Mylan sees record 1st-qtr 2007 revenues

USA-based pharmaceutical company Mylan Laboratories says that, in the first quarter of the fiscal year 2007, it achieved record net revenues of $348.8 million, equivalent to $0.35 per diluted share on a generally-accepted accounting principles basis. The firm added that a 15% increase in the number of doses of the fentanyl transdermal system shipped, and the improved performance of Apokyn (apomorphine), led its increased profitability.

Mylan also reported that its R&D expenses, $21.2 million, were down $4.0 million for the quarter, while its selling, general and administrative outlays fell 30% to $49.8 million. The firm explained that its closure of its North Carolina-based subsidiary Mylan Bertek in the final three months of 2006 was responsible for much of its cost savings.

As a result of its performance, Mylan issued updated guidance for the full year 2007 which predicts earning per diluted share in the $1.35 to $1.55 range, with total revenues of between $1.39 billion and $1.46 billion.