S&P 500 (NYSE:SPY) component Mylan Inc (NASDAQ:MYL) reported net income above Wall Street’s expectations for the second 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 Second Quarter
Results: Net income for Mylan Inc rose to $147 million (33 cents per share) vs. $86.2 million (16 cents per share) in the same quarter a year earlier. This marks a rise of 70.5% from the year earlier quarter.
Revenue: Rose 14.7% to $1.57 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: MYL reported adjusted net income of 52 cents per share. By that measure, the company beat the mean estimate of 45 cents per share. It beat the average revenue estimate of $1.5 billion.
Quoting Management: Mylan’s Chairman and CEO Robert J. Coury commented: “Our results this quarter continue to be an excellent example of the strong diverse platform that we’ve created to be able to absorb inherent volatility, such as the continued macroeconomic environment in Europe, while at the same time forecast and deliver strong revenue and earnings growth. As 2011 becomes more clear, and even taking into consideration the continued headwinds in Europe, we are tightening our guidance range to $1.95 to $2.05 for adjusted diluted EPS.”
Revenue has risen the past four quarters. Revenue increased 12.1% to $1.45 billion in the first quarter. The figure rose 6.1% in the fourth quarter of the last fiscal year from the year earlier and climbed 7.2% in the third quarter of the last fiscal year from the year-ago quarter.
The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 44 cents per share.
Gross margins grew 2.8 percentage points to 42.4%. The growth seemed to be driven by increased revenue, as the figure rose 14.7% from the year earlier quarter while costs rose 9.4%.
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).
(Source: Xignite Financials)