* Q3 EPS ex-items 32 cents vs 27-cent Wall St view

* Sees FY adjusted EPS of $1.24-$1.28

* Shares rise 4.6 pct (Updates with investor, company comment, adds byline)

By Toni Clarke

BOSTON, Oct 29 (Reuters) - Generic drugmaker Mylan Inc (MYL.O: Quote, Profile, Research) posted better-than-expected third-quarter results on Thursday, helped by acquisition-related cost savings.

The world's No. 3 generic drugmaker raised its full-year outlook, and said it believes it can continue its current momentum into 2010.

Mylan's shares rose 4.6 percent to $16.50.

The company posted a net loss of $40 million, or 13 cents per share, compared with net income of $182.4 million, or 47 cents a share, a year earlier.

Excluding an $83 million charge to settle a federal probe into Medicaid rebates, the company earned 32 cents a share -- 5 cents higher than the average estimate of analysts polled by Thomson Reuters I/B/E/S.