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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
The PBR1000
29 Jan 15 22:57:50
#Mylan(PBR360) shareholders ok $5.3B stock deal for #Abbott's(PBR127) nonUS specialty/branded generics biz. $MYL $ABT http://t.co/CMEkfnoItj
Sleek Money
29 Jan 15 17:39:46
Traders Buy Shares of Mylan on Weakness $MYL http://t.co/izXOr7wcat
StockNewsWires
29 Jan 15 17:36:05
$MYL: Traders Buy Shares of Mylan on Weakness (MYL): http://t.co/2ehrvh8R1p
FinSentS NASDAQ
29 Jan 15 15:55:57
$MYL:US Mylan says shareholders approve Abbott business purchase #MYLAN INC http://t.co/oMpNPb8nkQ #NASDAQ
$Stocknewsalerts
29 Jan 15 14:31:32
$MYL New SEC Document(s) for Mylan Inc. From our Stock News Alerts App
NASDAQ
29 Jan 15 14:19:05
$MYL - Current Report Filing (8-k) http://t.co/aHjJZPeAZa
Breaking News
29 Jan 15 14:17:03
$MYL: New SEC Filing for MYL: Form 8-K, No. 0001193125-15-025838 http://t.co/kQPFwxhTXU http://t.co/A7MbfrWHk6
Traderific
29 Jan 15 13:34:40
SELL $MYL 54.59, SELL $PAYX 46.38, SELL $SYMC 25.31, SELL $UTX 116.45. More stock tips & details at: http://t.co/GvAwkF78Zh
PBT
29 Jan 15 12:05:03
Shareholders have OK’d Mylan’s inversion deal with Abbott. Details here: http://t.co/q1nzsLMK48 $ABT $MYL
TalkMarkets
29 Jan 15 10:41:00
#Abbott Labs' (ABT) Q4 Earnings Up, Guides Below Estimates $ABT $AGN $MYL $ABBV http://t.co/sm1m18b1me
ProTradersNews
29 Jan 15 10:36:05
$ABT $JNJ $MYL: Abbott Labs 2015 outlook largely in line with estimates: http://t.co/hFNBqL9GeL
Briefing.com
29 Jan 15 10:21:04
$MYL: Mylan Labs confirms that shareholders overwhelmingly approved the agreement of the pending acquisition of... http://t.co/GTNe0kScs1
ProTradersNews
29 Jan 15 10:01:06
$ABT $MYL: Shareholders OK Mylan's inversion deal with Abbott: http://t.co/vOTeSyRPKj
Mark Trader
29 Jan 15 09:50:09
I banked over 200% in gains during my 14-day trial with http://t.co/6cvEHBeuNR. Their 5 guru traders are amazing. $HK $HST $MYL $FTR
ProTradersNews
29 Jan 15 09:26:07
$MYL: Mylan Inc (NASDAQ:MYL) : shareholders greenlight for acquisition ...: http://t.co/71hEcVhrv9
ProTradersNews
29 Jan 15 09:21:03
$MYL $ABT: Mylan Shareholders Overwhelmingly Approve Agreement ...: http://t.co/MxKaOxUW1d
ProVesting
29 Jan 15 08:46:03
$MYL $ABT: Mylan Shareholders Overwhelmingly Approve Agreement ...: http://t.co/7300Vl0iN1
StockNewsWires
29 Jan 15 08:26:06
$MYL $ABT: Mylan Inc.: Mylan Shareholders Overwhelmingly Approve ...: http://t.co/Tl643zBk1Y
NASDAQ
29 Jan 15 08:20:08
$MYL - Mylan Shareholders Overwhelmingly Approve Agreement Implementing Acquisition of Abbott's Non-U.S http://t.co/zxZksRMR3U
$Stocknewsalerts
29 Jan 15 08:19:30
$MYL Mylan Shareholders Overwhelmingly Approve Agreement Implementing Acquisition of Abbott's Non-U.S. Develo From our Stock News Alerts App
Stockaholics
29 Jan 15 07:04:13
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/c7bXDM1sfp $MYL $ORLY $ALTR
StockNewsWires
29 Jan 15 06:41:04
$MYL: Mylan Inc Analyst Rating Update: http://t.co/6RFDIyWA6L
NASDAQ
29 Jan 15 06:05:16
$MYL - Abbott Laboratories Profit Grows 54% http://t.co/eaJwxa0UKk
ProVesting
29 Jan 15 05:21:05
$ABT $ABBV $MYL $ZTS $PFE: Abbott Beats Estimates as Demand for Products Abroad Grows: http://t.co/AafFJ1KAg7
Emil Gafarov
29 Jan 15 02:16:03
$hik is my next M&A target. $myl might cook the deal
Stock Rocket
28 Jan 15 22:22:15
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/zlcsLOoyXX $MYL $ORLY $ALTR
DerKomizar2
28 Jan 15 21:26:14
@bradloncar ...Maybe on the $MYL side?
Stockaholics
28 Jan 15 18:11:19
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/c7bXDM1sfp $MYL $ORLY $ALTR
Harris Market Trends
28 Jan 15 17:13:49
Just a few Longs I'm watching for tomorrow $ORLY (Sweeps bought end of day) $AKRX $MYL $HBI $ABC
BV Healthcare
28 Jan 15 14:20:09
$MYL Mylan Inc files Form 8-K (Events or Changes Between Quarterly Reports) SEC Filing.. http://t.co/dxkleX7qmp
Breaking News Now
28 Jan 15 14:17:07
$MYL: New SEC Filing for MYL: Form 425, No. 0001193125-15-023840 http://t.co/TGtjpG3hXe http://t.co/xuhyrAq6pN
Kevin Chang
28 Jan 15 10:54:46
@HFMLarryBird curious about your thoughts on $MYL here. still seems like an eat or get eaten candidate. thanks.
Yu Zhu
28 Jan 15 10:48:49
RT @FiercePharma: Mylan said to be eyeing a $7B-plus bid for rising star Hikma http://t.co/4TvptOyzXb $MYL #pharma by @TracyStaton
Stockaholics
28 Jan 15 10:11:41
Our Penny Stock Alert On $QLTS Has Gained 34.62% In The Past 2 Days! Special Update: http://t.co/MNFk4FhSe1 $MYL $ORLY $ALTR
docnuman
28 Jan 15 09:56:47
RT @FiercePharma: Mylan said to be eyeing a $7B-plus bid for rising star Hikma http://t.co/4TvptOyzXb $MYL #pharma by @TracyStaton
FiercePharma
28 Jan 15 09:47:15
Mylan said to be eyeing a $7B-plus bid for rising star Hikma http://t.co/4TvptOyzXb $MYL #pharma by @TracyStaton
DJ Olive
28 Jan 15 09:44:49
RT @MarketCurrents: EC approves Abbott -Mylan deal with conditions http://t.co/8XZO7dz1xt $MYL $ABT
Marshall Moore
28 Jan 15 09:40:13
RT @MarketCurrents: EC approves Abbott -Mylan deal with conditions http://t.co/8XZO7dz1xt $MYL $ABT
Quantpost Healthcare
28 Jan 15 09:38:33
$MYL News: "EC approves Abbott -Mylan deal with conditions $MYL $ABT …" http://t.co/XmabJwLMAH Board view: https://t.co/CFowKVvjH7
SA Breaking News
28 Jan 15 09:38:32
EC approves Abbott -Mylan deal with conditions http://t.co/8XZO7dz1xt $MYL $ABT
Ahmad Tawil
28 Jan 15 09:31:07
Mylan $MYL is exploring another acquisition, Hikma Pharmaceuticals $HIK (LON) for ~$7B?
12Stocks.com
28 Jan 15 08:52:25
Nasdaq100 #Stocks Trend $SBUX $BBBY $SIRI $TSCO $ORLY $ILMN $SBAC $CERN $BIIB $NFLX $MXIM $DLTR $MYL $KRFT $VOD @ http://t.co/YdSIjGiCGR
Wall Street
28 Jan 15 08:15:40
http://t.co/iQWRYqnOQl will not help you lose weight...but it will help you make money trading. Enjoy! $HK $HST $MYL $FTR
★★★★★
28 Jan 15 06:44:24
RT @OMaxInvestments: Bought $EMN & $MYL this morning. Not sure what oil is doing but will keep $OIH. $AAPL $123 looks easy.
Otto Max Investments
28 Jan 15 06:43:48
Bought $EMN & $MYL this morning. Not sure what oil is doing but will keep $OIH. $AAPL $123 looks easy.
Penny Stock Secret
28 Jan 15 06:29:21
This Man Turned $100 Into Over $10,000 In Just 30 Days! Proof Here http://t.co/SVqoMlijqL .. $MYL $ORLY $ALTR
Stockaholics
28 Jan 15 06:11:41
Our Penny Stock Alert On $QLTS Has Gained 34.62% In The Past 2 Days! Special Update: http://t.co/MNFk4FhSe1 $MYL $ORLY $ALTR
chase cranford
28 Jan 15 04:33:30
RT @crosshairtrader: $MYL working on a trend continuation as it successfully tested previous box break. Earnings 2/26. http://t.co/LBzAA7P…
David Blair
28 Jan 15 04:32:06
$MYL working on a trend continuation as it successfully tested previous box break. Earnings 2/26. http://t.co/LBzAA7PMAF
12Stocks.com
28 Jan 15 03:02:46
Weekly Nasdaq100 #Stocks Trend $SBUX $BBBY $SIRI $SBAC $TSCO $ILMN $ORLY $CERN $NFLX $BIIB $DLTR $MXIM $MYL @ http://t.co/YdSIjGiCGR
				
				
  +Follow August 2, 2013 1:58PM
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