CANONSBURG, Pa. (AP) — Mylan Inc. (MYL) on Tuesday reported third-quarter profit of $189.8 million.
The Canonsburg, Pennsylvania-based company said it had net income of 37 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.17 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The generic drugmaker posted revenue of $2.96 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $3.03 billion.
Mylan expects full-year earnings in the range of $4.20 to $4.40 per share, with revenue in the range of $11.5 billion to $12 billion.
Mylan shares have decreased 28% since the beginning of the year, while the Standard & Poor's 500 index has climbed 23%. The stock has fallen 38% in the last 12 months.