HERTFORDSHIRE, ENGLAND and PITTSBURGH, Oct. 30, 2015 /PRNewswire/ -- Mylan N.V. (Nasdaq: MYL) today announced its financial results for the quarter ended September 30, 2015.
Third Quarter 2015 Highlights
- Adjusted total revenues of $2.71 billion, up 36% on a constant currency basis versus the prior year period. GAAP total revenues of $2.70 billion.
- Excluding the impact of the acquisition of Abbott’s non-U.S. developed markets specialty and branded generics business (“EPD Business”), adjusted total revenues increased 14% on a constant currency basis, reflecting the continued strength in our legacy business. Foreign currency exchange rates unfavorably impacted adjusted total revenues in Q3 by $122 million.
- Generics segment adjusted third party net sales of $2.26 billion, up 48% on a constant currency basis. GAAP Generics segment third party net sales of $2.24 billion. Excluding the EPD Business, Generics segment adjusted third party net sales increased 19% on a constant currency basis. Both including and excluding the EPD Business, all regions in the generics segment showed positive growth.
- Specialty segment third party net sales of $437.8 million, down 5%
- Adjusted gross profit of $1.58 billion, up 39%; GAAP gross profit of $1.32 billion, up 30%
- Adjusted gross margin of 58%, up 400 basis points; GAAP gross margin of 49%, flat
- Adjusted diluted earnings per ordinary share (“EPS”) of $1.43, up 23%; GAAP diluted EPS of $0.83, down 34%
- Adjusted cash provided by operating activities for Q3 of $1.13 billion, up 139%; GAAP net cash provided by operating activities for Q3 of $975 million, up 122%
- Adjusted free cash flow for Q3 of $1.04 billion, up 158%
Mylan CEO Heather Bresch commented, “Our outstanding third quarter results underscore the diversity of Mylan’s platform and organic growth capabilities, which allows us to successfully identify and integrate strategic acquisitions and drive sustainable long-term growth and shareholder value creation. With our business continuing to hit on all cylinders, as well as the recent developments with respect to EpiPen® Auto-Injector, we are expecting to be at the high end of our 2015 guidance of $4.15 to $4.35 in adjusted diluted EPS.”
Mylan CFO John Sheehan added, “Mylan’s exceptional third quarter results reflect double digit growth in our legacy business as well as enhanced double digit growth with the addition of the EPD Business. As of the end of the third quarter, our debt to adjusted EBITDA leverage was 2.0 times and our adjusted cash provided by operating activities was an impressive record of $1.62 billion year-to-date. Mylan continues to have ample borrowing capacity and financial firepower to execute on strategic opportunities while maintaining our commitment to an investment grade credit rating.”
Adjusted Total Revenues | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
(Unaudited; in millions) | 2015 | 2014 | Percent Change | ||||||
Adjusted Total Revenues* | $ | 2,712.3 | $ | 2,084.0 | 30% | ||||
Generics Adjusted Third Party Net Sales* | 2,255.5 | 1,607.4 | 40% | ||||||
North America | 1,079.6 | 841.8 | 28% | ||||||
Europe (adjusted)* | 629.0 | 351.5 | 79% | ||||||
Rest of World | 546.9 | 414.1 | 32% | ||||||
Specialty Third Party Net Sales | 437.8 | 462.0 | (5)% | ||||||
Other Revenues | 19.0 | 14.6 | 30% | ||||||
*For the three months ended September 30, 2015, GAAP total revenues were $2,695.2 million, GAAP Generics third party net sales were $2,238.4 million and GAAP third party net sales from Europe were $611.9 million. Refer to the non-GAAP reconciliations for the third party net sales from Europe, Generics third party net sales and total revenues in the non-GAAP financial measures for the directly comparable GAAP financial measures. | |||||||||
Generics Segment Revenues
Genericssegment adjusted third party net sales were $2.26 billion for the quarter, an increase of 40% when compared to the prior year period. GAAP Generics segment third party net sales were $2.24 billion. When translating adjusted third party net sales for the current quarter at prior year comparative period exchange rates (“constant currency”), adjusted third party net sales increased by 48%.
- Third party net sales from North America were $1.08 billion for the quarter, an increase of 28% when compared to the prior year period. This increase was primarily driven by net sales from new products, and to a lesser extent, net sales from the acquired EPD Business of approximately $42 million. Also contributing to the increase were higher volumes on existing products, partially offset by lower pricing. The effect of foreign currency translation on third party net sales was insignificant in North America.
- Adjusted third party net sales from Europe were $629.0 million for the quarter, an increase of 79% when compared to the prior year period. GAAP third party net sales from Europe were $611.9 million. Excluded from adjusted revenues during the quarter is a one-time customer incentive of $17.1 million that was provided in Europe as a result of the acquired EPD Business. Constant currency adjusted third party net sales increased by 95%. This increase was primarily driven by net sales from the acquired EPD Business of approximately $314 million, and to a lesser extent, net sales from new products. Higher volumes on existing products, primarily in France and Italy, were offset by lower pricing throughout Europe.
Third party net sales from Rest of World were $546.9 million for the quarter, an increase of 32% when compared to the prior year period. Constant currency third party net sales increased by 47%. This increase was primarily driven by net sales from the acquired EPD Business of approximately $105 million, new product launches in Australia and Japan and higher third party net sales volumes in India, predominately from growth in our anti-retroviral franchise, and Brazil.
To read full press release, please click here.
Help employers find you! Check out all the jobs and post your resume.
