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Mylan Reports a 13% Increase in Second Quarter 2013 Adjusted Diluted EPS to $0.68
Date:8/1/2013

it, as further defined below, for the three months ended June 30, 2013 was $834.2 million and adjusted gross margins were 49% as compared to adjusted gross profit of $819.3 million and adjusted gross margins of 49% in the comparable prior year period. Adjusted gross margins were positively impacted in the current quarter as a result of the increase in sales of the EPIPEN® Auto-Injector and margins on new products, which was offset the impact of unfavorable pricing on existing products in all regions within our Generics segment.

Earnings from operations were $308.6 million for the three months ended June 30, 2013, compared to $261.5 million for the comparable prior year period. Adjusted earnings from operations, as further defined below, for the three months ended June 30, 2013 was $413.9 million as compared to adjusted earnings from operations of $398.2 million in the comparable prior year period. This increase was driven by higher gross profit in the current year, as discussed above, and lower selling, general and administrative costs ("SG&A"), partially offset by increases in research and development costs ("R&D"). The decrease in SG&A in the current quarter includes a fair value adjustment to reduce the contingent consideration liability by approximately $10 million. In the comparable prior year period, the Company recorded a fair value adjustment to increase the contingent consideration liability by approximately $8 million, resulting in a net year over year decrease of $18 million to SG&A. The Company also incurred lower sales and marketing costs in Japan of approximately $11 million as compared to the prior year as a result of the collaboration with Pfizer Japan. Under the collaboration, Pfizer Japan is responsible for commercialization of the combined generics portfolio and managing the marketing and sales effort.
R&D increased primarily due to expenditures related to the development of Mylan's respiratory and biologics pro
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SOURCE Mylan Inc.
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