Mylan has posted a second-quarter net loss as a result of its acquistion last October of Merck KGaA’s generics business but the latter has helped the US firm more than double its revenues.
The company has reported a loss of $8.37 million, or $0.03 per share, compared with net income of $79.7 million, or $0.32 per share for the like, year-earlier period. However, revenues reached $1.20 billion, up from $546.3 million last year, with Merck Generics contributing $669.3 million.
However, excluding products acquired from Merck, North American sales fell by $25.6 million to $461.8 million. This decrease was due to the timing of exclusive product launches and “overall unfavourable pricing”, Mylan said.
Chief executive Robert Coury said that “based on the strength of our operations, our integration successes and the momentum of three consecutive quarters of strong results, we have increased the range of our earnings guidance.” The firm expects earnings, excluding items, of $0.47-$0.53 per share, up from May’s forecast of $0.40-$0.50.
Meantime, Mylan has been hit by a lawsuit from Takeda which is trying to stop the US firm from obtaining regulatory approval to market a generic version of the diabetes drug Actoplus Met (pioglitazone/metformin) before three patents expire in June 2016.
