Mylan profit beats as generic sales jump in North America and Europe

(Reuters) - Mylan NV (MYL.O), embroiled in an increasingly bitter takeover attempt for fellow drugmaker Perrigo Co Plc (PRGO.N), posted a better-than-expected quarterly profit on Friday as sales of its generic drugs increased in North America and Europe.

Mylan also said it expected to achieve the high end of its profit forecast of $4.15-$4.35 per share for the year.

The company, which has been pursuing Perrigo to boost its over-the-counter drug business and extend its geographic reach, did not comment on the hostile bid in its earnings statement.

Dublin-based Mylan offered to buy Perrigo in April in a cash-and-stock deal valued then at $29 billion.

Perrigo, which is also based in Ireland, promptly rejected the offer, as well as a later one, and mud-slinging and court cases ensued.

Mylan said on Friday that U.S. District Judge Naomi Reice Buchwald in New York had denied Perrigo's motion for a preliminary injunction to block the closing of any tender offer related to its bid.

The company has also won court approval in Ireland and Israel validating its tender offer for Perrigo.

Mylan has set a Nov. 13 deadline for Perrigo's shareholders to tender their shares.

Mylan's generic drug sales in North America jumped 28 percent to $1.08 billion in the third quarter ended Sept. 30, contributing about 40 percent of total revenue. European generic drug sales surged 79 percent to $629 million.

Net income attributable to shareholders fell to $428.6 million, or 83 cents per share, from $499.1 million, or $1.26 per share, due to higher operating costs and an income tax provision. The per-share figure was affected by a near-30 percent rise in outstanding shares in period.

Excluding special items, Mylan earned $1.43 per share, beating the average analyst estimate of $1.38 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 29 percent to $2.70 billion, but fell short of the average forecast of $2.79 billion.

Mylan's shares were little changed at $45.74 in light premarket trading on Friday.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Savio D'Souza and Ted Kerr)