said Thursday that it enjoyed the best quarter in its history, as sales and profits beat Wall Street estimates for the three months ended Dec. 31.
The generic-drug maker also adjusted its guidance for the fiscal year ending March 31 to a range of $1.50 to $1.55 a share, excluding items, from the previous prediction of $1.35 to $1.55.
Analysts polled by Thomson First Call had expected $1.39 a share.
By early afternoon, Mylan's stock was up 21 cents, or 1%, to $22.35 on volume of 2.9 million shares, or more than double the average daily trading for the past three months.
For the third quarter, Mylan earned 45 cents a share, excluding items, on revenue of $401.8 million. The consensus called for a profit of 36 cents and sales of $367.1 million.
After items, Mylan earned $135.4 million, or 63 cents a share, compared with a profit of $48.2 million, or 22 cents a share, on sales of $311.2 million for the same period in 2005.
"These results are even more impressive considering they were achieved at the same time the company was successfully completing the Matrix transaction," said Robert J. Coury, vice chairman and chief executive. In December, Mylan bought 20% of the Indian generic-drug company Matrix. Three weeks ago, it acquired another 51.5%.
During the recent quarter, sales were paced by a painkiller delivered via skin patch that's the generic version of
Johnson & Johnson's
Duragesic. The Mylan patch containing the narcotic fentanyl accounted for "over 15%" of revenue, although the company didn't give a specific figure.
Mylan has been aided by the fact that no other generic fentanyl patches have reached the market.
After the company issues its fiscal year report in the spring, Coury said Mylan will no longer provide earnings-per-share guidance. Instead, he will offer "details of our growth plan ... as well as long-term growth estimates" on planned investments in R&D and capital projects.