share matched analysts' expectations, while quarterly net sales topped their estimates. The company also provided earnings and sales forecast for the full-year 2015, in line with Street view.

"Our exceptional fourth quarter results, including growth in adjusted diluted EPS of 35%, capped off yet another year of outstanding performance, again demonstrating the continued strength and diversity of our global platform. Once again, we were able to deliver this strong performance despite continued delays in approvals at FDA by remaining focused on execution and by maximizing key opportunities," CEO Heather Bresch said in a statement.

Canonsburg, Pennsylvania-based Mylan reported net earnings of $189.2 million or $0.47 per share for the fourth quarter, higher than $180.2 million or $0.45 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $419.8 million or $1.05 per share, compared to $308.1 million or $0.78 per share in the year-ago quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased 15 percent or 18 percent on a constant currency basis, to $2.08 billion from $1.81 billion in the same quarter last year, and topped fourteen Wall Street analysts' consensus estimate of $2.07 billion.

Net sales for the quarter increased to $2.06 billion from $1.79 billion from a year ago.

Generics revenues increased 12 percent to $1.82 billion, and specialty net sales also grew 28 percent to $242.7 million from $176.1 million a year ago.

Gross margins for the quarter expanded 250 basis points to 47 percent from last year.

Looking ahead to fiscal 2015, the company expects adjusted earnings in a range of $4.00 to $4.30 per share, on projected total revenues between $9.6 billion and $10.1 billion. Street is currently looking for full-year 2015 earnings of $4.16 per share and revenues of $9.82 billion.

"We are off to a great start in 2015 with the recent completion of our acquisition of Abbott's non-U.S. developed markets specialty and branded generics business and the announcement of our proposed acquisition of Famy Care's women's health care businesses, and we expect that Mylan will deliver 33% revenue growth and 21% adjusted diluted EPS growth on a constant currency basis in 2015," Bresch added.

MYL closed Monday's regular trading session at $57.89, up $0.56 or 0.99% on a volume of 3.57 million shares. However, the stock lost $0.89 or 1.54% in after-hours trading.