Mylan sales down due to currency exchange rates

PITTSBURGH — Mylan experienced a slight dip in sales in its third quarter, due primarily to fluctuating currency values, the generic drug maker said Thursday.

The Pittsburgh-based company said sales were essentially flat when excluding the effects of currency values, which resulted in $1.77 billion in sales, compared with $1.8 billion in third quarter 2012. For the first nine months of the year, sales were $5.1 billion, compared with $5.07 billion during the first nine months of 2012. Profits for the quarter were $159.4 million, compared with $212.09 million last year. Under a plan authorized by Mylan's board, the company plans to repurchase up to $500 million worth of stock.

"Mylan's third quarter performance continued to demonstrate the momentum and stability of our core business and our ability to leverage the strength and diversity of our global platform," Mylan CEO Heather Bresch said. "Coming off an exceptional year in 2012 for both Mylan and our industry, we delivered double-digit constant currency growth in our Asia Pacific and [Mylan Specialty] businesses and saw continued strength in Europe."