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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (635)	2/3/2005 8:39:56 AM
From: richardred	Read Replies (1) \| Respond to of 7254

It won't be a good day for MYL! Carl, I'm going down with you. Mylan Laboratories 3Q Profit Falls Thursday February 3, 8:26 am ET Mylan Laboratories Third-Quarter Earnings Decline on Pricing Pressure, Lowers 2005 Guidance PITTSBURGH (AP) -- Generic drug maker Mylan Laboratories Inc. on Thursday said its third-quarter profit plummeted on price pressures and increased competition for key products, missing Wall Street expectations. The company's shares fell $1.59, or 9.5 percent, to $15.20 in premarket trading on the New York Stock Exchange. For the three months ended Dec. 31, net income fell to $34.8 million, or 13 cents per share, from $84.6 million, or 31 cents, a year ago. Revenue dropped to $291 million from $349.8 million. Analysts surveyed by Thomson First Call predicted earnings of 18 cents per share on revenue of $312.6 million. "We have experienced increased pressure on pricing due to overall market conditions and additional competition on certain products, most notably omeprazole and carbidopa/levodopa" for acid reflux and Parkinson's disease, said Robert J. Coury, vice chairman and chief executive, in a statement. "This, coupled with the impact of authorized generics, the delay in the launch of our fentanyl transdermal system and limited new significant product launches, has continued to negatively affect our financial results." Looking to fiscal 2005, the company lowered its earnings per share outlook to 75 cents to 80 cents -- including legal settlement gains in the first quarter of about 6 cents per share -- due to what the company believes to be irrational pricing of the pain therapy fentanyl at market formation. Mylan previously expected earnings of 80 cents to 90 cents per share including a 6 cent gain from legal settlements. Analysts expect earnings per share of 81 cents on revenue of $1.29 billion. For fiscal 2004, the company posted a profit of $1.10 per share. biz.yahoo.com