Mylan Pulls Earnings Forecast, Sues FDA

Mylan Laboratories Inc., the largest U.S. maker of generic drugs, withdrew its earnings forecast and sued the Food and Drug Administration after the agency delayed approval of the firm’s version of the Duragesic pain-relief skin patch.

Mylan shares had their biggest one-day drop since October 2001 after the FDA said Johnson & Johnson could continue to have exclusive rights to sell Duragesic until January.

Shares of Canonsburg, Pa.-based Mylan fell $1.56 to $20.86, and New Brunswick, N.J.-based Johnson & Johnson rose 27 cents to $55.64, both on the New York Stock Exchange.