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 16 cents per share.
On average, analysts expected Mylan to earn 10 cents per share on $1.11 billion in revenue, according to Thomson Financial. Analysts' estimates typically exclude one-time charges.
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