PITTSBURGH — Sales at generic drug maker Mylan increased by 12% during first quarter 2011, compared with first quarter 2010, the company said Tuesday.
Sales for the three months ended March 31 were $1.45 billion, compared with $1.29 billion during the same period a year ago. Profits, meanwhile, were $104.2 million, compared with $61.1 million in first quarter 2010.
“I am very pleased with our financial results for the first quarter of 2011, which developed much as we expected,” Mylan chairman and CEO Robert Coury said. “Through the previous steps we have taken to strategically diversify our business, not only have we realized the benefits of a well-balanced platform, but we [also] have put ourselves in a position to be able to better absorb the inherent dynamics of the global marketplace, while at the same time delivering accelerated revenue growth and strong bottom-line performance.”
In other news, a federal judge in Washington dismissed Mylan’s lawsuit against the Food and Drug Administration concerning a version of the cholesterol-lowering drug Lipitor (atorvastatin) made by competitor Ranbaxy Labs, according to published reports. Mylan had sued the FDA, arguing that due to safety violations found at Ranbaxy manufacturing plants in India, it and other companies should be allowed to market versions of Lipitor ahead of Ranbaxy’s scheduled launch in November. Bloomberg reported that U.S. District Judge James Boasberg dismissed the claim, saying that Mylan couldn’t sue over a pending application filed by a competitor.