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Friday, October 30, 2015

Mylan profit beats as generic sales jump in N.America and Europe, (NASDAQ: MYL)

Mylan NV, embroiled in an increasingly bitter takeover attempt for fellow drugmaker Perrigo Co Plc, posted a better-than-expected quarterly profit on Friday as sales of its generic drugs increased in North America and Europe.Mylan also said it expected to achieve the high end of its profit forecast of $4.15-$4.35 per share for the year. The company, which has been pursuing Perrigo to boost its over-the-counter drug business and extend its geographic reach, did not comment on the hostile bid in its earnings statement.Dublin-based Mylan offered to purchase Perrigo in April in a cash-and-stock deal valued then at $29 billion.

Mylan N.V., formerly Mylan Inc., is a global pharmaceutical company, which develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. Shares of MYL remained unchanged at $45.78. In the past year, the shares have traded as low as $37.59 and as high as $76.69. On average, 8405500 shares of MYL exchange hands on a given day and today's volume is recorded at 980.