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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.

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Results for MYL
Penny Stockington
31 Mar 15 14:24:50
Our Penny Stock Pick On $THCZ Is Up Over 400% So Far! Big News: http://t.co/SlU3u7rKnL $MYL $ORLY $ALTR
Market Realist
31 Mar 15 14:21:03
Actavis Emerges As a Top 10 Global Pharmaceutical Company $ACT $MYL $HSP $IYH http://t.co/Qju9jOVjOg
Jeff Sandene, CFP®
31 Mar 15 13:42:42
#Biotech Suffers: RED: $IBB +2.25% $GILD $ALXN $MYL $PCYC $BIIB $CELG $AMGN $REGN $ILMN $VRTX $ALNY $ISIS $EXEL $FMI GREEN: $XBI +.50% $HALO
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31 Mar 15 13:26:21
Our Penny Stock Alerts Gained Over 1400% In Just Over 4 Months! Subscribe today: http://t.co/w9IKB0aLmu $MYL $ORLY $ALTR
Stock Dawgzz
31 Mar 15 13:21:40
Our Penny Stock Picks On $THCZ & $RCGP Gained A Combined 700% so far! Blog Update: http://t.co/g3eVEaITz6 $MYL $ORLY $ALTR
Kevin F.
31 Mar 15 12:48:05
out $MYL 59.36 (-1%), secondary offering tmr
TrendCache
31 Mar 15 12:31:56
Trending #Biotech topics include $VVUS, $MYL, #Lanzol #stocks #invest See more http://t.co/EpbbdqDEG1
Stock Rocket
31 Mar 15 12:21:05
Platinum Members Saw Penny Stock Picks Gain Over 1400% In 4 Months! Go Platinum: http://t.co/PsSamxBW6M $MYL $ORLY $ALTR
Capital Market Labs
31 Mar 15 11:41:53
$TEVA, $PRGO, $MYL, $BMY, $LLY Assets Trend Comparison Chart: http://t.co/kbh2hE3wkZ
StockenheimerSchmidt
31 Mar 15 11:39:05
$PPCH Gained As Much As 1005% Within 3 Days! Market News: http://t.co/oGWehWr8rK $MYL $ORLY $ALTR
StockNewsWires
31 Mar 15 10:35:07
$MYL: Watch List - Mylan (MYL), Activision Blizzard (ATVI), Huntington ...: http://t.co/IfG7PZGZ0I
stockschamp
31 Mar 15 10:28:07
This Guy Turned $100 Into Over $10,000 In Just 30 Days!!! http://t.co/8WvnrVDW0s .. $MYL $ORLY $ALTR
Sarah Cross
31 Mar 15 10:16:13
RT @BioWorld: Walk a Mylan my shoes: $TEVA takes over $ASPX as $MYL rumors fade. More acquisitions to come? http://t.co/4rAlnsGQE2
Jonathan Rockoff
31 Mar 15 09:54:11
$ABT plans to sell about 1/3rd of its $MYL stake, a weeks after their deal closed http://t.co/UIhYUO6jDr via @FiercePharma
ProVesting
31 Mar 15 09:25:03
$TEVA $MYL: Celgene Investors: Watch This Hearing In 5 Weeks: http://t.co/jzwEcKmn7i
Briefing.com
31 Mar 15 08:54:13
$MYL: Mylan Labs announces the launch of Amlodipine and Valsartan tablets http://t.co/mYej8z8BwB
Marie Powers
31 Mar 15 08:48:29
Walk a Mylan my shoes: $TEVA takes over $ASPX as $MYL rumors fade. More acquisitions to come? http://t.co/30wWJCC4Y3 via @BioWorld
Emily Wasserman
31 Mar 15 08:48:16
Abbott puts one-third of its $6B Mylan stake on the block: http://t.co/cmsTPGbCRO $ABT $MYL #pharma
Gold Forecast
31 Mar 15 08:43:43
$MYL overpriced, target $55
BioWorld Today
31 Mar 15 08:35:55
Walk a Mylan my shoes: $TEVA takes over $ASPX as $MYL rumors fade. More acquisitions to come? http://t.co/4rAlnsGQE2
BlueStarGlobalInvest
31 Mar 15 08:09:01
RT @ETFtrends: Prowling Teva Could Boost Some Pharma ETFs http://t.co/K6p9yxvZ6x #ETF #pharmaceuticals #healthcare $MYL $ABT $MNK $PPH $SLX…
Breaking News
31 Mar 15 07:50:03
$MYL: Mylan announces US launch of Amlodipine and Valsartan Tablets: http://t.co/zWng9Ma2tr
Breaking News
31 Mar 15 07:35:04
$MYL $CTRX: Momentum Stocks: Mylan N.V. (NASDAQ:MYL), Catamaran ...: http://t.co/KCVvlOwRKI
AlphaStreet
31 Mar 15 07:21:57
$MYL Product Update: Announced US launch of Amlodipine & Valsartan Tablets which is a generic version of Novartis' Exforge Tablets.
ProTradersNews
31 Mar 15 07:20:04
$MYL: Mylan Launches Generic ExforgeB. Tablets: http://t.co/JxRAcRW1T7
Breaking News
31 Mar 15 07:20:03
$MYL: Mylan (MYL) Announces Launch of Generic Exforge Tabs (NVS): http://t.co/pr01SGrxIj
$EBIX
31 Mar 15 07:00:54
RT NewsEBIX: #KCA #VoteJKT48ID NewsEBIX: #sentishiftdown $AIG $MYL $SRPT $CHRS $LNCO $PVA $GG $EBIX $CANF $BMRN #s… http://t.co/HFISGJoO69
$EBIX
31 Mar 15 07:00:53
RT NewsEBIX: #KCA #VoteJKT48ID NewsEBIX: #sentishiftdown $MYL $LNCO $EBIX $OIBR $VDSI $ARCP $CANF $BDSI $BBEP $ADM… http://t.co/HFISGJoO69
The GMP Group
31 Mar 15 06:57:00
RT @fwpharma: ICYMI: @AbbottNews moves to sell roughly one-third of @MylanNews stake http://t.co/A6rABayKnx $ABT $MYL #pharma
FirstWord Pharma
31 Mar 15 06:51:29
ICYMI: @AbbottNews moves to sell roughly one-third of @MylanNews stake http://t.co/A6rABayKnx $ABT $MYL #pharma
$Stocknewsalerts
31 Mar 15 06:51:28
$MYL Mylan Launches Generic Exforge(R) Tablets From our Stock News Alerts App
NASDAQ
31 Mar 15 06:50:27
$MYL - Mylan Launches Generic Exforge® Tablets http://t.co/fs3udsRsbq
$EBIX
31 Mar 15 06:45:36
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$EBIX
31 Mar 15 06:45:36
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Julian Close
31 Mar 15 06:42:19
PriceWatch Alerts for $INVN, $SCTY, $GILD, $MYL & $FL from InvestorsObserver today: http://t.co/WWUwCVRbdZ #OptionsTrading #CoveredCalls
Investors Observer
31 Mar 15 06:42:19
PriceWatch Alerts for $INVN, $SCTY, $GILD, $MYL & $FL from InvestorsObserver today: http://t.co/uyZD6S5jPa #OptionsTrading #CoveredCalls
$EBIX
31 Mar 15 06:29:19
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$EBIX
31 Mar 15 06:29:19
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$EBIX
31 Mar 15 06:29:17
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Jean Fonteneau
31 Mar 15 06:20:27
New bio secondary deals last night/AM: $ICPT $INSM $RPTP $TRIL $CHRS $SNTA $CERU $MYL. Other deals $AXTA $DAR #HitTheBid
$EBIX
31 Mar 15 06:13:35
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$EBIX
31 Mar 15 06:13:35
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$EBIX
31 Mar 15 06:13:32
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$EBIX
31 Mar 15 05:57:34
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$EBIX
31 Mar 15 05:57:33
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$EBIX
31 Mar 15 05:57:31
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$EBIX
31 Mar 15 05:42:03
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$EBIX
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$EBIX
31 Mar 15 05:42:01
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$EBIX
31 Mar 15 05:26:03
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  +Follow August 2, 2013 1:58PM
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