UPDATE 2-Mylan sales disappoint, shares fall

* Q3 EPS $0.43, excluding items, vs $0.42 forecast

* Rev rises 7.2 pct to $1.36 bln, vs $1.4 bln forecast

* Shares fall 1.5 pct after hours

NEW YORK, Oct 26 (BestGrowthStock) – Mylan Inc (MYL.O: ) said its
third-quarter earnings were slightly above expectations, helped
by new product launches in the United States, but shares
slipped 1.5 percent amid revenue that fell short of Wall Street
forecasts.

The Pittsburgh-based drugmaker reported net earnings
attributable to Mylan shareholders of $108.4 million, or 33
cents per share. That compared with a loss of $40 million, or
13 cents per share in the year-earlier period, when results
were hurt by amortization of assets.

Excluding special items, Mylan earned 43 cents per share.
Analysts on average expected 42 cents per share, according to
Thomson Reuters I/B/E/S.

Global revenue rose 7.2 percent to $1.36 billion, lagging
the Thomson Reuters forecast of $1.40 billion. Sales would have
risen 9 percent if not for the stronger dollar in many overseas
markets, which lowered the value of sales in those countries.

Sales of generic medicines rose 8.1 percent to $1.20
billion.

In North America, sales of Mylan generics jumped 17.3
percent to $573 million, mainly due to the launch in the United
States of three products with limited competition.

But global third party net sales of specialty medicines,
the company’s other main business, fell 4.6 percent to $141
million.

The company reaffirmed it expects full-year 2010 earnings,
excluding special items, of $1.55 to $1.65 per share. That
would reflect growth of 19 percent to 27 percent over last
year.

Mylan shares slipped to $19.30 in after hours trading, from
their closing price Tuesday of $19.60.
(Reporting by Ransdell Pierson; Editing by Bernard Orr and
Gunna Dickson)

UPDATE 2-Mylan sales disappoint, shares fall