PR Newswire
HERTFORDSHIRE, England and PITTSBURGH, Aug. 6, 2020
HERTFORDSHIRE, England and PITTSBURGH, Aug. 6, 2020 /PRNewswire/ -- Mylan N.V. (NASDAQ: MYL) today announced its financial results for the three and six months ended June 30, 2020.
Second Quarter 2020 Financial Highlights
Six Months Ended June 30, 2020 Financial Highlights
Updated Full Year 2020 Financial Guidance
Mylan is not providing forward-looking guidance for U.S. GAAP reported financial measures or a quantitative reconciliation of forward-looking non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information.
Mylan is tightening its full year guidance within the ranges of the original expectations for both adjusted EBITDA and total revenues. We now expect the overall COVID-19 recovery efforts will occur slower than anticipated and may continue throughout the rest of the year. As a result, we expect total revenues, which absorbed a 2% net decline related to COVID-19 in the first half of the year, to have an overall similar negative impact for the second half of the year. As a result we are tightening our total revenue range to between $11.5 to $12.0 billion. In addition, we are also tightening our adjusted EBITDA guidance range to between $3.30 to $3.70 billion.
(in millions) | | 2020 Updated | | 2020 Updated |
Total Revenues | | $11,500 - $12,000 | | $11,750 |
Adjusted EBITDA | | $3,300 - $3,700 | | $3,500 |
Mylan CEO Heather Bresch commented: "Since the onset of the COVID-19 pandemic, Mylan has remained steadfast in its focus on continuing to protect the health and safety of its workforce while also serving patients and partnering with the global healthcare community in the fight against the disease. Mylan's strong results from the first half of the year demonstrate the resilience of our underlying business, even amidst the current environment, with total revenues of $5.35 billion, an increase of 3% year-over-year on a constant currency basis, and adjusted EBITDA of $1.63 billion, representing an increase of 5%. Looking forward to the remainder of the year, we're tightening our full year guidance within the ranges of our original expectations for both adjusted EBITDA and revenues. On adjusted EBITDA, we expect to be able to substantially maintain our original target for the full year while tightening the range to between $3.3 and $3.7 billion. At the midpoint, this implies slightly less than $1.9 billion of second half adjusted EBITDA, which we expect to be weighted more to the fourth quarter. And on revenue, we're also tightening our full year range to between $11.5 and $12 billion, taking into consideration COVID-19 topline impacts to date and our anticipation that recovery efforts will continue until at least the end of the year. Mylan also continues to progress toward a successful deal close with Pfizer's Upjohn business in the fourth quarter of this year, and I'm proud of all that we continue to achieve as Mylan in order to set up the new company for success in 2021 and beyond."
Mylan President Rajiv Malik added: "The commitment of our employees, especially our front-line workers, has enabled us to maintain supply continuity and strong customer service levels without any meaningful disruption during the first half of 2020. Through leveraging new technologies and virtual tools, our sales force has provided continual support to meet the needs of healthcare professionals and the patients they serve. As we navigate the current environment, we also remain focused on our long-term strategy. Our sustained momentum in achieving key pipeline and biosimilar development program milestones reflects our continued concentration in moving up the science spectrum and bringing to market difficult-to-develop and complex products. We are especially proud of the global biosimilars franchise we have built, as we are approaching $1 billion in expected cumulative biosimilar sales with 90% of this value coming from the last two years."
Mylan CFO Ken Parks added: "In the second quarter, Mylan once again generated strong cash flow taking first half 2020 adjusted free cash flow to $879 million, up 17% from the prior year. This strong cash flow allowed us to repay €500M of maturing debt during the quarter and to reduce leverage to 3.4 times, and marked significant progress toward our target of approximately $1 billion of 2020 debt repayments. Despite overall prevailing market uncertainty, we continue to expect full year adjusted free cash flow generation to be consistent with 2019 levels and remain fully committed to our investment grade credit rating."
RECENT DEVELOPMENTS
LEADERSHIP UPDATE
As previously shared as part of Mylan and Pfizer's Upjohn business combination agreement on July 29, 2019, it was announced that Mylan CFO Ken Parks would depart Mylan upon closing of the pending transaction. Following his completion of the work required under his transition and succession agreement, and his acceptance of a CFO role at another publicly traded company, today Mylan announced that Ken Parks will depart effective September 1, 2020. As also announced in February 2020, Sanjeev Narula, current CFO of Pfizer's Upjohn business will become CFO of Viatris once the new company launches, which is expected to occur in the fourth quarter of this year. Upon Mr. Parks' transition, Paul Campbell, Controller and Chief Accounting Officer of Mylan, will lead Mylan's global finance functions on an interim basis as he has done during previous transitions and pending the anticipated formation of Viatris.
Mylan Executive Chairman Robert J. Coury commented, "On behalf of Mylan's Board of Directors, we would like to thank Ken for all his contributions and accomplishments during his tenure at Mylan. Ken has been a consummate professional and has completed all that was required as part of his transition agreement. We are delighted to wish him well in this next chapter of his career."
Mr. Parks said, "I am proud of what we have accomplished at Mylan, including further enhancing the strength and resiliency of our global platform – all while ensuring a robust financial profile that has enabled a foundation for future success. I wish the best for my Mylan colleagues and look forward to watching Mylan continue to build on this momentum as it works toward the formation of Viatris and beyond. I thank the leadership team and the Mylan Board of Directors for their support over the past four years."
MERIDIAN SUPPLY AGREEMENT
In connection with the Separation and Distribution Agreement, dated as of July 29, 2019, by and between Pfizer Inc. ("Pfizer") and Upjohn Inc. ("Upjohn") (as amended, the "Separation Agreement"), and the Business Combination Agreement, dated as of July 29, 2019, by and among Mylan, Pfizer, Upjohn and certain of their affiliates (as amended, the "Business Combination Agreement"), Pfizer, Upjohn and Mylan previously agreed to review and negotiate a potential transfer of Pfizer's Meridian Medical Technologies business (the "Meridian Business") to Upjohn. The Meridian Business is Mylan's supplier of EpiPen® Auto-Injectors pursuant to an agreement that had an expiration date of December 31, 2020 (the "EpiPen Supply Agreement"). Instead of proceeding with the transfer of the Meridian Business, Pfizer and Mylan agreed subsequent to June 30, 2020 to extend the EpiPen Supply Agreement for an additional four-year period through December 31, 2024, with an option for Mylan (or Upjohn) to further extend the term for an additional one-year period thereafter.
Financial Summary
| Three Months Ended | | Six Months Ended | ||||||||||||||||
| June 30, | | June 30, | ||||||||||||||||
(Unaudited; in millions, except %s) | 2020 | | 2019 | | Percent Change | | 2020 | | 2019 | | Percent Change | ||||||||
Total Revenues (1) | $ | 2,731.2 | | | $ | 2,851.5 | | | (4)% | | $ | 5,350.4 | | | $ | 5,347.0 | | | —% |
North America Net Sales | 1,039.0 | | | 1,023.4 | | | 2% | | 1,994.5 | | | 1,946.3 | | | 2% | ||||
Europe Net Sales | 935.0 | | | 989.6 | | | (6)% | | 1,956.9 | | | 1,884.9 | | | 4% | ||||
Rest of World Net Sales | 721.9 | | | 805.2 | | | (10)% | | 1,332.7 | | | 1,447.6 | | | (8)% | ||||
Other Revenues | 35.3 | | | 33.3 | | | 6% | | 66.3 | | | 68.2 | | | (3)% | ||||
| | | | | | | | | | | | ||||||||
U.S. GAAP Gross Profit | $ | 1,025.7 | | | $ | 932.6 | | | 10% | | $ | 1,931.8 | | | $ | 1,737.8 | | | 11% |
U.S. GAAP Gross Margin | 37.6 | % | | 32.7 | % | | | | 36.1 | % | | 32.5 | % | | | ||||
Adjusted Gross Profit (2) 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 |