Mylan Laboratories Inc. (NYSE: MYL) raised its full year earnings forecast on Tuesday, citing strong sales of its generic drugs and certain new products.
The Pittsburgh-based pharmaceutical firm increased its diluted earnings per share guidance for fiscal 2007, excluding some items, to a range of $1.60 to $1.63 from $1.50 to $1.55.
The firm said its figures do not include contributions from high blood pressure medication amlodipine besylate, a generic version of Pfizerâ€™s Norvasc. The firm is currently awaiting regulatory decisions from the U.S. Food and Drug Administration regarding the drug, which could give Mylan a 180-day period to market it exclusively.
The firm said it saw strong results from multiple products. It also noted that it benefited from no additional competition for its fentanyl transdermal system, a generic version of Johnson & Johnsonâ€™s Duragesic chronic pain medication.
â€œThe recent exclusive launch of amlodipine will furter add to the already record results and gives us significant positive momentum entering the new fiscal year,â€ said chief executive and vice chairman Robert J. Coury in a statement.
Shares of the firm rose 57 cents, or 2.69 percent, to close at $21.77 on the New York Stock Exchange.