Mylan First Quarter 2014 Adjusted Diluted EPS Increases 6% to $0.66

A tabular summary of Mylan's revenues for the three months ended March 31, 2014 and 2013 is included at the end of this release. As previously disclosed, beginning in 2014, the regions within the Generics segment have been revised to North America, Europe and Rest of World. The Rest of World region includes the former Asia Pacific region, Brazil and the export sales to emerging markets, which were previously included in the EMEA and North America regions within the Generics segment. A summary of the Generics segment's 2013 total third party net sales and total revenues recast for the change in its geographic regions noted above is included at the end of this release. This change had no impact on Mylan's segment reporting. Also included at the end of this release are the reconciliations of Non-GAAP financial measures to the directly comparable GAAP financial measure.

Third party net sales from Mylan's Generics segment were $1.51 billion in the three months ended March 31, 2014, compared to $1.41 billion in the comparable prior year period, representing an increase of $100.5 million, or 7.1%. Foreign currency had an unfavorable impact on third party net sales for the current year. When excluding the unfavorable effect of foreign currency translation, Generics third party net sales for the current year would have increased by approximately $134 million, or 10% when compared to the prior year period.

Third party net sales from North America were $782.2 million for the three months ended March 31, 2014, compared to $731.5 million for the comparable prior year period, representing an increase of $50.7 million, or 6.9%. The increase in current quarter third party net sales from North America, totaling approximately $124 million in the first quarter of 2014, was principally due to sales from new products, and to a lesser extent, revenue from acquired businesses, partially offset by lower pricing and volume on existing products. The effect of foreign currency translation was insignificant within North America.

Third party net sales from Europe were $355.9 million for the three months ended March 31, 2014, compared to $348.5 million for the comparable prior year period, representing an increase of $7.4 million, or 2.1%. This increase was due to the favorable impact of foreign currency translation for the three months ended March 31, 2014, as translating current third party net sales from Europe at prior year comparative period exchange rates resulted in a decrease in third party net sales in Europe of approximately 2%. This decrease in constant currency third party net sales in Europe was principally the result of unfavorable pricing in a number of European markets.

Third party net sales from the Rest of World were $370.2 million for the three months ended March 31, 2014, compared to $327.8 million for the comparable prior year period, an increase of $42.4 million, or 12.9%. Foreign currency translation had an unfavorable impact on sales, principally reflecting the significant strengthening of the U.S. Dollar versus the Indian Rupee, Australian Dollar and Japanese Yen. When excluding the unfavorable effect of foreign currency translation, third party net sales from the Rest of the World would have increased by approximately $87 million, or 27%. This increase is primarily driven by higher revenues from Mylan India, as a result of increased sales in the antiretroviral franchise, which manufactures products used in the treatment of HIV/AIDS, and to a lesser extent, revenue from acquired businesses. Additionally, local currency third party net sales in Japan increased as a result of higher volumes and new product introductions. In Australia, local currency third party net sales were essentially flat versus the comparable prior year period as increased volumes on existing and new products offset continued unfavorable pricing trends.

For the three months ended March 31, 2014, Mylan's Specialty segment reported third party net sales of $194.7 million, a decrease of $16.9 million, or 8.0%, from the comparable prior year period of $211.6 million. The decrease was the result of lower sales of the EpiPen® Auto-Injector, as a result of lower volumes due to a decline in wholesaler inventory levels during the quarter, only partially offset by favorable pricing. Third party net sales in the Specialty segment were also negatively impacted in the current period as a result of the discontinuation of a contract manufacturing agreement unrelated to the EpiPen® Auto-Injector. Offsetting these declines, sales of the Perforomist® Inhalation Solution increased from the comparable prior year period as a result of favorable pricing and volume.

Gross profit for the three months ended March 31, 2014, was $737.8 million and gross margins were 43.0%. For the three months ended March 31, 2013, gross profit was $693.5 million, and gross margins were 42.5%. Adjusted gross profit, as further defined below, for the three months ended March 31, 2014 was $865.6 million and adjusted gross margins were 50% as compared to adjusted gross profit of $796.5 million and adjusted gross margins of 49% in the comparable prior year period. Adjusted gross margins were positively impacted in the current year as a result of higher margins on new products. These increases were partially offset by unfavorable pricing on existing products, including products launched in the prior year.

Earnings from operations were $239.0 million for the three months ended March 31, 2014, compared to $213.8 million for the comparable prior year period. Adjusted earnings from operations, as further defined below, for the three months ended March 31, 2014 were $396.0 million as compared to adjusted earnings from operations of $383.0 million in the comparable prior year period. This increase was driven by favorable gross margins, as discussed above. Partially offsetting higher gross margins was increased SG&A. The increase in SG&A in the current year is principally due to an increase in marketing costs.

Interest expense for the three months ended March 31, 2014, totaled $82.7 million, compared to $78.0 million for the comparable prior year period. The increase in the current year is principally due to higher interest expense related to clean energy investments and non-cash accretion of contingent consideration liabilities. Adjusted interest expense, as further defined below, for the three months ended March 31, 2014 was $63.4 million as compared to adjusted interest expense of $62.6 million in the comparable prior year period. Lower average borrowing rates served to offset the increase in interest expense from higher long-term debt.

Other (expense) income, net, was expense of $4.6 million for the three months ended March 31, 2014 compared to income of $3.4 million for the comparable prior year period. Other (expense) income, net for 2014 includes losses from equity affiliates, foreign exchange gains and losses and interest and dividend income.

Net earnings attributable to Mylan Inc. increased by $9.0 million, or 8.4%, to $115.9 million for the three months ended March 31, 2014 as compared to $106.9 million for the prior year comparable period. Adjusted net earnings increased $14.5 million, or 5.9%, to $260.4 million for the three months ended March 31, 2014 as compared to adjusted net earnings of $245.9 million for the prior year comparable period.

EBITDA, which is defined as net income (excluding the non-controlling interest and losses from equity method investees) plus income taxes, interest expense, depreciation and amortization, was $392.4 million for the three months ended March 31, 2014 and $350.5 million for the comparable prior year period. After adjusting for certain items as further detailed in the reconciliation below, adjusted EBITDA was $459.7 million for the three months ended March 31, 2014 and $443.4 million for the comparable prior year period.

Cash Flow

Adjusted cash provided by operating activities was $286 million for the three months ended March 31, 2014, compared to $90 million for the comparable prior year period. The increase in adjusted cash provided by operating activities from the prior year is the result of an improvement in cash provided by accounts receivable reflecting the timing of sales, cash collections and disbursements related to sales allowances. On a GAAP basis, cash provided by operating activities was $268 million for the three months ended March 31, 2014, compared to $88 million for the comparable prior year period. Capital expenditures were approximately $72 million in the current year as compared to approximately $53 million in 2013. The increase in capital expenditures as compared to 2013 is the result of expenditures to expand our global operating platform, including capital investments in our strategic growth drivers.

Non-GAAP Financial Measures

This press release includes the presentation and discussion of certain financial information that differs from what is reported under accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures, including, but not limited to, adjusted diluted EPS, adjusted cash provided by operating activities, adjusted gross profit, adjusted gross margins, adjusted earnings from operations, adjusted interest expense, adjusted net earnings, constant currency total revenue, constant currency third party net sales, EBITDA and adjusted EBITDA, are presented in order to supplement investors' and other readers' understanding and assessment of the Company's financial performance. Management uses these measures internally for forecasting, budgeting and measuring its operating performance. In addition, primarily due to acquisitions, Mylan believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. In addition, the Company believes that including EBITDA and supplemental adjustments applied in presenting adjusted EBITDA pursuant to our credit agreement is appropriate to provide additional information to investors to demonstrate the Company's ability to comply with financial debt covenants (which are calculated using a measure similar to adjusted EBITDA) and assess the Company's ability to incur additional indebtedness. Set forth below, Mylan has provided reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable GAAP measures set forth below, and investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as a superior measures to, the measures of financial performance prepared in accordance with GAAP.

Below is a reconciliation of GAAP net earnings attributable to Mylan Inc. and GAAP diluted EPS to adjusted net earnings attributable to Mylan Inc. and adjusted diluted EPS for the three months ended March 31, 2014 and 2013 (in millions, except per share amounts):

Below is a reconciliation of GAAP net earnings attributable to Mylan Inc. to EBITDA and adjusted EBITDA for the three months ended March 31, 2014 and 2013 (in millions):

	Three Months Ended
	March 31,
	2014			2013
GAAP net earnings attributable to Mylan Inc.	$	115.9		$	106.9 Werbung Mehr Nachrichten zur Mylan Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 28.04.24 - wallstreet:online ... IWF-Analyse: Erholung in Euro-Land? Nur mit mehr Synergie und weniger Kleinstaaterei! 28.04.24 - dpa-AFX Rüstungsfirmen gründen Projektgesellschaft für neues Kampfpanzersystem Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59