Mylan Laboratories

(MYL) - Get Report

raised its quarterly earnings guidance and said it received FDA clearance to sell an anticholesterol drug.

The Pittsburgh-based pharmaceuticals company said it expects to earn 54 cents to 56 cents a share in the fiscal third quarter, above analysts' estimate of 40 cents a share. The company cited strong sales of both established and new generic drugs.

Mylan also said it received clearance to sell a generic version of

Merck's

(MRK) - Get Report

Mevacor, an cholesterol treatment.

Mylan's shares closed up 82 cents, or 2.3%, at $36.88 in the regular session Monday.