UPDATE 2-Mylan profit falls, hurt by lower European sales

* Q2 EPS, excluding items, $0.37 matches analysts' estimate

* Revenue slightly exceeds estimates

* Says remains confident of EPS of $2/shr by end of 2011

* Shares fall 1 pct after-hours

NEW YORK, July 28 (Reuters) - Mylan Inc (MYL.O) on Wednesday reported lower second-quarter earnings, in line with Wall Street forecasts, on declining sales in Europe and negative foreign currency factors.

The Pittsburgh-based drugmaker, whose shares fell 1 percent in after-hours trading, said it earned $51.5 million, or 16 cents per share. That compared with $58 million, or 19 cents per share, in the year-earlier period, when Mylan reported gains related to restructuring reserves and termination of joint ventures.

Excluding special items, Mylan earned 37 cents per share, matching the average estimate of analysts, according to Thomson Reuters I/B/E/S.

Mylan said global revenue rose 8 percent to $1.37 billion in the quarter. That is slightly above the $1.34 billion expected by Wall Street.

The company narrowed its full-year profit forecast to between $1.55 and $1.65 per share, excluding special items, from its earlier view of $1.50 to $1.70 per share. Mylan said it remained confident of earnings per share of $2 by the end of 2011.

Revenue from North America rose 12 percent to $589 million, as new product launches offset unfavorable pricing of divalproex, the generic version of Abbott Laboratories Inc's (ABT.N) anti-seizure drug Depakote.

European sales fell 3.6 percent to $379 million, hurt by the weakening of the euro against the dollar.

But sales in the Asia Pacific region, the company's smallest geographic market, jumped 23 percent to $265 million.

Mylan said sales of its specialty drugs, used to treat respiratory and severe allergy problems, rose 1.9 percent to $124 million. The higher revenue was primarily due to stronger sales of its EpiPen Auto-Injector, for emergency room treatment of severe allergic reactions.

Shares traded at $17.72, down from their closing price of $17.91 Wednesday on the Nasdaq. (Reporting by Ransdell Pierson; Editing by Bernard Orr and Steve Orlofsky)