Mylan sees profit for 2nd-qtr more than double

Pittsburgh, USA-based pharmaceutical group Mylan Laboratories says that its net income for the second quarter of the fiscal year 2007 was $77.5 million, or $0.36 per share, an increase of 116.4% and 125%, respectively. The results were ahead of forecasts by analysts surveyed by Thompson Financial, who predicted earnings per share of $0.32.

The company also reported that its revenues for the quarter had risen 23% to $366.7 million, with its analgesic fentanyl patch generating 20% of this turnover. It added that the rest of its product portfolio had "experienced relatively stable pricing and volume as compared to the prior year."

Mylan reduced its R&D expenditure $5.6 million to $22.7 million, which it said was a result of conducting fewer clinical studies following its out-licensing of the development of its novel beta blocker nebivolol to fellow US firm Forest Laboratories in January of this year.