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It was an eventful week for Mylan N.V. (NASDAQ: MYL). The generic drugmaker received good news from an Israeli court related to its attempt to take over Perrigo (NYSE: PRGO). It launched a new drug in the U.S. -- generic Fusilev for Injection. And to top it all off, Mylan announced its third-quarter financial results on Friday. Here are the highlights.
By the numbersMylan reported total revenue for third quarter of $2.7 billion compared to $2.08 billion posted in the same period of last year. Adjusted total revenue was $2.71 billion, up 30% over the $2.08 billion in adjusted revenue posted in third quarter of 2014.
The drugmaker announced third-quarter GAAP earnings of $428.6 million, down from $499.1 million in the prior year period. Adjusted net earnings jumped 58% toto $733.8 million from$462.8 million reported in third quarter of last year.On a per share basis, adjusted net earnings increased 23% to $1.43 per share from $1.16 per share in the prior year period.
Mylan also reported a strong cash position for the third quarter. Adjusted free cash flow was $1.04 billion -- up 158% year over year. The company increased cash and cash equivalents to $587 million at the end of the third quarter from $225 million at the end of 2014.
Behind the numbersThe company's generics business continued to flourish. Adjusted third party net sales for generics soared 40% year over year. Europe saw especially impressive results, with year-over-year sales growth of 79% due to the acquisition of Abbott's generic drugs business unit, EPD.
However, Mylan's specialty drug business didn't perform so well. Specialty third party net sales fell by 5% compared to the third quarter of 2014. The primary culprit behind the drop was competitive pressures driving prices down for Mylan's EpiPen Auto-Injector.
Currency fluctuations made a negative impact on the company's third-quarter results. On a constant currency basis, Mylan's adjusted total revenue was up 36% instead of the 30% actual increase reported.
Based on the positive third-quarter results, Mylan now expects full-year adjusted earnings to come in at the high end of the$4.15-$4.35 range previously provided.
Looking aheadThe major thing for investors to watch now is Mylan's attempted buyout of Perrigo. Thanks to a decision by the Tel Aviv District Court, Mylan can now move forward with listing its stock on the Tel Aviv Stock Exchange. Perrigo had challenged the listing, because it could make Mylan's hostile takeover attempt easier to pull off. Israeli investors own around 12% of Perrigo.
Mylan thinks that the merger of the two companies presents "exciting growth potential." Perrigo's management team disagrees. The outcome of Mylan's bid impacts the dynamics for the company's immediate and long-term future tremendously. And the clock is ticking: Mylan's offer expires on Nov. 13.
The article Mylan N.V. Posts Strong Q3 Ahead of Attempted Perrigo Buyout originally appeared on Fool.com.
Keith Speights has no position in any stocks mentioned. The Motley Fool recommends Mylan. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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