Mylan, Inc. (MYL) is engaged in the development, manufacture, marketing, licensing, and distribution of generic, branded, and branded generic pharmaceutical products, as well as active pharmaceutical ingredients (APIs). With the acquisition of Merck Generics and Matrix Labs, Mylan is now the third largest generic company in the world.We expect the Merck Generics acquisition to allow Mylan to expand its footprints in non-U.S. markets and to contribute significantly to long-term growth. Mylan also announced certain strategic initiatives which should help drive long-term growth. Besides this, Mylan has been working on improving its capital structure, which should help ease concerns regarding its liquidity position.The company's results over the past two quarters exceeded both ours and the Street's expectations. The strong performance should continue going into 2009. We maintain our Hold rating with a target price of $10.Arpita Dutt contributed to this report....

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While we expect Mylan Inc.’s (MYL) acquisition of Merck Generics to contribute to long-term growth, near-term execution risks remain. Mylan announced certain strategic initiatives which should help drive long-term growth. We view these initiatives as steps in the right direction. But the management also stated that they expect 2008-2010 EPS to be negatively impacted by a slower-than-expected new product launch.

The company adjusted EPS guidance for 2008-2010 based on higher expenses, reduced opportunities from patent challenges and the potential sale of its specialty business. We believe that the new guidance should be achievable and we have updated our model based on the guidance. The company expects to conclude the sale of its specialty business later this year - we have removed contributions from this segment from the fourth quarter onwards. We maintain a Hold rating on the stock.

The Merck Generics acquisition will allow Mylan to expand its footprints in

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