UPDATE: Mylan Posts Lower Q2 Earnings, Narrows Full-Year Outlook

Mylan MYL reported a 30% drop in its second-quarter earnings and narrowed its profit and revenue forecast for the full year. The Canonsburg, Pennsylvania-based company posted a quarterly profit of $125.2 million, or $0.32 per share, versus a year-ago profit of $177.7 million, or $0.46 per share. Excluding certain items, its earnings climbed to $0.69 per share from $0.68 per share. Its total revenue surged 8% to $1.84 billion. However, analysts were expecting earnings of $0.70 per share on revenue of $1.88 billion. Generics segment third party net sales rose 5% y/y to $1.53 billion in the second quarter,while Specialty segment third party net sales climbed 22% to $287.8 million. Mylan's total operating expenses increased 34% to $582.7 million. For the year, Mylan now projects adjusted earnings of $3.25 to $3.45 per share on revenue of $7.8 billion to $8 billion. The company had earlier expected earnings of $3.25 to $3.60 per share on revenue of $7.8 billion to $8.2 billion. For the third quarter, it projects adjusted earnings of $0.90 to $0.95 per share, versus analysts' estimates of $1.03 per share. Mylan CEO Heather Bresch commented, "We continued to deliver strong results in the second quarter of 2014, driven by double-digit revenue growth in our Specialty business and Rest of World region, and continued solid performance in Europe and North America.” Mylan shares fell 0.92% to $47.48 in pre-market trading.