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Mylan Reports Adjusted Diluted EPS of $0.45 for the Quarter, a 36% Increase over Prior Year Quarter; and $1.61 for the Year, a 24% Increase over Prior Year
Date:2/24/2011

s profit for the quarter ended December 31, 2010 was $579.2 million and gross margins were 40.4%.  In the same prior year period, gross profit was $516.0 million, and gross margins were 38.2%. Gross profit for the current year quarter was impacted by certain purchase accounting related items, of approximately $91.6 million, which consisted primarily of amortization related to purchased intangible assets.  Excluding such items, gross margins would have been approximately 47%. Prior year gross profit was also impacted by similar purchase accounting related items in the amount of $72.4 million. Excluding such items, gross margins in the prior year would have been approximately 44%.

The increase in gross margins, excluding the items noted above, can primarily be attributed to both Generics, mainly in North America, and Specialty.  In North America, favorable gross margins were primarily the result of new product introductions, while Specialty benefitted from favorable pricing, mainly on the EpiPen® Auto-Injector.  

Earnings from operations were $94.2 million for the quarter ended December 31, 2010, compared to $60.0 million for the same prior year period.  Excluding the impact of purchase accounting related items in both periods, as mentioned above, as well as charges for litigation settlements, net, of $112.8 million and $114.2 million for the current and prior year quarters, earnings from operations increased to $298.6 million in the current quarter from $246.6 million in the prior year quarter.  The increase in operating income was driven by higher sales and gross profit as discussed above, partially offset by an increases in selling, general and administrative (SG&A) and research and development (R&D) expenses.  

Interest expense for the quarter ended December 31, 2010, totaled $91.5 million, compared to $78.3 million for the prior year quarter.  The increase is primarily due to
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SOURCE Mylan Inc.
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