Mylan 1Q Profit Slumps on Charges
Mylan Inc. manufacturer of generic pharmaceutical products said on Thursday an extended first quarter loss and a large increase on its revenue triggered by the purchase of Merck KGaA in October.
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MYL 12.46 -0.35
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The company reported a net loss of $443.9 million or $1.46 a share compared to $71.3 million or 31 cents a share the previous year due to special charges.
However its revenue more than doubled to $1.07 billion from $487.3 million helped by an increase on sales overseas.
Earnings were 9 cents a share excluding unusual items surpassing forecasts of 8 cents a share on revenue of $1.13 billion.
Shares of the pharmaceutical company slumped 2.73 percent at the end of Thursday composite trading to $12.46 a share in the New York stock Exchange. In after hours trading shares fell to $12.27.
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