One would expect generic U.S. drugmaker Mylan (NYSE: MYL) to benefit from all this talk about increased generic competitions, but revenue only increased 5.2 percent to $1.26 billion on an operational basis, beating analyst revenue estimates of $1.23 billion. Still, revenue in North America, where most pharmas have been hurting, rose 9.2 percent to $502.5 million, helped by new product launches and increased volume.
On an adjusted basis, Mylan posted better-than-expected third-quarter results on Thursday, reporting an earnings per share of 32 cents -- 5 cents higher than the average estimate of analysts polled by Thomson Reuters I/B/E/S. It seems that just like branded pharmas, Mylan benefited from cost cuts. Still, the world's No. 3 generic drugmaker raised its full-year outlook and said it believes it can continue its current momentum into 2010.
Meanwhile, Allergan (NYSE: AGN), keeps owing its success to Botox as the anti-wrinkle drug rebounded and helped offset 11 percent lower sales of medical devices. Allergan's quarterly profit rose 8 percent to $179 million, or 58 cents per share. Excluding special items, it earned 70 cents per share, beating estimates by a penny.
Global sales rose 4.2 percent to $1.13 billion in the quarter, topping analysts' expectations of $1.08 billion. Botox accounted for 29 percent of revenue as its sales rose about 3 percent to $328 million following declines in previous quarters. If Botox sales are any gauge, perhaps the economy is recovering after all.
While Mylan and Allergan have seen investors react positively to their results, this wasn't the case for Novo-Nordisk (NYSE: NVO). Like other pharmas, the world's biggest insulin producer also reported better-than-expected results, but couldn't deliver what investors expected in its outlook going forward.
Quarterly earnings rose 15 percent to 3.81 billion Danish crowns ($759.4 million) in the quarter, beating the average expectation of a rise to 3.60 billion crowns, according to a Reuters poll. Third-quarter sales grew 11 percent to 12.52 billion crowns, missing analysts' average forecast of 12.83 billion.
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