Mylan Inc, which acquired Merck Generics business and Matrix Laboratories, has managed to reduce its net loss to US$ 320 million during the year ended December 2008 from $1,225 million in the previous year. Its net revenue improved by 75 per cent to $4,631 million from $2,647 million. The prior year included only one quarter of contribution from the former Merck Generics business. The Merck Generics contributed revenues of $2.57 billion in 2008. Also included in total revenues for the current year is $468 million of deferred revenue recognized related to the sale of our rights of Bystolic.

The company management reaffirmed adjusted diluted EPS guidance of $0.90 to $1.10 for 2009 and $1.50 to $1.70 for 2010.

Mylan's vice chairman and CEO Robert J Coury commented, "Never in Mylan's history has there been a more transformational year than 2008. We successfully combined three high-quality, complementary and industry-leading platforms into one efficient global organization. We integrated operations, cultivated a talented management team and installed global systems. We also significantly broadened our product portfolio, leveraged our commercial footprint and continued to streamline our cost structure. All of this was achieved while we met or exceeded our stated financial expectations."

Excluding revenue contributed by the former Merck Generics business for both years, and the Bystolic revenue in the current year, total sales for calendar year 2008 were $2.10 billion compared to $1.97 billion.

For calendar year 2008, Generics reported total revenues of $3.91 billion compared to $2.22 billion in calendar year 2007. Total revenues from North America were $1.85 billion for calendar year 2008 compared to $1.68 billion for calendar year 2007, representing an increase of $176.6 million. Excluding revenue contributed from the acquisition of the former Merck Generics business from both periods, total North America revenues increased by $99.8 million or 6.2 per cent. This increase is the result of new product revenue and favorable volume, partially offset by unfavorable pricing. Products launched during calendar year 2008 contributed revenues of $264 million, with paroxetine extended-release and levetiracetam accounting for the majority.

Total calendar year 2008 third-party revenues for EMEA, Asia Pacific and Specialty were $1.52 billion, $537.4 million and $386.0 million, respectively. Matrix reported total revenues of $444.8 million, of which $376.0 million represented third-party sales, compared to total revenues of $389.6 million for calendar year 2007, of which $343.6 million represented third-party sales.