Sector News

Mylan still on the prowl for deals, perhaps one by end 2015

March 3, 2015
Life sciences
(Reuters) – U.S. generic drug maker Mylan Inc is still on the prowl for more deals, after completing the multibillion-dollar acquisition of some of Abbott Laboratories’ non-U.S. businesses just last week.
 
Chief Executive Heather Bresch, on a call after the company posted fourth-quarter results on Monday, raised the prospect of another “material transaction” by the end of 2015. She did not offer details.
 
The company forecast 2015 revenue of $9.6 billion to $10.1 billion and adjusted earnings of $4 to $4.30 per share. Analysts on average expect revenue of $9.8 billion and a profit of $4.16 per share for the year.
 
In February, Mylan, which also sells specialty products, said it would buy privately held Indian drugmaker Famy Care Ltd’s female health businesses.
 
The company said it still expects to launch a generic version of Teva Pharmaceutical Industries Ltd’s top-selling multiple sclerosis drug, Copaxone, in the second half of the year, despite a U.S. Supreme Court ruling in favor of Teva in January.
 
Net profit attributable to the company’s common shareholders rose to $189.2 million, or 47 cents per share, in the fourth quarter, from $180.2 million, or 45 cents per share, a year earlier.
 
Excluding special items, the company earned $1.05 per share, matching the average analyst estimate, according to Thomson Reuters I/B/E/S.
 
Revenue rose 15 percent to $2.08 billion, edging past the Wall Street estimate of about $2.06 billion.
 
The Abbott deal, unveiled in July, allowed Mylan to purchase Abbott’s specialty and generics business in developed markets outside the United States, as well as move its tax address to the Netherlands.
 
Mylan’s stock was marginally down at $56.80 on the Nasdaq in extended trade.
 
(Reporting by Natalie Grover in Bengaluru; Editing by Simon Jennings and Steve Orlofdky)

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