Mylan second-quarter earnings per share rise to $0.37 from $0.22 year ago

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Mylan Laboratories Inc. said for the second quarter ended Sept.30 it had adjusted earnings per diluted share of $0.37, up from $0.22 for the prior-year period. The company also reported record GAAP earnings per diluted share of $0.36 from $0.16 for the same period in 2005.

Net earnings for the three-month period increased to $77.5 million from $35.8 million for the three-months ended Sept. 30, 2005.

The company's net revenues for the second quarter increased to $357.8 million from $296.6 million in the same prior-year period.

Research and development expenses fell to $22.7 million for the second quarter from $28.3 million in the second-quarter 2005.

"We are extremely pleased to be reporting another record quarter which was driven by the ongoing execution of the strategic initiatives that we outlined," vice chairman and chief executive officer Robert J. Coury said in a company news release.

"We are also pleased to re-affirm our fiscal 2007 adjusted earnings per share guidance of $1.35 to $1.55 per share which represents year-over-year earnings per share growth of at least 35%."

For the six months ended Sept. 30, Mylan reported adjusted earnings per diluted share of $0.74 and GAAP earnings per diluted share of $0.71, a first-half record. The company's net earnings were up $74.4 million to $153.1 million for the six-month period.

Net revenues for the six-month period were up at $706.6 million, while research and development expenses decreased $9.5 million to $43.9 million.

Mylan is a Pittsburgh-based pharmaceutical company.

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