Pennsylvania-headquartered pharmaceutical company Mylan has operated with a quarterly loss of $119.8, compared to net profit in the same period of 2015 ($428.6).
Mylan CEO Heather Bresch said that third quarter results were consistent with the full year guidance the company provided a few weeks ago. He said that, during the quarter, the comapany reported strong performance across our European and Rest of World regions, as well as solid performance across its North American region despite challenging year-over-year comparisons due to the significant contribution from new products in last year’s third quarter.
“In our Specialty segment, while EpiPen Auto-Injector scripts grew quarter-over-quarter, volumes were down due to the lack of wholesaler purchases in the quarter in anticipation of our upcoming generic launch.
“Looking ahead, with the underlying strength of our diverse, global business, as well as our ability to execute against our long-term growth drivers, we remain committed to our recently updated full year 2016 adjusted EPS guidance range of $4.70 to $4.90, and to our $6.00 adjusted EPS target in 2018, with targeted growth in the low-teens in both 2017 and 2018. Over the next 18 to 24 months, we will focus on integrating and driving efficiencies across our global platform and we will be considering how best to deploy our capital and leverage our differentiated platform over the longer-term to ensure Mylan’s sustainable growth for many years to come. We look forward to providing a comprehensive business, portfolio and pipeline update at our upcoming Investor Day, which will be held in conjunction with the release of our fourth quarter 2016 earnings.”
Mylan President Rajiv Malik commented, “While our industry continues to evolve, the factors that have always been critical to our success remain constant: maintaining one of the industry’s broadest portfolios; consistent execution of new product launches; and being able to reliably supply significant volumes to our customers. Mylan’s ability to deliver for customers through the strength of our portfolio and pipeline and reputation for quality and reliability continue to make us a partner of choice. Further, given the diversity of our business and strength of our offering to customers, we continue to see pricing across our very broad generics portfolio to be in line with our expectations, with year-over-year price erosion in the mid-single digits, including in the U.S. We continue to anticipate price erosion in the mid-single digits for the remainder of the year.”
Mylan CFO Ken Parks noted that, as of the end of the third quarter, Mylan’s adjusted cash provided by operating activities was $1.9 billion year-to-date, an increase of 19% compared to the prior year period.
Parks said: “We continue to have ample financial flexibility to continue to execute on our business model, improve net leverage, enhance our capital structure and strategically deploy capital for bolt-on opportunities, while maintaining our commitment to an investment grade credit rating. Mylan remains committed to the Euro bond market. Subject to prevailing market conditions, the terms and specific timing are to be determined.”