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Biotech / Medical : Mylan Labs

MYL 15.86

0.0%

Nov 19 4:00 PM EST

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To: Druggist who wrote (327)	6/22/1998 12:26:00 PM
From: David Lawrence	of 384

RESEARCH ALERT-Mylan (NYSE:MYL) estimates raised CHICAGO, June 22 (Reuters) - Gruntal & Co. said Monday it raised earnings estimates and reiterated a strong buy on Mylan Laboratories Inc. -- Raises fiscal 1999 first quarter estimate to $0.27 per share from $0.20, raises third quarter to $0.31 from $0.20 and trims fourth quarter to $0.35 from $0.40. -- Raises full year 1999 estimate to $1.23 a share from $1.20 and 2000 to $1.50 a share from $1.45. -- Says raises estimates after meeting with company management and new numbers could have "much upside surprise stemming from blockbuster new drug candidates and the potential of major acquisitions." -- Sees earnings per share growth of 50 percent this fiscal year, 22 percent next year and 20 percent in fiscal 2001. -- Calls Mylan's prospects "outstanding" and says positive elements include top line revenue growth, expanding profit margins with better mix of sales from high-margined products, numerous selective price increases, and favorable generic drug industry conditions. -- Maintains $40 one-year share price target.

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