Sharechat Logo

Mylan’s New Zealand unit boosts profit by two thirds as sales growth outpaces costs

Tuesday 18th June 2013

Text too small?

Mylan New Zealand, the local unit of the world’s third-largest generic-drug maker, boosted profit by two-thirds last year as sales growth outpaced expenses.

Profit rose 62 percent to $9.4 million in the 12 months ended Dec. 31, the Auckland-based company said in accounts filed with the Companies Office. Revenue jumped 18 percent to $54.7 million while the cost of sales advanced 10 percent to $35.6 million, according to the company accounts.

Mylan New Zealand managing director Lloyd Price declined to comment on the accounts. The local unit is one of New Zealand’s largest pharmaceutical companies and specialises in generic lines, according to its website.

Canonsburg, Pennsylvania-based Mylan increased total revenue 11 percent to US$6.8 billion in 2012 and said sales may rise by as much as 9 percent this year. Sales have been boosted in recent years as lacklustre economic growth spurred demand for lower-cost health options including generic versions of drugs. 

The New Zealand unit benefited from a $147,000 foreign exchange gain last year, compared with a $123,000 loss in 2011, the accounts show. The New Zealand dollar appreciated about 6.3 percent over the year against the US dollar.

Mylan ranks behind Novartis’s generic arm Sandoz and Teva Pharmaceuticals Industries in global sales of generic drugs. The company’s Nasdaq-listed shares have gained 15 percent this year, valuing Mylan at US$12.02 billion.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports