...quarter of fiscal 2004, while earnings per diluted share were $0.13 compared to $0.31 in the same prior year period.

"As I have previously stated, the generic industry continues to be under significant pressure," commented Robert J. Coury, Vice Chairman and Chief Executive Officer. "We have experienced increased pressure on pricing due to overall market conditions and additional competition on certain products, most notably omeprazole and carbidopa/levodopa. 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."

Mylan also today issued revised earnings guidance for fiscal 2005 of $0.75 to $0.80 per diluted share, including net gains on legal settlements in the first quarter of fiscal 2005 which amounted, net of tax, to approximately $0.06 per diluted share. The Company's revised guidance primarily reflects what we believe to be irrational pricing of fentanyl at market formation. Mr. Coury further stated, "Mylan continues to demonstrate its leadership ability in bringing to market products that are difficult to both manufacture and develop and will continue to focus on and select future opportunities that meet these criteria. Once again we've achieved another Mylan first by becoming the first company to bring to market a class II AB-rated transdermal fentanyl product. Mylan and the generic industry, throughout their history, have weathered a number of cyclical downturns and we believe, as in the past, that Mylan will once again emerge from the current environment even stronger than before."

For the first nine months of fiscal 2005, Mylan reported net revenues of $936.9 million, a decrease of $104.3 million from the same prior year period. Net earnings and earnings per diluted share decreased to $165.5 million and $0.60 per diluted share, respectively, from $259.8 million and $0.94 per diluted share, respectively, in the prior year. The results for both fiscal 2005 and fiscal 2004 included net gains on legal settlements which amounted, net of tax, to approximately $0.06 per diluted share.

Segment Information Three Months Ended Nine Months Ended December 31, December 31, 2004 2003 Change 2004 2003 Change Net Revenues (in millions) Generic Segment $238.4 $277.4 -14% $753.6 $832.2 -9% Brand Segment 52.6 72.3 -27% 183.4 209.1 -12% Total $291.0 $349.8 -17% $936.9 $1,041.3 -10%...

NOTE: All illustrations and photos have been removed from this article.



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