Mylan (MYL) climbed in pre-market trading, after the company reported its second quarter financial results and lifted its 2008 fiscal year adjusted earnings view.
The stock was up 94 cents just before 9:20 am ET, advancing to $14.10. If pre-market gains hold, the stock will open at its highest level since early February.
Mylan reported a second quarter net loss available to common shareholders of $8.4 million or $0.03 per share, compared to profit of $79.7 million or $0.32 per share in the same period prior year.
Adjusted earnings for the period amounted to $47.6 million or $0.16 per share, down from $128.9 million or $0.52 per share in the previous year period. On average, analysts polled by Thomson Financial/First Call expected earnings of $0.10 per share.
Quarterly total revenues increased to $1.20 billion from $546.3 million in the year ago period. Wall Street analysts' revenue consensus estimate was $1.11 billion.
Looking ahead, Mylan now sees adjusted earnings for 2008 to be in range of $0.47 - $0.53 per share. Analysts expect earnings of $0.49 per share.
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