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Generic Drugmaker Mylan Beats Earnings; Stock Jumps Over 6 Percent

  +Follow August 2, 2013 1:58PM
Tickers Mentioned:

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
Charis Edmond
30 Aug 14 05:39:15
$MYL 11:24 am Mylan Labs: ANDA for three http://t.co/Bcc1f8uEHZ
Coletta King
29 Aug 14 17:19:22
$MYL 11:24 am Mylan Labs: ANDA for three http://t.co/at0QwwmTrf
Stocks in News
29 Aug 14 16:35:28
$MYL: Mylan in second round bid for Glaxo portfolio: WSJ http://t.co/wmX3waKuFi http://t.co/4rfQ2bcs4C
29 Aug 14 16:02:15
Nasdaq100 #Stocks Performance $AVGO $NXPI $TSLA $AMAT $FB $CHKP $MSFT $XLNX $CERN $REGN $EQIX $MYL $ISRG more@ http://t.co/YdSIjG11yN
Large Void Bot
29 Aug 14 16:00:23
Popular: $CDZI, $SLCA, $EEM, $NAV, $ISS, $MYL, $ISIL, $USLV
Eddy Alonso
29 Aug 14 15:21:04
$MYL 11:24 am Mylan Labs: ANDA for three http://t.co/2hSmyJNL8q
Bunny Lindquist
29 Aug 14 15:05:30
11:24 am Mylan Labs: ANDA for $MYL http://t.co/D7TwMWHEt8
29 Aug 14 12:44:43
RSII shot up over 100% today! Major Update: http://t.co/GMnQioznZp $MYL $ORLY $ALTR
Financial Headlines
29 Aug 14 12:35:16
$MYL: MEDIA-Mylan makes second round of bidding for Glaxo mature-drug portfolio - WSJ http://t.co/cDTPZtplXq http://t.co/w32OG8gM7o
The Fly
29 Aug 14 12:29:12
$MYL Mylan receives FDA approval for generic lamivudine, aidovudine: Full Story http://t.co/3r59NBtbIs
Becky Hiu
29 Aug 14 12:13:46
"@FinancialJuice: Mylan's $MYL lamivudine and zidovudine gets FDA approval"
29 Aug 14 12:11:41
Mylan's $MYL lamivudine and zidovudine gets FDA approval #stocks
Market Int Center
29 Aug 14 11:22:40
Mylan Laboratories $MYL Showing Support Near $47.36 ( http://t.co/AAJA8QtxUl )
Interactive Brokers
29 Aug 14 10:26:41
#IBTI Technical Analysis - Waverly Advisors Afternoon Update http://t.co/5v2VoetKdk $AVGO $MBT $MYL $NXPI $TQNT $VEEV $LBTYK $DATA
Biz Headlines
29 Aug 14 09:35:13
$MYL: Whopper Reason Shareholders Should Hate Inversions? (Hint, It's Not About Patriotism) http://t.co/TnZjmmt3Cx http://t.co/wMgqqMoLjD
29 Aug 14 08:52:46
Nasdaq100 #Stocks Performance $AVGO $NXPI $TSLA $SPLS $AMAT $AKAM $MYL $VRTX $INTC $FB $EQIX $ILMN $VRSK more@ http://t.co/YdSIjG11yN
Sudie Enriquez
29 Aug 14 08:29:40
$MYL 11:24 am Mylan Labs: ANDA for t http://t.co/O8tfkBDy7k
Interactive Brokers
29 Aug 14 07:49:00
#IBTI Technical Analysis - Waverly Advisors Update http://t.co/4IrdswrAtC $LBTYA $AMT $NXPI $DATA $FANG $GS $MYL $SWKS
Bidness Etc
29 Aug 14 04:43:10
Mylan a tough contender in the biosimilar anti-diabetes race http://t.co/vzY1y2NYMR $MYL
28 Aug 14 21:22:14
$MYL_$48.13_its ANDA for a three times per week Glatiramer Acetate Injection 40 mg/mL has been accepted for filing by the U.S. FDA
28 Aug 14 15:40:02
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/EdxLh9u5Nx $MYL $ORLY $ALTR
Stock Headlines
28 Aug 14 15:35:10
$MYL: MYLAN INC. Financials http://t.co/wFunnhNvq8 http://t.co/682eJvW4Po
BNK Invest
28 Aug 14 13:49:25
Mylan Now #247 Largest Company, Surpassing Weyerhaeuser $MYL $WY #stocks http://t.co/w9wanoMSMf
Market Int Center
28 Aug 14 12:51:26
Potential Mylan Laboratories $MYL Trade Has 2.72% Downside Protection ( http://t.co/LdBVC7C3zc )
Syed Waqas Nabi
28 Aug 14 12:00:13
A bullish Big MAC (Bullish) has occurred at 2:15 PM Aug 28 at $48.08 on Mylan Inc (MYL) $MYL
28 Aug 14 10:29:04
$MYL: Mylan Labs: ANDA for three times per week generic Copaxone 40 mg/mL accepted for filing by FDA http://t.co/9uE8XJ1RdA
28 Aug 14 09:45:07
Mylan, Momenta, Sandoz join assault on $TEVA's new-and-improved Copaxone http://t.co/IRA1M7zH1p $MYL $MNTA $NVS #pharma by @CarlyHFierce
Stock Headlines
28 Aug 14 09:35:15
$MYL: Mylan Launches Generic Precedex™ Injection - Another Key Product Approval http://t.co/ii5blpTnUQ http://t.co/VrlH4RLB15
Carly Helfand
28 Aug 14 09:32:19
Mylan, Momenta, Sandoz, join assault on Teva's new-and-improved Copaxone: http://t.co/vkGdzIhpNn $MYL $MNTA $NVS $TEVA #pharma
Marg Spangler
28 Aug 14 09:29:15
11:24 am Mylan Labs: ANDA for three $MYL http://t.co/OKbQsgU3Lj
Ronald J. Perez, PhD
28 Aug 14 09:05:27
RT @theflynews: $MYL $TEVA Mylan ANDA for three times per week generic Copaxone accepted by FDA for filing: Full Story http://t.co/rWCoJuXb…
28 Aug 14 08:58:08
Mylan files ANDA for generic Copaxone, Bring on the billions http://t.co/IdEZOk8osK $MYL $TEVA
On Time Picks
28 Aug 14 08:55:06
DewDiligence: $MYL’s 40mg Copaxone ANDA has also been accepted: DewDiligence http://t.co/5dtomwmvnf
28 Aug 14 08:53:52
Mylan files ANDA for generic Copaxone http://t.co/oWO5UNBtgI $MYL $TEVA
Financial News
28 Aug 14 08:35:00
$MYL: Technical Analysis on Pharma Equities -- Mylan, AVANIR Pharma, Horizon ... http://t.co/MAQHpBVIT1 http://t.co/cpXZKYoIp1
Roy Friedman
28 Aug 14 08:27:19
.@BioDueDiligence $MYL 40mg Copaxone ANDA also accepted for review: http://t.co/A2B8M6QWtV
28 Aug 14 08:26:21
Negative for TEVA , Mylan $MYL ANDA for generic Copaxone accepted for filing by FDA #stocks
28 Aug 14 08:24:37
$MYL Mylan's ANDA for Three Times Per Week Generic Copaxone(R) 40 mg/mL Accepted for Filing by FDA From our Stock News Alerts App
The Fly
28 Aug 14 08:23:00
$MYL $TEVA Mylan ANDA for three times per week generic Copaxone accepted by FDA for filing: Full Story http://t.co/rWCoJuXbXB
BV Healthcare
28 Aug 14 08:21:16
$MYL Mylan's ANDA for Three Times Per Week Generic Copaxone® 40 mg/mL Accepted for Filing by FDA.. http://t.co/xedLgAIxAm
Market Updater
28 Aug 14 07:35:11
$MYL: Why Mylan (MYL) Stock Is Advancing Today http://t.co/mbwkxELckF http://t.co/OgOE3U2Yhy
Zeba Siddiqui
28 Aug 14 06:39:49
Momenta Pharma says FDA has accepted its application for generic Copaxone. #Natco $MYL
28 Aug 14 04:50:21
RT @barronsonline: 5 stock picks from Barry James' Balanced Golden Rainbow fund http://t.co/RYrkqiByX4 via @barronsonline $GLRBX $ALK $HA $…
27 Aug 14 20:50:29
REVI closed up 44.5% today! Special Update: http://t.co/6o15AzsDr3 $MYL $ORLY $ALTR
27 Aug 14 12:25:04
RT @SeekingAlpha: Mylan: Deeply Undervalued On Unwarranted Approval Concerns http://t.co/D2fNppDiYe $MYL
Mickey Lane
27 Aug 14 12:02:30
RT @pharmalot: Worth the money? Assessing executive pay at specialty drug makers http://t.co/bmtWMZQnM8 #pharma $ACT $AGN $HSP $MNTA $TEVA …
Ari M. Eden
27 Aug 14 10:59:34
RT @SeekingAlpha: Mylan: Deeply Undervalued On Unwarranted Approval Concerns http://t.co/D2fNppDiYe $MYL
Seeking Alpha
27 Aug 14 10:44:10
Mylan: Deeply Undervalued On Unwarranted Approval Concerns http://t.co/D2fNppDiYe $MYL
Market Int Center
27 Aug 14 09:52:37
Mylan Laboratories $MYL Showing Resistance Near $49.03 ( http://t.co/TivMbzp8ok )
27 Aug 14 08:13:10
RT @pharmalot: Worth the money? Assessing executive pay at specialty drug makers http://t.co/bmtWMZQnM8 #pharma $ACT $AGN $HSP $MNTA $TEVA …
  +Follow August 2, 2013 1:58PM



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