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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
Clark Joseph Kent
25 Apr 15 11:46:03
#IBD50 Movers $NOAH $PAYC $MYL $CNC $ORLY $MANH $ATHM $HAR $SCSS $CBM $SWKS $AVGO $AMBA $UA $COMM $GBX $BIIB $CAVM http://t.co/G2ffDU9DuN
Tony Aquaro
25 Apr 15 10:30:42
$AAPL $FB $TWTR $GILD $FEYE $OCR $ABBV $MYL $DATA $GOOG $SPLK Check out $MSFT Target Price for a Top $INTC $CELG https://t.co/XiVfaZPS9Q
Investors Hangout
25 Apr 15 09:50:58
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nasdaqfan
25 Apr 15 09:47:39
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Manic Waterfly
25 Apr 15 09:44:44
RT @theflynews: Perrigo rejected Mylan's unsolicited takeover offer earlier today. Here's why: http://t.co/B2fw5LLsO9 $MYL $PRGO $TEVA
Jens Olsson
25 Apr 15 09:43:27
RT @WallStJesus: 🔥WKLY WINNERS/LOSERS: TECH & HEALTHCARE $AAPL $FB $TWTR $GILD $FEYE $OCR $ABBV $MYL $DATA $GOOG $SPLK $MSFT $CELG http://t…
Investors Hangout
25 Apr 15 09:42:47
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IH NASDAQ OMX
25 Apr 15 09:42:21
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Sleek Money
25 Apr 15 09:05:18
Mylan NV Given New $82.00 Price Target at Deutsche Bank $MYL http://t.co/x0TVmgv6I0
Breaking News
25 Apr 15 09:00:13
$MYL: Mylan NV Given New $82.00 Price Target at Deutsche Bank (MYL): http://t.co/xN2Gi1ebyR
Scott Spencer
25 Apr 15 08:59:44
$TEVA just bought $ASPX but now seeks hostile $40B bid for $MYL... http://t.co/rP2dSg01vc
Dave
25 Apr 15 08:09:26
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25 Apr 15 08:09:10
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On Time Picks
25 Apr 15 08:00:30
zipjet: $MYL management will have to decide just how: zipjet http://t.co/x7PqTQgb4I
M Kucala, MS MBA
25 Apr 15 07:45:41
Mylan ($MYL) commences formal offer for Perrigo (M & A related) http://t.co/AN55K36NxB $MYL $PRGO
FinSentS NASDAQ
25 Apr 15 07:31:55
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Ani Anirudhan
25 Apr 15 07:27:00
RT @AndyBiotech: What Goes Around Comes Around... $MYL $PRGO $TEVA -- The Unintended Twist of Tax Inversions http://t.co/CFblW1wpAR via @…
Darwin's Money
25 Apr 15 07:20:18
RT @AndyBiotech: What Goes Around Comes Around... $MYL $PRGO $TEVA -- The Unintended Twist of Tax Inversions http://t.co/CFblW1wpAR via @…
Ethan Weiss
25 Apr 15 07:17:11
RT @AndyBiotech: What Goes Around Comes Around... $MYL $PRGO $TEVA -- The Unintended Twist of Tax Inversions http://t.co/CFblW1wpAR via @…
zipjet
25 Apr 15 07:16:56
Biotech Values: $MYL $PRGO $TEVA The Unintended Twist of Tax Inversions http://t.co/thx2bZuv4H
FinSentS SP500
25 Apr 15 07:10:03
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Tanguay
25 Apr 15 07:03:57
RT @SwatOptions: $MYL we loaded SWING JUL CALL 65 at 2.6$ @swat_premium on Apr.08... now at 12$++ and printing $$$ http://t.co/YGbwwbRX8E
Andy Biotech
25 Apr 15 07:01:48
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zipjet
25 Apr 15 06:46:49
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Biotech Junkie
25 Apr 15 06:46:32
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25 Apr 15 06:41:28
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Jason Olive
25 Apr 15 06:30:37
RT @SeekingAlpha: TEVA Acquisition Of Mylan Would Produce Generic Powerhouse http://t.co/5pKMnADmPZ $ASPX $MYL $PRGO $TEVA
StockNewsWires
25 Apr 15 06:30:02
$TEVA $MYL: TEVA Acquisition Of Mylan Would Produce Generic Powerhouse: http://t.co/GuoW5qZRJV
Alysia Sarkisian
25 Apr 15 06:28:28
RT @SeekingAlpha: TEVA Acquisition Of Mylan Would Produce Generic Powerhouse http://t.co/5pKMnADmPZ $ASPX $MYL $PRGO $TEVA
Quantpost Healthcare
25 Apr 15 06:23:30
$MYL $TEVA News: "TEVA Acquisition Of Mylan Would Produce Generic Powerhouse…" http://t.co/SHSpGt2d4m Analyze: https://t.co/biBhVs8xrz
Healthcare Stocks
25 Apr 15 06:23:29
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Long & Short Ideas
25 Apr 15 06:23:29
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Seeking Alpha
25 Apr 15 06:23:28
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ProTradersNews
25 Apr 15 06:21:02
$MYL $PRGO: Mylan NV (MYL) Goes Aggressive On Pursuing Perrigo Company plc: http://t.co/AEIL5o3Jxa
DeadCatBill
25 Apr 15 06:16:35
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Hill Capital Mgt
25 Apr 15 05:15:47
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Chart Lab Pro
25 Apr 15 05:15:11
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alberto eduardo suri
25 Apr 15 05:13:57
RT @fwpharma: BREAKING NEWS: Perrigo rejects new Mylan bid http://t.co/W93CpYjL1X $PRGO $MYL #pharma
Chart Lab Pro
25 Apr 15 05:12:18
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25 Apr 15 05:10:05
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Francisco de la Lama
25 Apr 15 05:03:50
RT @robwilliamsNY: Mylan up 12% to $76.23 in pre-market trading on report of pending Teva offer $MYL $TEVA #mergers http://t.co/7H4ofbPCAx
Sentifi US Market
25 Apr 15 05:01:39
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25 Apr 15 04:38:11
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Investors Hangout
25 Apr 15 04:22:05
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PharmaCompass
25 Apr 15 03:30:21
Daichi just got out of Ranbaxy, $MYL announcing three recalls in less than a month! Will Teva have a similar experience as $PFE with $HSP?
PharmaCompass
25 Apr 15 03:24:37
Four different cancer injections recalled by $MYL - Gemcitabine, Carboplatin, Methotrexate, Cytarabine - trouble in Indian ops #pharma
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25 Apr 15 03:02:55
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25 Apr 15 03:02:38
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25 Apr 15 03:02:22
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  +Follow August 2, 2013 1:58PM
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