Bloomberg News

Mylan’s Annual Sales to Be at Low End of Forecast, CFO Says

August 01, 2013

Mylan Inc. (MYL:US), the second-biggest U.S. maker of generic drugs, said its 2013 sales will be at the low end of its forecast (MYL:US) of $7 billion to $7.4 billion.

Chief Financial Officer John Sheehan blamed foreign currency exchange rates, though he said the company’s sales would still fall within the range it projected this year. The Canonsburg, Pennsylvania-based drugmaker probably will hit its annual earnings forecast (MYL:US) of $2.75 to $2.95 a share excluding some items, Sheehan said today at a presentation.

“We are on track to deliver on the guidance and the commitments we made,” Sheehan said.

Mylan has focused on growing its sales through acquisitions (MYL:US) and reinvesting cash back into its businesses. Its sales have more than tripled since 2007, when it bought Darmstadt, Germany-based Merck KGaA (MRK)’s generic business. This year, it announced it would spend $1.6 billion to buy Agila Specialties, an injectable drugs unit, from India’s Strides Arcolab Ltd. (STR)

Foreign exchange rates have hurt U.S. drugmaker sales this year. The U.S. dollar gained 2 percent in the second quarter against a basket of other currencies, making U.S.-produced goods more expensive and reducing the value of sales made overseas. Mylan reported its second-quarter earnings earlier today.

Mylan shares rose 1.3 percent to $33.98 at the close in New York. The stock has gained 48 percent (MYL:US) in the last 12 months.

To contact the reporter on this story: Drew Armstrong in New York at darmstrong17@bloomberg.net;

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net


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Companies Mentioned

  • MYL
    (Mylan Inc/PA)
    • $48.0 USD
    • 0.04
    • 0.08%
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