Mylan Reports Second Quarter 2019 Results

Mylan N.V.(NASDAQ: MYL) today announced its financial results for the three and six months ended June 30, 2019.

Second Quarter 2019 Financial Highlights

• U.S. GAAP diluted loss per ordinary share (“U.S. GAAP EPS”) of $(0.33) as compared to earnings of $0.07 per ordinary share in the prior year period and adjusted diluted earnings per ordinary share (“adjusted EPS”) of $1.03, as compared to $1.07 in the prior year period.
• Total revenues of $2.85 billion, up 2% compared to the prior year period.
• Revenue Highlights:
  • Rest of World segment net sales of $805.2 million, up 5%, up 10% on a constant currency basis.
  • North America segment net sales of $1.02 billion, up 2% on an actual and constant currency basis.
  • Europe segment net sales of $989.6 million, flat, up 6% on a constant currency basis.
• U.S. GAAP net cash provided by operating activities for the three months ended June 30, 2019 of $668.9 million, compared to $430.2 million in the prior year period and adjusted free cash flow for the three months ended June 30, 2019 of $723.7 million, compared to $661.4 millionin the prior year period.
• U.S. GAAP net cash provided by operating activities for the six months ended June 30, 2019 of $629.2 million, compared to $1.05 billion in the prior year period and adjusted free cash flow for the six months ended June 30, 2019 of $750.8 million, compared to $1.33 billion in the prior year period, both driven primarily by an increased investment in working capital.
• 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 CEO Heather Bresch said: “Mylan’s second quarter performance was strong as we delivered or exceeded on expectations across all financial metrics. In addition, based upon our strong execution against our plan, we remain on track to deliver on our 2019 guidance.”

Mylan CFO Ken Parks added, “Mylan continues to generate strong cash flow with approximately $724 million of adjusted free cash flow in the second quarter of 2019, up 9% from the prior year and ahead of our expectations. Our performance highlights our stable and durable cash flow profile and allows us to remain committed to our deleveraging strategy to repay $1.1 billion of debt by the end of 2019. We also remain fully committed to maintaining our investment grade credit rating. For the full year 2019, we are reaffirming our guidance ranges for total revenue of $11.5 billion to $12.5 billion, adjusted EPS guidance range of $3.80 to $4.80 and adjusted free cash flow range of $1.9 billion to $2.3 billion.” – Bio Space