Shares of generic drugmaker Mylan rise on better third-quarter, full-year outlook

MarketsAssociated Press

Shares of Mylan jumped nearly 6 percent before the opening bell Friday after the generic drugmaker boosted its outlook for the third-quarter and year.

The company, based in Canonsburg, Pennsylvania, had a better quarter than expected thanks to new drug launches and drug approvals in the U.S.

Continue Reading Below

It now expects third-quarter earnings $1.12 and $1.16 per share. The previous projection from Mylan was for earnings of between 90 and 95 cents per share. Analysts had been expecting earnings of 94 cents per share, according to FactSet.

For the year, Mylan now expects earnings between $3.44 and $3.54 per share, up from its previous forecast range of $3.25 to $3.45 per share. Analysts were looking for earnings of $3.30 per share.

Shares of Mylan Inc. rose $2.61 to $49.11 in premarket trading.