The share price of US firm Mylan Laboratories sank more than 14%recently, after concerns emerged that its earnings for the fourth quarter ended March 31, 1997, would be lower than have been estimated. Mike Krensavage of Oppenheimer has lowered his fourth-quarter earnings per share estimates for the company, and says he expects it to post EPS of 11 cents, down from an earlier estimate of 15 cents per share. He also reduced his fiscal 1997 figures to 52 cents from 56 cents per share, and fiscal 1998 EPS down 10 cents to 65 cents.
Mylan does not have enough significant new product approvals to offset the price declines for older drugs, he said, rating the firm a market performer. In the fiscal 1996 fourth quarter, Mylan reported net income of $17.8 million, and EPS of 15 cents, on revenues of $94.6 million.
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