Acquired R&D cost impairs Mylan's 4th qtr

In fourth-quarter 2007, US drugmaker Mylan reported a loss from operations of $1.27 billion, because of a $1.27 billion one-time charge to write-off acquired in-process R&D. Excluding these amounts, the US drugmaker said earnings from operations would have been $118.5 million, a decrease of $65.1 million from the prior year. Total revenues increased 188% to $1.16 billion, with $793.5 million contributed through acquisitions.

Income from Mylan's generics segment were derived from sales in Europe, the Middle East and Africa, North America and the Asia-Pacific region. Revenues from North America were $416.3 million vs $401.8 million. $54.4 million was realized in North America as a result of the acquisition of Merck Generics, which it bought last year for 4.9 billion euros ($6.7 billion; Marketletter May 21, 2007).