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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

60;During 2009, within Generics, Mylan recognized $28.5 million of incremental other revenue resulting from the cancellation of product development agreements for which the revenue had been previously deferred.  There was no such revenue recognized during the current year.  

A tabular summary of the Company's revenues for the years ended December 31, 2010, and 2009, is included at the end of this release.

Generics third party net sales were $4.98 billion in 2010, compared to $4.61 billion in prior year.

Third party net sales from North America were $2.36 billion in 2010, compared to $2.09 billion for the prior year, representing an increase of $265.0 million, or 12.6%. The increase was driven by increased volume, new product launches and incremental revenue from the Bioniche Pharma acquisition, partially offset by unfavorable pricing on certain existing products, including divalproex sodium extended-release (divalproex ER) tablets, the generic version of Abbott Laboratories' Depakote® ER, for which Mylan had exclusivity for a portion of 2009.

New products launched in the US and Canada contributed sales of $158.6 million, over half of which consisted of valacyclovir hydrochloride tablets, the generic version of GlaxoSmithKline's Valtrex®, and minocycline hydrochloride extended release tablets, the generic version of Medicis Pharmaceutical Corporation's Solodyn® ER.  The Company's ability to continue to be a stable and reliable source of supply to the market resulted in the favorable volume on its existing product base.

Third party net sales from EMEA were $1.55 billion for 2010, compared to $1.64 billion for the prior year, a decrease of $90.8 million, or 5.5%. However, translating current year third party net revenues from EMEA at prior year exchange rates would result in a decrease excluding the effect of foreign currency translations of approximately $24 million, or 1%.  This decrease was m
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SOURCE Mylan Inc.
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