Updated from 5:21 p.m. EDTMylan Laboratories ( MYL) said Thursday that second-quarter earnings and sales fell below Wall Street's expectations, but the company affirmed its forecast for the full year. That didn't stop investors from unloading the stock after the close. In extended trading, Mylan's shares fell at one point by 11% to $19.25. Later trading moved the price up to $20, but that was still down 7.5% from the 4 p.m. EDT close. Excluding one-time items, the generic drugmaker reported earnings of 22 cents a share and sales of $298 million. Analysts polled by Thomson First Call were expecting a profit of 24 cents a share, excluding one-time items, on revenue of $317.1 million for the three months ended Sept. 30. On a GAAP basis, Mylan earned $35.8 million, or 16 cents a share. For the same period last year, the company's GAAP-based profit was $48.7 million, or 18 cents a share, on revenue of $307 million. Mylan reaffirmed its profit forecast of 92 cents to $1.15, excluding one-time items, for the fiscal year ending March 31. It also reaffirmed its EPS estimate for the following fiscal year of $1.20 to $1.74, excluding special items. Second-quarter earnings were reduced by a 3-cent charge related to Mylan closing its brand-name drug unit and licensing an experimental blood pressure drug to another company. Another 3 cents represented the cost of restructuring. Robert J. Coury, the vice chairman and chief executive, told analysts during a telephone conference call, that the current fiscal year remains full of "challenging conditions." Coury expects improvement during the next fiscal year. The challenges he spoke of include greater competition and pricing pressures that caused Mylan's second-quarter sales to fall below the same period last year. Coury said he expects to select by the end of the year a partner for marketing the experimental blood pressure drug nebivolol. Mylan originally wanted to develop and sell the drug itself. Until it finds a suitable ally, the company will continue to record extra R&D expenses for testing the drug.