S&P 500 (NYSE:SPY) component Mylan Inc (NASDAQ:MYL) reported its results for the first quarter. Mylan, Inc. is a global pharmaceutical company that develops, licenses, manufactures, markets and distributes pharmaceuticals and active pharmaceutical ingredients.
Mylan Inc Earnings Cheat Sheet for the First Quarter
Results: Net income for the drug company rose to $104.2 million (23 cents/share) vs. $61.1 million (20 cents/share) in the same quarter a year earlier. A rise of 71% from the year earlier quarter.
Revenue: Rose 12.1% to $1.45 billion YoY.
Actual vs. Wall St. Expectations: The company reported adjusted net income of 44 cents per share. By that measure, it fell in line with a mean estimate of 44 cents per share.
Quoting Management: Mylan’s Chairman and CEO Robert J. Coury commented: “I am very pleased with our financial results for the first quarter of 2011, which developed much as we expected. Through the previous steps we have taken to strategically diversify our business, not only have we realized the benefits of a well-balanced platform, but we have put ourselves in a position to be able to better absorb the inherent dynamics of the global marketplace, while at the same time delivering accelerated revenue growth and strong bottom-line performance. We are therefore reaffirming our 2011 adjusted diluted EPS guidance of $1.90 to $2.10 per share, and our 2013 growth targets.”
Key Stats: From the fourth quarter of the last fiscal year, the company’s current liabilities rose to $2.39 billion from $1.81 billion.
Gross margins grew 0.8 percentage point to 40.8%. The growth seemed to be driven by increased revenue, as the figure rose 12.1% from the year earlier quarter while costs rose 10.6%.
Over the last five quarters, revenue has increased 8.1% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 12.1% from the year earlier quarter.
Competitors to Watch: Pfizer Inc. (NYSE:PFE), Watson Pharmaceuticals, Inc. (NYSE:WPI), Par Pharmaceutical Companies, Inc. (NYSE:PRX), Impax Laboratories, Inc. (NASDAQ:IPXL), Merck & Co., Inc. (NYSE:MRK), Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA), Lannett Company, Inc. (AMEX:LCI), Novartis AG (NYSE:NVS), Forest Laboratories, Inc. (NYSE:FRX), and Taro Pharmaceutical Industries Ltd. (TAROF)
Stock Performance: Shares of MYL are unchanged from a previous close of $24.84.