Mylan Q4 net loss narrows

Published: 25-Feb-2009

Mylan, a developer and marketer of generic, brand and branded generic pharmaceutical products, has reported a net loss available to common shareholders of $40 million, or $0.13 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net loss available to common shareholders of $1.38 billion, or $5.04 per diluted share, for the same period of 2007.

The company reported a net loss available to common shareholders of $320.3 million, or $1.05 per diluted share, for the year ended December 31, 2008, compared to a net loss available to common shareholders of $1.22 billion, or $4.91 per diluted share, for the full year 2007.

The company reported revenues of $1.20 billion for the three months ended December 31, 2008, compared to $1.15 billion for the same period of 2007. For the 12 months ended December 31, 2008, the company reported revenues of $5.14 billion, compared to $2.67 billion for 2007.

Robert Coury, Mylan's vice chairman and CEO, said: Never in Mylan's history has there been a more transformational year than 2008. We successfully combined three high-quality, complementary and industry-leading platforms into one efficient global organization.

We integrated operations, cultivated a talented management team and installed global systems. We also significantly broadened our product portfolio, leveraged our commercial footprint and continued to streamline our cost structure. All of this was achieved while we met or exceeded our stated financial expectations.

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