NEW YORK (TheStreet) -- Mylan (MYL) - Get Report stock is down by 4.61% to $43.67 in early afternoon trading on Friday, after a court denied Perrigo's (PRGO) motion for a preliminary injunction to block Mylan's potential acquisition of the company.
Mylan is in the process of gaining approval from Perrigo shareholders for a hostile takeover of the drugmaker, and last month Perrigo sought a preliminary injunction to block the closing of any offer.
Perrigo alleged that Mylan misled shareholders in stating the merger would produce at least $800 million of yearly operational savings. A U.S. court today denied Perrigo's motion, noting Mylan had provided sufficient public disclosures about the expected synergies.
Additionally, the global pharmaceutical company posted earnings for the 2015 third quarter of $1.43 per share this morning, up from $1.16 in the year ago period.
Revenue increased by 29% year over year, to $2.71 billion from $2.08 billion in the 2014 third quarter.
Analysts surveyed by Thomson Reuters had forecast for earnings of $1.38 per share on revenue of $2.70 billion.
"Our outstanding third quarter results underscore the diversity of Mylan's platform and organic growth capabilities, which allows us to successfully identify and integrate strategic acquisitions and drive sustainable long-term growth and shareholder value creation," CEO Heather Bresch said in a statement.
Separately, TheStreet Ratings team rates MYLAN NV as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
We rate MYLAN NV (MYL) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, compelling growth in net income and expanding profit margins. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: MYL