PHARMACEUTICALS

* Mylan Laboratories Inc. said fiscal first-quarter profit fell 44% to $18 million, or 14 cents a share, a penny less than expectations, as sales fell 5.5% to $177.1 million. The generic drug maker also said it expects second-quarter earnings of 20 cents to 25 cents a share, missing analysts’ average estimate of 28 cents. In the latest quarter, Mylan had to slash prices amid increased competition for its anti-anxiety medicine Lorazepam and other drugs, while it sold less of the blood-pressure drug nifedipine because of slower deliveries of supplies from Pfizer Inc. Shares of Pittsburgh-based Mylan closed up $1.06 at $23.74 on the NYSE.

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