Global pharmaceutical company Mylan N.V.’s (NASDAQ: MYL) board of directors today released the following statement:
Over the past decade, Mylan’s Board of Directors and management team have turned Mylan into a leading global platform with a highly-diversified portfolio of products across broad therapeutic areas and geographies. Our long-term strategy and management’s continued execution have consistently served the best interests of all of our stakeholders.
Our international business, in which we expect continued growth, now represents more than 60 percent of the company’s global sales. These global growth expectations are in contrast to the negative trends and dynamics playing out in the US market place – which we believe are unsustainable for the healthcare system over the long-term but which we believe Mylan is uniquely well-positioned to successfully weather and navigate.
Our confidence in the future is bolstered by the fact that the company continues to generate significant, global durable cash flows, enabling us to continue investing in new initiatives for further long-term growth and building on our unique global platform. Over the last several years, the combination of our internal initiatives, outstanding execution, and external M&A strategy have completely diversified and changed the profile of our company by shifting the core from a US-centric operation to a sustainable global presence.
With this said, we believe that the US public markets continue to underappreciate and undervalue the durability, differentiation, and strengths of Mylan’s global diversified business, especially when compared to our peers around the globe. Therefore, while we will continue to execute on our best-in-class, long-term focused sustainable strategy, the board has formed a strategic review committee and is actively evaluating a wide range of alternatives to unlock the true value of our one-of-a-kind platform. The board has not set a timetable for its evaluation of alternatives and there can be no assurance that any alternative will be implemented.
This press release contains forward-looking statements. Such forward-looking statements include, without limitation, the statements that we expect continued growth in our international business, that “Mylan is uniquely well positioned to successfully weather and navigate” the negative trends and dynamics in the US market place, that “Our confidence in the future is bolstered by the fact that the company continues to generate significant, global durable cash flows, enabling us to continue investing in new initiatives for further long-term growth and building on our unique global platform,” and that “we will continue to execute on our best-in-class, long-term focused sustainable strategy.” These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and inherently involve risks and uncertainties. Actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: actions and decisions of healthcare and pharmaceutical regulators; failure to achieve expected or targeted future financial and operating performance and results; uncertainties regarding future demand, pricing and reimbursement for our products; any regulatory, legal, or other impediments to Mylan’s ability to bring new products to market; success of clinical trials and Mylan’s ability to execute on new product opportunities; any changes in or difficulties with our manufacturing facilities, supply chain, or inventory or our ability to meet anticipated demand; the scope, timing, and outcome of any ongoing legal proceedings, including government investigations; changes in relevant tax and other laws, including but not limited to changes in the U.S. tax code and healthcare and pharmaceutical laws and regulations in the United States of America and abroad; any significant breach of data security or data privacy or disruptions to our information technology systems; the ability to protect intellectual property and preserve intellectual property rights; the effect of any changes in customer and supplier relationships and customer purchasing patterns; the ability to attract and retain key personnel; the impact of competition; identifying, acquiring, and integrating complementary or strategic acquisitions of other companies, products, or assets being more difficult, time-consuming, or costlier than anticipated; the possibility that Mylan may be unable to achieve expected synergies and operating efficiencies in connection with strategic acquisitions or restructuring programs within the expected time-frames or at all; and other uncertainties and matters beyond the control of management, including but not limited to general political and economic conditions and global exchange rates.
– Medical Buyer Bureau