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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

ld have been approximately 46% in both the current and prior years.  

Earnings from operations were $721.6 million for 2010, compared to $523.4 million for the prior year.  Excluding the impact of purchase accounting related items in both periods, as mentioned above, as well as charges for litigation settlements, net, of $127.1 million and $225.7 million for the current and prior years, earnings from operations increased to $1.16 billion in the current year from $1.03 billion in the prior year.  The increase in operating income was driven by higher sales and gross profit as discussed above, partially offset by an increase in SG&A expenses, primarily as a result of increased legal costs and higher professional fees, including those related to the acquisition of Bioniche Pharma, while R&D increased only slightly year over year.  

Interest expense for calendar year 2010 totaled $331.5 million, compared to $318.5 million for 2009. The increase is primarily due to higher interest associated with the 2010 debt offerings, including higher net debt balances and the amortization of discounts. Included in interest expense for the current year and the prior year are $60.0 million and $42.9 million, respectively, primarily related to the amortization of the discounts on the Company's debt.

Other (expense) income, net, was expense of $34.2 million in the current year compared to income of $22.1 million in the prior year. In addition to interest and dividend income and foreign exchange transaction gains and losses, included in the current year is a $4.9 million loss on the sale of certain non-operating assets, charges associated with the termination of certain interest rate swaps totaling $18.6 million and the write-off of previously deferred financing fees of $18.8 million related to the repayment of the senior credit facility debt.  The prior year includes a favorable adjustment of $13.9 million
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SOURCE Mylan Inc.
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