Generic drugmaker Mylan Inc. (MYL: Quote) on Tuesday reported a surge in profit for the fourth quarter, helped by a 7 percent growth in revenues and lower litigation expenses. Adjusted earnings topped Wall Street estimates.
Net earnings attributable to the company surged to $129.5 million or $0.30 per share from $2.6 million or $0.01 per share in the previous year. Results of both periods included one-off items with the prior-year results including hefty litigation settlements.
Adjusted earnings increased to $0.53 per share from $0.45 per share. On average, 20 analysts polled by Thomson Reuters expected earnings of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues climbed to $1.53 billion from $1.43 billion. Wall Street expected $1.56 billion in revenues.
Heather Bresch, Mylan's Chief Executive Officer, said, "...On the heels of the momentum that we've built in 2011, we enter what we believe will be one of the best years in Mylan's history, confident, focused and as committed as ever to delivering on our business strategy and financial targets."
by RTT Staff Writer
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