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Mylan Reports Adjusted Diluted EPS of $0.26 for the Quarter Ended Dec. 31, 2008, and Adjusted Diluted EPS of $0.80 for the Year Ended Dec. 31, 2008
Date:2/19/2009

mong other purchase accounting related items, a charge of $1.27 billion to write off in-process research and development related to the acquisition of the former Merck Generics business. Excluding purchase accounting items from both periods, as well as the non-cash impairment charges from the current quarter, earnings from operations would have been $180.2 million in the current quarter compared to $118.5 million in the prior year.

The increase in operating income in the current quarter is due to increased sales and gross profit, as well as slightly lower R&D and SG&A expense, both of which decreased by 4%. SG&A expense was higher in the prior year mainly due to higher professional and consulting fees and other costs associated with the integration of the former Merck Generics business. Additionally, the current quarter included net charges of $16.5 million related to the settlement of certain litigation.

Interest expense for the current quarter totaled $92.3 million compared to $133.4 million for the three months ended Dec. 31, 2007. During the three months ended Dec. 31, 2007, the company repaid high interest-bearing bridge financing with the proceeds from the issuances of common stock and preferred stock, and refinanced its debt, reducing the interest rate in effect on several outstanding borrowings. Additionally, debt repayments made during calendar year 2008, as well as favorable hedging strategies, including variable to fixed interest rate swaps, and lower interest rates resulted in the reduction in interest expense.

Other expense, net was $9.2 million for the three months ended Dec. 31, 2008, compared to $43.9 million in the same prior year period. The most significant item in the prior year was $57.2 million related to the early repayment of certain debt and expensing certain financing fees.

For the calendar year ended Dec. 31, 2008, total revenues were $5.14 billi
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SOURCE Mylan Inc.
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