Mylan Profits Slump; Company Appoints New CFO

PITTSBURGH (Pittsburgh Post-Gazette/TNS) -

Generic-drug giant Mylan saw first-quarter profits skid 75 percent to $13.9 million from $56.6 million in the same period last year as expenses rose.

On a per share basis, earnings fell 77 percent to 3 cents from 13 cents.

On an adjusted basis, earnings per share rose 9 percent to 76 cents, in line with Wall Street estimates. Adjusted figures exclude amortization expense related to acquisitions completed in 2015 and other items.

Revenue for the quarter climbed 17 percent to $2.19 billion from $1.87 billion.

In trading Tuesday, Mylan shares rose 98 cents, or 2.3 percent, to $43.69.

Mylan, which is reincorporated in the Netherlands but is run from executive offices in suburban Pittsburgh, also announced that it hired Kenneth Parks as its new chief financial officer, replacing the retired John Sheehan. The appointment is effective June 6.

Parks is senior vice president and CFO at Pittsburgh-based Wesco International, a distributor of electric, industrial and other products. He spent the majority of his career at United Technologies Corp. in a variety of U.S. and international finance roles.