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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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1 Sep 14 16:35:14
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Joe
1 Sep 14 05:57:33
RT @biosimilarz: MT $MYL initiates PhIII trials for its #biosimilar insulin glargine; http://t.co/HWeNW8ghLw and http://t.co/eJS2vmlkdg CC:…
Simon Lackner
1 Sep 14 03:47:04
RT @biosimilarz: MT $MYL initiates PhIII trials for its #biosimilar insulin glargine; http://t.co/HWeNW8ghLw and http://t.co/eJS2vmlkdg CC:…
Biosimilarz
1 Sep 14 03:45:26
MT $MYL initiates PhIII trials for its #biosimilar insulin glargine; http://t.co/HWeNW8ghLw and http://t.co/eJS2vmlkdg CC: @kittu5454
Market Updates
31 Aug 14 13:35:05
$MYL: MYLAN INC. Financials http://t.co/n9wol1lv2r http://t.co/HSutDJBBYP
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31 Aug 14 09:04:12
Novartis heart failure drug candidate beats enalapril http://t.co/yiRuEIlbxA $NVS, $VRX, $TEVA, $MYL, $TARO, $RDY
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Business News
30 Aug 14 22:35:09
$MYL: Why Mylan (MYL) Stock Is Advancing Today http://t.co/wBROL2sHkG http://t.co/tB0jXFaeOg
Stock Market Monitor
30 Aug 14 21:34:59
$MYL: Mylan, Inc. (MYL) Misses Q2 EPS by 4c; Trims FY14 Outlook http://t.co/25eSRk9rgu http://t.co/M2R78dN8z7
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30 Aug 14 21:10:28
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30 Aug 14 13:56:19
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Market News
30 Aug 14 09:35:04
$MYL: Meda Falls Most Since Rejecting Mylan on Lowered Sales Forecast http://t.co/6RxqIS4h8B http://t.co/q0y6R2iT9R
MarketCurrents
30 Aug 14 09:05:47
Novartis heart failure drug candidate beats enalapril http://t.co/tCHHuAeQOl $NVS $VRX $TEVA $MYL
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
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29 Aug 14 16:02:15
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Large Void Bot
29 Aug 14 16:00:23
Popular: $CDZI, $SLCA, $EEM, $NAV, $ISS, $MYL, $ISIL, $USLV
Stockaholics
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"
FinancialJuice
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
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29 Aug 14 08:52:46
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29 Aug 14 07:49:00
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Bidness Etc
29 Aug 14 04:43:10
Mylan a tough contender in the biosimilar anti-diabetes race http://t.co/vzY1y2NYMR $MYL
MAISA
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
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28 Aug 14 15:40:02
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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
Briefing.com
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
FiercePharma
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
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…
nibstercrx
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
MarketCurrents
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
FinancialJuice
28 Aug 14 08:26:21
Negative for TEVA , Mylan $MYL ANDA for generic Copaxone accepted for filing by FDA #stocks
				
				
  +Follow August 2, 2013 1:58PM
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