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Mylan 1Q Profit Rises 24%; EpiPen Settlement Reached With Teva

DOW JONES NEWSWIRES Mylan Inc.'s (MYL) first-quarter earnings rose 24% as the company's sales improved amid product launches in North America and sharply higher sales in its specialty business. Mylan and Pfizer Inc. (PFE) also announced that Pfizer unit Meridian Medical Technologies reached a settlement in a patent dispute with Teva Pharmaceuticals Industries Ltd. (TEVA, TEVA.TV) related to its abbreviated new drug application for a generic epinephrine auto-injector. Pfizer's Meridian unit manufactures the rival Epi-Pen auto-injector and Mylan Inc.'s (MYL) specialty unit markets and distributes it in the U.S. EpiPen is used to treat potentially fatal allergic reactions known as anaphylaxis. Under the settlement, Teva may launch a generic epinephrine auto-injector June 22, 2015, or earlier under certain circumstances if the company receives U.S. Food and Drug Administration for the product. Further terms weren't disclosed. Mylan--a major generic-drug maker has seen its revenue jump in recent quarters as a shaky economy spurred interest in lower-cost health options. However, expenses for items such as litigation and restructuring have weighed on the bottom line in recent quarters. Chief Financial Officer John Sheehan Mylan expects second-quarter earnings will be in line with the latest quarter, "before accelerating into the third quarter, which will be by far our strongest of the year." Mylan reported a profit of $129.1 million, or 30 cents a share, up from $104.2 million, or 23 cents a share, a year earlier. Excluding litigation settlements, restructuring costs and other items, earnings were up at 52 cents from 44 cents. Revenue increased 9.9% to $1.59 billion. Analysts polled by Thomson Reuters most recently projected earnings of 50 cents on revenue of 1.58 billion. Gross margin rose to 41.8% from 40.8%. At its generics business, its biggest by revenue, reported that sales grew 5.2%. At its specialty segment, sales soared 54%. Shares of Mylan, which affirmed its 2012 guidance, were up 1.4% at $22.50 in premarket trading. Through the close, stock is down 12% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Teva Pharmaceutical (TEVA)
DateTimeHeadline
05/29/201217:52:10FDA Warns About Fake Version Of Teva's ADHD Drug Adderall
05/29/201217:47:50Pronova Wins Heart-Drug Patent Case Against Teva, Par Pharma
05/24/201209:38:21Teva Pharma Reduces 2012 Guidance On Lower Generics View
05/17/201215:17:50FDA Approves Generic Versions Of Blood Thinning Drug Plavix
05/09/201207:17:36Teva Profit Surges In First Quarter On Branded, Generic Drug...
04/30/201203:04:09Consort Gets FDA Approval For Its Integrated Dose Counter
04/26/201210:12:05Mylan 1Q Profit Rises 24%; EpiPen Settlement Reached With Teva
04/24/201208:26:02Watson, Actavis To Unveil EUR4.5 Billion Merger Deal Wednesday
04/05/201213:24:34Mylan Seeks To Overturn FDA's Provigil Decision
04/03/201202:15:49Glenmark Unit Gets US OK To Sell Copy Of Contraceptive Drug
03/29/201218:40:14US Court Rules For AstraZeneca's Seroquel XR Patent
03/29/201206:32:55Teva Revises Pricing On Euro 7-year Bond To Swaps +1.05 Area
03/28/201217:53:08Myriad Genetics Enters Testing Agreement With Teva Subsidiary
03/26/201204:57:02AstraZeneca Loses Bid To Delay Generics Of Seroquel In US Market
03/21/201212:59:07Drug Maker Watson To Buy Actavis For About EUR4.5 Billion - Source
03/21/201210:55:24Teva Pharmaceutical To Switch Listing To NYSE In May
03/14/201214:58:34Teva Receives FDA Approval For Generic Lexapro For Adults
03/08/201210:10:11Teva: FDA Approves Dose Counter For ProAir HFA Asthma Drug
02/21/201207:50:17Mylan 4Q Net Soars On Year-Earlier Items, Improved Margins
02/15/201212:54:13FDA Approves BioSante Gel for Male Low Testosterone; Shares Up

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