Mylan sales triple on recent acquisitions

US generics giant Mylan's sales almost tripled in the three months ending September 30. 2008, compared with the same period of the year before, on revenue generated by recent acquisitions. On the day of the announcement, October 30, Mylan's shares jumped 22% to $8.50.

Net income available to common shareholders increased 15% to $172.0 million, whilst basic earnings per share were reduced to $0.56 vs $0.60, and diluted EPS dropped even further to $0.45.

R&D expenses doubled to $74.7 million vs $33.6 million, although the firm notes that, excluding expenses related to its new acquisitions, R&D costs were only up 26% to $42.4 million, mainly due to the large number of Abbreviated New Drug Applications filed during the period.