Mylan first-quarter net revenues up 9% at $348.8 million

By Lisa Kerner

Charlotte, N.C., July 26 - Mylan Laboratories Inc. said net revenues for the first quarter of fiscal 2007 were $348.8 million, a 9% increase from the prior-year period's reported $321.0 million. The company attributed the increase to sales of fentanyl.

Gross profit for the first quarter was up 12% to $188.2 million from $167.8 million in the prior fiscal-year period.

Margins also increased to 52.8% in the first-quarter 2007 from 51.9% in the first-quarter 2006.

Mylan reported earnings from operations of $117.1 million for the three months ended June 30, up $57.6 million from the same prior year period.

The company raised its fiscal full-year guidance to $1.35 to $1.55 per diluted share, adjusted, driven by estimated total revenues of $1.39 billion to $1.46 billion.

Adjusted diluted earnings per share for the first quarter of fiscal 2007 of $0.37 were up from $0.26 per share in the fiscal first-quarter 2006.

Mylan had net earnings for the quarter of $75.6 million, up from $42.9 million in the prior-year period.

"In addition to fentanyl's (Mylan's silicone matrix transdermal patch) contribution to the quarter, we are not seeing the erosion in our core generic business that we had originally forecasted," vice chairman and chief executive officer Robert J. Coury said in a news release.

Mylan is a Pittsburgh-based pharmaceutical company that develops generic and proprietary products.

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