Mylan grows fourth quarter 2009 earnings and predicts strong profit growth ahead
US generic drugmaker Mylan has exceeded quarterly profit expectations thanks to a strong performance by its European and Asian divisions, and has forecast rapid earnings growth for the next few years. Mylan's fourth-quarter 2009 net profit reached $4.1 million, up from a loss of $54 million last year (a figure depressed by acquisition-related charges).
Revenue for the quarter overshot expectations, rising 12% year-on-year to $1.35 billion. Asia-Pacific sales jumped by a third to $309 million and the Europe, Middle East and Africa business grew sales by 29% to $481 million. These areas offset a 3% decline in North American sales caused by intensifying competition for its epilepsy drug levetiracetam.
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