Mylan Raises Outlook After Better-than-expected Third Quarter

Mylan Inc. on Friday raised its third-quarter and full-year per-share earnings outlook, citing a a stronger-than-expected third quarter that included new drug approvals and launches in the U.S. The drug company said it now expects third-quarter per-share earnings to come in a range of $1.12 to $1.16, up from an earlier range of 90 cents to 95 cents, and well above the current FactSet estimate of 94 cents. The new range includes a 14 cents gain from an agreement with Strides Arcolab, Mylan said in a statement. Full-year per-share earnings are expected to range from $3.44 to $3.54, up from an earlier range of $3.25 to $3.45. The full-year outlook excludes potential launches of generic Copaxone, a multiple sclerosis drug, and generic Lidoderm, a local anesthetic. Mylan shares were not yet active in premarket trade but are up 7.1% in the year to date, outperforming the S&P 500 , which is up just 5.3%.