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Mylan Laboratories Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: July 26, 2012 04:21PM

Mylan Laboratories Inc. (MYL) filed Quarterly Report for the period ended 2012-06-30. Mylan Inc. has a market cap of $9.56 billion; its shares were traded at around $22.75 with a P/E ratio of 10.5 and P/S ratio of 1.6. Mylan Inc. had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated Mylan Inc. the business predictability rank of 2-star.



Highlight of Business Operations:

For the three months ended June 30, 2012, Mylan reported total revenues of $1.69 billion compared to $1.57 billion for the three months ended June 30, 2011. This represents an increase in revenues of $117.7 million, or 7.5%. Consolidated gross profit for the current quarter was $699.2 million, compared to $669.4 million in the comparable prior year period, an increase of $29.8 million, or 4.4%. For the current quarter, earnings from operations were $257.8 million, compared to $280.5 million for the three months ended June 30, 2011, a decrease of $22.7 million, or 8.1%.

For the current quarter, Mylan reported total revenues of $1.69 billion compared to $1.57 billion in the comparable prior year period. Total revenues include both net revenues and other revenues from third parties. Third party net revenues for the current quarter were $1.68 billion compared to $1.57 billion for the same prior year period, representing an increase of $107.6 million, or 6.9%. Other third party revenues for the current quarter were $13.6 million compared to $3.5 million in the same prior year period, an increase of $10.0 million. Other revenues for the three months ended June 30, 2012 include $3.7 million of revenue related to our clean energy investment subsidiary, whose activities qualify for tax credits under section 45 of the Internal Revenue Code (“IRC”), which we acquired at the end of 2011.

For the six months ended June 30, 2012, Mylan reported total revenues of $3.28 billion compared to $3.02 billion in the comparable prior year period. Total revenues include both net revenues and other revenues from third parties. Third party net revenues for the current period were $3.25 billion compared to $3.01 billion for the same prior year period, representing an increase of $244.2 million, or 8.1%. Other third party revenues for the current period were $32.9 million compared to $16.0 million in the same prior year period, an increase of $16.9 million. Other revenues for the six months ended June 30, 2012 include $12.4 million of revenue related to our clean energy investment subsidiary.

Net earnings attributable to Mylan Inc. decreased $7.9 million, or 5.4%, to $138.6 million for the three months ended June 30, 2012 as compared to $146.4 million for the prior year comparable period. Diluted earnings per common share attributable to Mylan Inc. remained constant at $0.33 per share for the three months ended June 30, 2012 compared to the prior year comparable period. Adjusted earnings increased $22.3 million, or 9.6%, to $253.9 million for the three months ended June 30, 2012 as compared to adjusted earnings of $231.6 million for the prior year comparable period. Adjusted diluted earnings per common share attributable to Mylan Inc. increased from $0.52 to $0.60 for the three months ended June 30, 2012 compared to the prior year comparable period.

Net earnings attributable to Mylan Inc. increased $17.0 million, or 6.8%, to $267.6 million for the six months ended June 30, 2012 as compared to $250.6 million for the prior year comparable period. Diluted earnings per common share attributable to Mylan Inc. increased from $0.56 to $0.62 for the six months ended June 30, 2012 compared to the prior year comparable period. Adjusted earnings increased $49.9 million, or 11.6%, to $478.5 million for the six months ended June 30, 2012 as compared to adjusted earnings of $428.6 million for the prior year comparable period. Adjusted diluted earnings per common share attributable to Mylan Inc. increased from $0.96 to $1.12 for the six months ended June 30, 2012 compared to the prior year comparable period.

Read the The complete Report



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