May 2, 2013 / 8:51 PM / 5 years ago

UPDATE 2-Mylan first-quarter profit edges past Wall St estimates

* First-quarter adjusted EPS $0.62 vs Street estimate $0.61

* Revenue up 3 percent to $1.63 billion

* Still sees 2013 adjusted EPS $2.75-$2.95 per share

May 2 (Reuters) - Generic drugmaker Mylan Inc on Thursday posted first-quarter profits that were slightly higher than analysts had forecast, with sales boosted by increased demand for generic medicines outside the United States and for specialty medicines.

The company said results were in line with its own expectations and it is confident it will hit 2013 financial targets. It maintained its full year adjusted earnings forecast of $2.75 to $2.95 per share. Wall Street is estimating $2.87 per share.

Mylan forecast second-quarter adjusted earnings of 66 cents to 68 cents per share, and said it expects the third quarter to be its strongest. Wall Street is looking for second-quarter earnings of 69 cents, according to Thomson Reuters I/B/E/S.

The company said net profit fell to $106.9 million, or 27 cents per share from $129.1 million, or 30 cents per share, a year earlier.

Excluding items, such as acquisition-related costs and licensing payments, Mylan earned 62 cents per share, topping analysts’ average expectations by a penny, according to Thomson Reuters I/B/E/S.

Revenue rose 3 percent to $1.63 billion, just shy of Wall Street estimates of $1.69 billion.

Sales from the specialty drugs unit jumped more than 23 percent to $211.6 million, helped by demand for the EpiPen injector to treat severe allergic reactions. On a conference call with analysts, Mylan said EpiPen prescriptions had increased in recent weeks, and it still expects to see full-year growth of 30 percent from the specialty unit.

A 10 percent increase in sales from the Europe, Middle East and Africa regions (EMEA) helped offset a 5 percent decline of sales in North America.

“We continue to see stability in Europe,” said Chief Executive Heather Bresch, noting that higher volume more than offset pricing pressure, especially in France, the company’s largest European market.

The company said the decline in North America was primarily due to a particularly strong first quarter in 2012, when Mylan began selling its generic version the antidepressant Lexapro, one of its biggest product launches.

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