has raised its earnings projection for the fiscal year that ended March 31, attributing the revision to continued strength in its generics business and new products.
The drugmaker said Tuesday that it should report a profit of $1.60 to $1.63 a share for the year, up from its previous forecast of $1.50 to $1.55.
Both estimates exclude items, including the impact of closing a deal in January to buy a majority stake of India's
recent public offerings of common stock and senior convertible notes, expenses for stock-related compensation and a favorable litigation settlement.
The news sent Mylan's stock up 3.6% to $21.99. The company didn't announce a date for releasing its formal financial results, but Mylan usually issues fiscal-year data in May.
Mylan's forecast also excludes several days of selling a generic version of
blood-pressure drug Norvasc. Mylan began selling three dosage strengths of generic Norvasc in late March even though Pfizer has objected. Pfizer responded by selling its own generic Norvasc.
In addition, Mylan
is seeking a court order to block several other generic-drug companies from selling cheap copies of Norvasc for 180 days. Mylan argues that it has exclusive rights to sell generic Norvasc during this period, thanks to the first-to-file law. This law rewards companies that are the first filers of generic-drug applications with the Food and Drug Administration.
A federal court is expected to issue a ruling April 18 on whether the FDA can approve generic Norvasc made by other companies before the 180-day period expires.
"Regardless of the regulatory decisions concerning
generic Norvasc exclusivity, the company expects that there will be additional upside to the revised guidance as a result of the
generic Norvasc launch," Mylan said.