Aug. 1 (Bloomberg) -- Mylan Inc., the second-biggest U.S. maker of generic drugs, said its 2013 sales will be at the low end of its forecast of $7 billion to $7.4 billion.
Chief Financial Officer John Sheehan blamed foreign currency exchange rates, though he said the company’s sales would still fall within the range it projected this year. The Canonsburg, Pennsylvania-based drugmaker probably will hit its annual earnings forecast of $2.75 to $2.95 a share excluding some items, Sheehan said today at a presentation.
“We are on track to deliver on the guidance and the commitments we made,” Sheehan said.
Mylan has focused on growing its sales through acquisitions and reinvesting cash back into its businesses. Its sales have more than tripled since 2007, when it bought Darmstadt, Germany-based Merck KGaA’s generic business. This year, it announced it would spend $1.6 billion to buy Agila Specialties, an injectable drugs unit, from India’s Strides Arcolab Ltd.
Foreign exchange rates have hurt U.S. drugmaker sales this year. The U.S. dollar gained 2 percent in the second quarter against a basket of other currencies, making U.S.-produced goods more expensive and reducing the value of sales made overseas. Mylan reported its second-quarter earnings earlier today.
Mylan shares rose 1.3 percent to $33.98 at the close in New York. The stock has gained 48 percent in the last 12 months.
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