Home | Business News | Browse by Publication | B | Business Wire

Mylan Reports Record Third Quarter Revenue and Increases Fiscal 2003 Earnings Guidance.

Article Excerpt
Business Editors

PITTSBURGH, Pa.--(BUSINESS WIRE)--Jan. 30, 2003

Mylan Laboratories Inc. (NYSE: MYL):

Mylan Announces Fiscal 2004 Earnings Guidance

Financial Highlights

-- our ability to successfully develop, license or otherwise acquire and introduce new products on a timely basis in relation to competing product introductions; -- our ability to obtain required FDA approvals for new products on a timely basis; -- uncertainties regarding continued market acceptance of and demand for our products; -- our periodic dependence on a relatively small group of products as a significant source of our net revenue or net income; -- the effects of vigorous competition on commercial acceptance of our products and their pricing; -- the high cost and uncertainty associated with compliance with extensive regulation of the pharmaceutical industry; -- the significant research and development expenditures we make to develop products, the commercial success of which is uncertain; -- the possible loss of business from our concentrated customer base; -- the potential costs and product introduction delays that may result from use of legal, regulatory and legislative strategies by our competitors; -- our dependence on third party suppliers and distributors for the raw materials, particularly the chemical compound(s) which produces the desired therapeutic effect, the active ingredient we use to manufacture our products; -- the possible negative effects of any interruption of manufacturing of our generic products at our principal facility; -- the effects of consolidation of our customer base; -- uncertainties regarding patent, intellectual and other proprietary property protections; -- the expending of substantial resources associated with litigation involving patent or other intellectual property protection of competing products; -- possible reductions in reimbursement rates for pharmaceutical products; -- our exposure to lawsuits and contingencies associated with our business; -- our exposure to risks inherent in acquisitions or joint ventures; -- our ability to attract and retain key personnel; -- possible adverse effects resulting from any significant decline in the value of securities that we hold or from uninsured losses of funds; -- uncertainties and matters beyond the control of management, which could affect the Company's earnings guidance, as well as the subjectivity inherent in any probability weighted analysis underlying our assumptions and estimates with respect to the future; and -- inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements in accordance with GAAP and related standards.

Mylan Laboratories Inc. (NYSE: MYL) announced net earnings of $68.4 million, or diluted earnings per share of $.37 ($.55 pre-split) for the third quarter ended December 31, 2002.

This compares to $.41 per diluted share ($.61 pre-split) for the same prior year quarter. For the nine months ended December 31, 2002, net earnings increased 3% to $198.5 million, or $1.05 per diluted share ($1.57 pre-split), compared to net earnings of $193.0 million, or $1.01 per diluted share ($1.52 pre-split) in the prior year period. Share and per share amounts in this press release have been adjusted to reflect the three-for-two stock split which occurred on January 27, 2003.

Mylan also announced that it anticipates fiscal 2004 earnings per diluted share to be approximately $1.59 to $1.69 ($2.38 to $2.53 pre-split) and is increasing its fiscal 2003 annual guidance to between $1.39 and $1.42 per diluted share ($2.09 to $2.13 pre-split). "We are pleased to deliver our guidance for 2004, which is consistent with our...