Mylan Reports Second Quarter Financial Results

Mylan has reported adjusted diluted EPS as $0.32 and $0.65 for the three and six months ended June 30, 2009, compared to $0.20 and $0.29, respectively for the same prior year periods. It has also posted total revenues of $1.27 billion for the three months ended June 30, 2009, an increase of $63.9 million over the same prior year period. The company also reported total revenues of $2.48 billion for the six months ended June 30, 2009, an increase of $199.3 million over the same prior year period.

On a GAAP basis, the company reported diluted EPS of $0.19 and $0.42 for the three and six months ended June 30, 2009, compared to a loss per share of $0.05 and $1.52 in the same prior year periods. The six months ended June 30, 2008, included a non-cash goodwill impairment charge of $385 million related to the Specialty Segment.

Robert Coury, chairman and CEO of Mylan, said: This was yet another successful quarter on many fronts for Mylan as, across the board, we delivered another quarter of financial performance that exceeded our expectations. Our powerful and integrated global platform enabled each of our businesses to generate year-over-year quarterly revenue growth on a constant currency basis and to deliver additional operational efficiencies as well. In addition, we took an important initial step in one of our targeted areas of future growth by entering into a collaborative agreement with Biocon in the area of generic biologics.

On the strength of the momentum provided by our first half results, coupled with what we now forecast to be a much stronger second half, we are very pleased to once again be increasing our full year 2009 adjusted diluted EPS guidance. At the mid-point of our new guidance range of $1.13 to $1.20, we’re now projecting year-over-year growth in full year adjusted diluted EPS of approximately 45%, he added.