Mylan said it earned $129.1 million, or 30 cents per share, in the first quarter. That's up from $104.2 million, or 23 cents per share, in the first quarter of 2011. The company said its profit totaled 52 cents per share if one-time items like restructuring and amortization costs are excluded. Its revenue rose 10 percent, to $1.59 billion from $1.45 billion.
Analysts were forecasting a profit of 50 cents per share and $1.58 billion in revenue, according to FactSet.
Mylan said sales of generic drugs rose 5 percent to $1.41 billion. Mylan started selling a low-cost version of Lexapro on Feb. 29. It makes the authorized generic version of the drug under the terms of a deal with Forest Laboratories Inc. Mylan said revenue from specialty drugs climbed 67 percent to $162.3 million. The company handles the U.S. marketing of Pfizer Inc.'s EpiPen, a pre-filled syringe that is used to treat severe allergic reactions.
Mylan said its sales in North America rose 15 percent and revenue from the Asia-Pacific region grew 8 percent. Revenue from Europe, the Middle East, and Africa fell by a combined 14 percent.
Mylan and Pfizer said they said it settled patent litigation with competitor Teva Pharmaceutical Industries Ltd., which wants to sell a generic version of EpiPen. Teva, the biggest generic drug company in the world, agreed not to start selling its version of the product until June 22, 2015. Teva's generic has not been approved by the Food and Drug Administration.
Mylan backed its 2012 profit forecast of $2.30 to $2.50 per share. Analysts are expecting $2.41 per share on average.
On Tuesday Mylan's competitor Watson Pharmaceuticals said it will buy Actavis of Switzerland for about $5.6 billion. Watson said the combined company should be the third-largest generic drugmaker in the world, just ahead of Mylan and behind Teva and Novartis AG's Sandoz unit.
Shares of Mylan lost 27 cents to $21.93 in midday trading.