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Generic Drugmaker Mylan Beats Earnings; Stock Jumps Over 6 Percent

  +Follow August 2, 2013 1:58PM
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Mylan Inc. ($MYL) released its earnings report for the second quarter of 2013, and the drug manufacturer slightly beat analyst expectations. While the company fell slightly below revenue expectations they posted higher earnings, and most signs pointed to a positive outlook for company going forward.

Following their earnings report, analysts were split on the outlook of the company. JP Morgan analyst Chris Schott said in a note, "We believe Mylan is a business capable of generating low double digit bottom line growth over the next several years, aided by a mix of bolt-on acquisitions and share repurchases.” Needham, however, on Aug 2 downgraded the company from a Strong Buy to a Buy, putting their price target at $40 a share. CRT Capital was more bearish, putting a $34 price target on the stock. Out of 14 analytical firms surveyed by NASDAQ, seven held a strong buy, Needham downgraded the stock to buy, and six companies had a hold.

The Cecil Township, Pa.-based company sells drugs in 150 countries, and has over 1,000 separate products. The last several years Mylan has focused on aggressively acquiring other drug companies and reinvestment. In 2007 Mylan acquired the generic wing of Merck & Co Inc (MRK) . In Feb. 2013, Mylan announced it would spend $1.6 billion to buy Agila Specialties, an injectable drugs unit, from India’s Strides Arcolab Ltd. Mylan's sales have more than tripled since 2007, and the company's stock is near its all-time high.

Mylan reported earnings of $178 million, or an adjusted $0.68 a share, versus the $133 million net income, or $0.33 per share, from the same period a year ago. Revenue for the quarter was $1.70 billion, as compared to $1.69 billion from the previous year. Analysts were expecting a profit of $0.67 per share on revenues of $1.73 billion.

The company's stock surged on the positive news. Mylan is up 6.8 percent to hit $36.29 a share. The stock is up 22.67 on the year.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for MYL
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18 Sep 14 13:16:10
$MYL closing above 50 day MA. Has been hitting serious resistance at $49. Goes above that could keep climbing. #stocks #trading
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18 Sep 14 11:43:49
Mylan Laboratories $MYL Showing Bearish Technicals With Support At $47.23 ( http://t.co/I8nvOcq36A )
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18 Sep 14 11:05:01
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18 Sep 14 09:39:21
RT @biosimilarz: $MYL initiates PhIII trials of #biosimilar insulin glargine, but non-inferiority design likely to raise concerns; http://t…
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18 Sep 14 09:16:23
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18 Sep 14 07:36:29
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18 Sep 14 05:36:11
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18 Sep 14 04:18:53
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finsents
18 Sep 14 04:15:49
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17 Sep 14 23:51:32
Mylan Short Interest Down 5.4% in August $MYL http://t.co/r6Ms2iJClM
Biosimilarz
17 Sep 14 23:50:22
@kittu5454 @kiranshaw @vikasdandekar Let's hope they don't run out of insulin glargine for $MYL's trials, that could be VERY embarrassing...
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17 Sep 14 20:57:29
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17 Sep 14 19:17:47
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Woll Street
17 Sep 14 19:03:42
@flem_b https://t.co/BBD1lJuj3R $MYL tough to read here... Not my favorite setup. > 48.25 may test 49 watch volume if so.
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17 Sep 14 18:51:30
@paulwoll $myl $usb. Thanks
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17 Sep 14 14:49:13
looking forward to $MYL action over next few days
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17 Sep 14 14:06:08
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Daily Contracts
17 Sep 14 13:24:01
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17 Sep 14 13:18:20
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Biosimilarz
17 Sep 14 11:17:33
@kittu5454 @vikasdandekar Capacity for what? India or global markets? Concerning if for latter, could cause $MYL headaches for trial supply
Daily Contracts
17 Sep 14 10:34:01
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Vikas Dandekar
17 Sep 14 09:42:08
RT @biosimilarz: @vikasdandekar @kittu5454 @kiranshaw @EliLillyCo Interested in views on $MYL's trial design; why non-inferiority instead o…
Biosimilarz
17 Sep 14 09:26:42
@vikasdandekar @kittu5454 @kiranshaw @EliLillyCo Interested in views on $MYL's trial design; why non-inferiority instead of equivalence?
Market Int Center
17 Sep 14 08:43:40
Mylan Laboratories $MYL Trading Near $48.96 Resistance Level ( http://t.co/CwxF9cE9SX )
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17 Sep 14 08:01:33
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17 Sep 14 03:06:18
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16 Sep 14 07:09:29
Mylan Laboratories $MYL Trading Near $48.10 Resistance Level ( http://t.co/Tg5NcCAZ3F )
				
				
  +Follow August 2, 2013 1:58PM
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