Mylan swings to 2Q loss on acquisition costs (AP)

Wednesday August 6, 8:48 am ET Mylan takes 2nd-quarter loss, but sales more than double after Merck generic buyout PITTSBURGH (AP) -- Generic drug maker Mylan Inc. said Wednesday it swung to a loss after buying the generics unit of German drug maker Merck KGaA, although the acquisition allowed Mylan to more than double its second-quarter revenue. Mylan took a loss of $8.4 million, or 3 cents per share, mostly due to costs connected to the buyout. A year ago, Mylan made a profit of $79.8 million, or 32 cents per share. Revenue more than doubled to $1.19 billion from $542.7 million, as the Merck buyout brought Mylan revenue from several overseas markets for the first time. Excluding one-time items related to the buyout, and lower revenue from sales of the hypertension drug Bystolic, the company said it earned $47.6 million, or... [read full story]