PITTSBURGH Mylan, a generic drug maker, has experienced a fiscal third-quarter-loss due to the $1.27 billion write off of acquired research and development related to acquisitions.
Shares for the company fell $1.41, or 11 percent, to $11.74 during aftermarket electronic trading, after closing down 12 cents at $13.15.
According to published reports, the loss for the quarter ended Dec. 31 totaled $1.38 billion. The company is said to possibly sell specialty business Dey LP. Selling Dey; however, will delay the launch of Perforomist, a treatment for emphysema and chronic bronchitis. This delay is predicted to hurt their earnings by 20 to 25 cents per share in 2008 to 2010.
The company is also planning to discontinue manufacturing and research at its facility in Canada, and stop manufacturing products in Puerto Rico. According to published reports, it will also stop research and development at Gerard Laboratories in Ireland and Spain.