The Associated Press October 26, 2011, 12:28PM ET

Mylan names Heather Bresch as new CEO

Generic and specialty drugmaker Mylan Inc. said Wednesday that President Heather Bresch will take over as CEO at the end of the year when Robert Coury steps down after 10 years leading the company.

Bresch, the daughter of U.S. Sen. Joe Manchin, D-W.Va., has worked at Mylan for 20 years and will report directly to the company's board of directors in her new role. By January next year there will be 18 female CEOs among the Fortune 500 list of companies.

"Heather has worked by my side to build the powerful and innovative global platform we have today, and given her impressive track record and vision for the future, I am confident that her transition to the role of CEO will be a seamless one," said Coury in a statement.

The company will promote Chief Operating Officer Rajiv Malik to president, also effective Jan. 1. Harry Korman, president for North American operations, will be promoted to COO.

The company also reported better-than-expected third-quarter earnings Wednesday on double-digit growth for the company's prescription drugs.

Adjusted earnings for the period were 55 cents per share, up from 43 cents per share in the same period last year. Revenue rose 16.9 percent to $1.57 billion for the period, driven by higher sales from the company's Dey Pharma specialty drug division.

Analysts polled by FactSet expected earnings per share of 51 cents on revenue of $1.54 billion.

Mylan narrowed its full-year earnings estimate to between $1.98 and $2.02, compared with $1.95 and $2.05 previously.

Company shares rose 31 cents, or 1.7 percent, to $18.52 in midday trading.


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