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.
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