(RTTNews) - Generic drugmaker Mylan, Inc. (MYL: News ) Thursday reported a net loss for the third quarter, compared to profit last year, as the latest results included a hefty settlement related to Medicaid drug rebates. Adjusted earnings topped Wall Street expectation. Looking ahead, the company lifted its full-year adjusted earnings forecast above analysts' expectations.

The Canonsburg, Pennsylvania-based company posted its third-quarter net loss attributable to Mylan common shareholders of $40.02 million or $0.13 per share, compared to profit of $182.36 million or $0.47 per share in the same quarter last year. Previous year's results have been adjusted to reflect the adoption of FSP APB No. 14-1.

Excluding an $83 million after-tax charge related to the settlement of an investigation by the U.S. Department of Justice concerning Medicaid drug rebates, earnings for the quarter were $142.3 million or $0.32 per share. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $1.264 billion from $1.656 billion in the prior year quarter. Analysts had a consensus revenue estimate of $1.23 billion for the quarter.

Net revenues rose to $1.256 billion from $1.191 billion, while Other revenues slumped to $8.37 million from $465.84 million reported last year.

Excluding $455.0 million of revenue related to the company's sale of the product rights of hypertension drug Bystolic that was included in 2008, total revenues increased by $62.2 million or 5.2% over the same prior year period. Year-over-year revenue growth on a constant currency basis would have been approximately 9%.
Generic revenues grew to $1.12 billion from $1.08 billion in the same prior year period. Specialty, consisting of Mylan's Dey business targeting the respiratory and severe allergy markets, reported third party revenues of $150.9 million, up from last year's $125.4 million.

Among generics, total revenues from North America rose to $502.5 million from $460.3 million for the same prior year period. Revenues from products launched in North America since September 30, 2008, and increased volume were primarily responsible for the increase in revenues, partially offset by unfavorable pricing due to additional generic competition on certain products. New products contributed revenues of about $60.0 million.

Total revenues from EMEA dropped to $417.6 million from $422.1 million in the previous year. Higher revenues in France, EMEA's largest market, and the U.K. served to offset lower revenue in Germany. The company noted that in France, revenues increased as a result of higher volumes and new product launches.

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