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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for MYL
TimeForGrowth
1 Aug 15 00:32:02
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31 Jul 15 23:50:34
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31 Jul 15 20:47:50
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31 Jul 15 20:47:42
RT @theflynews: Stocks end week higher in U.S. despite selloff in China $FB $TWTR $LNKD $XOM $CVX $TEVA $MYL $AGN $PRGO $UPS $... http://t.…
InvestWithConf
31 Jul 15 19:19:02
$MYL is rated BUY, 27.9% upside by Wall Street analysts based on average ratings/targets http://t.co/dueyFzO1fh http://t.co/5gKGonWgb1
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binaryoptionsocial
31 Jul 15 18:17:49
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Sleek Money
31 Jul 15 14:51:07
Leerink Swann Reaffirms Buy Rating for Mylan NV $MYL http://t.co/bAIZ97lB8R
binaryoptionsocial
31 Jul 15 13:33:03
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31 Jul 15 13:32:39
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The Fly
31 Jul 15 13:22:30
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Alpha Maven Alerts
31 Jul 15 13:05:56
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31 Jul 15 12:48:34
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31 Jul 15 12:48:13
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31 Jul 15 12:48:07
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31 Jul 15 12:46:05
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31 Jul 15 12:42:22
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31 Jul 15 12:42:14
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31 Jul 15 12:42:11
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31 Jul 15 12:42:11
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31 Jul 15 12:42:10
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IH News Desk
31 Jul 15 12:42:08
MO Merck & Co., Inc. Dividend http://t.co/kmTPFrs4C8 $MO $VTI $MYL $KBE #MO #invest #invest
Stock Forums
31 Jul 15 12:42:06
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Jake13
31 Jul 15 12:41:08
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DennyT
31 Jul 15 12:41:06
MYL Mylan N.V. News http://t.co/XpSmnK1zuj $MYL $CMCM $PHM.V $LCI #MYL #invest #pennystocks
clayton
31 Jul 15 12:41:06
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31 Jul 15 12:41:06
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  +Follow August 2, 2013 1:58PM
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