Mylan (MYL) Earnings Report: Q4 2015 Conference Call Transcript · 2016. 2. 11. · Mylan (MYL) Earnings Report: Q4 2015 Conference Call Transcript The following Mylan conference

CompanyName:MylanNVCompanyTicker:MYLSector:HealthCareIndustry:Drugs

EventDescription:Q42015EarningsCallMarketCapasofEventDate:24.95BPriceasofEventDate:50.54

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Mylan(MYL)EarningsReport:Q42015ConferenceCallTranscriptThefollowingMylanconferencecalltookplaceonFebruary10,2016,04:30PMET.Thisisatranscriptofthatearningscall:

CompanyPart icipants

KrisKing;MylanNV;VPofGlobalIRHeatherBresch;MylanNV;CEOTonyMauro;MylanNV;ChiefCommercialOfficerJohnSheehan;MylanNV;EVP&CFORajivMalik;MylanNV;President

OtherPart icipants

ChrisSchott;JPMorgan;AnalystJamiRubin;GoldmanSachs;AnalystRonnyGal;Bernstein;AnalystGreggGilbert;DeutscheBank;AnalystDavidRisinger;MorganStanley;AnalystDouglasTsao;BarclaysCapital;AnalystSumantKulkarni;BofAMerrillLynch;AnalystMarcGoodman;UBS;AnalystElliotWilbur;Needham&Company;AnalystAndrewFinkelstein;SusquehannaFinancialGroup/SIG;AnalystTimChiang;BTIG;Analyst

MANAGEMENTDISCUSSIONSECTION

Operator :

WelcometoMylan'sconferencecalldiscussing2015earnings,andtheproposedacquisitionofMedaAB.

(OperatorInstructions)

Asareminder,today'sprogramisbeingrecorded.

Iwouldnowliketointroduceyourhostfortoday'sprogram,KrisKing,VicePresident,GlobalInvestorRelations.Pleasegoahead.

KrisKing (VPofGlobalIR):

Thankyou,Operator.

Goodafternoon,everyone.WelcometoMylan'sconferencecalldiscussingour2015earnings,2016guidance,andourproposedacquisitionofMedaAB,whichIwillrefertoastheproposedtransaction.Joiningmefortoday'scallareMylan'sChiefExecutiveOfficer,HeatherBresch;President,RajivMalik;ExecutiveVicePresidentandChiefFinancialOfficer,JohnSheehan;andChiefCommercialOfficer,TonyMauro.




Duringtoday'scall,wewillbemakingforward-lookingstatements.Suchforward-lookingstatementsmayincludewithoutlimitation,statementsabouttheproposedtransaction;Mylan'srelatedpublicoffertotheshareholdersofMedatoacquirealltheoutstandingsharesofMeda,whichIwillrefertoastheoffer;Mylan'sacquisition,whichI'llrefertoastheEPDtransactionofMylanInc.

AndAbbottLaboratoriesnon-USdevelopedmarketsspecialtyandbrandedgenericsbusiness,whichIwillrefertoastheEPDbusiness;thebenefitsandsynergiesoftheproposedtransactionandtheEPDtransaction;futureopportunitiesforMylan,MedaorthecombinedCompanyandproducts;andanyotherstatementsregardingMylan's,Meda'sorthecombinedCompany'sfutureoperations,anticipatedbusinesslevels,futureearnings,plannedactivities,anticipatedgrowth,marketopportunities,strategies,competitionandotherexpectationsandtargetsforfutureperiods.

Becauseforward-lookingstatementsinherentlyinvolverisksanduncertainties,actualfutureresultsmaydiffermateriallyfromthoseexpressedorimpliedbysuchforward-lookingstatements.

Factorsthatcouldcauseorcontributetosuchdifferencesinclude,butarenotlimitedto,uncertaintiesrelatedtotheproposedtransactionandoffer,andtheconsummationthereof,theabilitytomeetexpectationsregardingtheaccountingandtaxtreatmentsoftheEPDtransactionandtheproposedtransaction,changesinrelevanttaxandotherlaws,theintegrationofMedaandtheEPDbusinessbeingmoredifficult,time-consumingorcostlythanexpected,operatingcosts,consumerlossandbusinessdisruptionbeinggreaterthanexpectedfollowingtheproposedtransactionandtheEPDtransaction.

Theimpactofcompetition,situationswherewemanufacturemarketand/orsellproducts,notwithstandingunresolvedallegationsofpatentinfringement,anyregulatory,legalorotherimpedimentstoourabilitytobringnewproductstomarket,anychangesand/ordifficultieswithourinventoryof,orourabilitytomanufactureanddistributetheEpiPenAuto-Injectortomeetanticipateddemand,thosesetforththatareforward-lookingstatementsintoday'searningsrelease,andtheriskfactorssetforthinMylanNV'squarterlyreportsonForm10-QforperiodsendedinMarch31,2015,andJune30,2015,aswellasourotherfilingswiththeSEC.

TheserisksanduncertaintiesalsoincludethoserisksanduncertaintiesthatwillbediscussedintheofferdocumenttobefiledwiththeSwedishFinancialSupervisoryAuthority.TheregistrationstatementonFormS-4tobefiledwiththeSEC,andtheEUprospectustobefiledwiththeNetherlandsAuthorityforthefinancialmarkets,oranothercompetentEUauthority.

Exceptasrequiredbyapplicablelaw,weundertakenoobligationtoupdateanystatementsmadetoday,whetherasaresultofnewinformation,futureeventsorotherwise.Today'scallshouldbelistenedtoandconsideredinitsentirety,andunderstoodtospeakonlyasoftoday'sdate.Inaddition,wewillbereferringtocertainactualandprojectedfinancialmetricsofMylanonanadjustedbasis,whicharenon-GAAPfinancialmeasures.

Thesenon-GAAPmeasuresarepresentedinordertosupplementyourunderstandingandassessmentofourfinancialperformance.Pleaserefertotoday'searningsreleaseandthepresentationusedduringtoday'scall,bothofwhichwillbeavailableonourwebsite,astheycontaindetailedreconciliationsofthesenon-GAAPfinancialmeasurestothemostdirectlycomparableGAAPfinancialmeasure.

BeforeIturnthecallovertoHeather,letmealsoremindyouthatthematerialinthecall,withtheexceptionoftheparticipantquestions,isthepropertyofMylan,andcannotberecordedorrebroadcastwithoutMylan'sexpressedwrittenpermission.Anarchivedcopyoftoday'scallwillbeavailableonourwebsite,andwillremainavailableforalimitedtime.Withthat,I'llnowturnthecallovertoHeather.

HeatherBresch (CEO):




Thankyou,Kris,andgoodafternoon,everyone.Thanksforjoiningus.Wehavealotofgreatnewstosharewithyoutoday.We'llbediscussingtheMedatransaction,reviewinghighlightsfrom2015,andprovidingguidancefor2016,withorwithoutMeda,giventhatweexpecttoclosebytheendofQ3thisyear.

Turningfirsttothetransactionwejustannounced,wehaveagreedtoacquireMeda,aleadinginternationalspecialtypharmaceuticalcompanyviaarecommendedpublicoffer,andatransactionvaluedat$9.9billion.Wearereceiving,includingsynergiesapproximately$1.1billioninEBITDA.InadditiontotheMedaBoard'srecommendation,IampleasedthatMeda'stwolargestshareholders,representingapproximately30%ofoutstandingshares,haveirrevocablycommittedtotenderintotheoffer,andintendtoremainlong-termshareholdersofthecombinedCompany.

ThestrategicrationaleforacombinationofMylanandMedahaslongbeenveryclear.Inadditiontobeingpartnerssince2011onEpiPeninEurope,wehavehadnumerousdiscussionsovertheyearsaboutotherwaystocollaborate,includingourproposaltoacquirethecompanyin2014.Since2014,therationaleforthiscombinationhasonlybeenfurtherenhancedbyMeda'sacquisitionofRottapharmandouracquisitionofEPD,withtheabilitytoleveragethisinfrastructureespeciallyinEuropeandemergingmarkets.

Thiscombinationcontinuestoacceleratetheexecutionofthevisionandstrategywelaidoutoveradecadeago.Theglobalcompetitivenessofourindustryandconsolidationofourcustomerbasecontinuestodrivetheimportanceofscale.Andthiscombinationcreatesaglobalpharmaceuticalleader,with2015combinedrevenuesof$11.8billion,andadjustedEBITDAof$3.8billion,aportfoliomorethan2,000productsandcriticalmassacrossallcommercialchannelsincludinga$1billionOTCbusiness.

Byofferingoneoftheindustry'sbroadestportfoliosofproducts,acrossallcustomerchannelsincludingRx,Gx,andOTC,we'llbeabletomeanevenmoretoourcustomers,whichisincreasinglyimportantinlightoftheevolvingpayeranddistributorenvironment.Geographically,wegainamorebalancedandexpandedglobalfootprintwithanevenstrongerpresenceacrossEurope,aleadingUSspecialtybusiness,andanexpandedpresenceinemergingmarkets,includingseveralnewandattractiveones,suchasChina,SoutheastAsia,Russia,theMiddleEastandMexico.

Together,wewillalsobecomealeaderintheglobalrespiratoryallergymarketandachievescaleinmanyothertherapeuticareas,includingdermatologyandpain,offeringusevengreateropportunitiesforgrowthinthesecategories.Asyouknow,wehavealwaysbeenveryactiveandlookingatvariousopportunities.WerevisitedtheMedaopportunitythispastsummerandcontinuedconversationsthroughoutthefall.Duringthistime,thefundamentalsandtheinherentvaluefromthiscombinationbecomeevenmoreapparent,themorewedugintothebusinessduringduediligence,leadingtoourannouncementtoday.Thiscombinationwillcreatetremendousvalueforourshareholders,aswellasotherstakeholders.

Onacashflowbasis,at12.9times2015adjustedEBITDA,and8.9timesadjustedEBITDAwithsynergies,weexpecttoachievesubstantialannualoperationalsynergiesofapproximately$350millioninyearfour.Webelievewearepayinganattractivemultiplethatisinlinewithmarketprecedentsforsuchscarcehigh-qualityassets.ThetransactionisexpectedtobeimmediatelyaccretivetoMylanearnings,withaccretionincreasingsignificantlyafterthefirstfullyear,2017,assynergiesarerealized.

Mostimportantly,thetransactioncreatestheopportunitytoachieve$0.35to$0.40accretionin2017,andtoaccelerateachievementofourpreviouslystated$6.00adjusteddilutedEPStargetto2017versus2018.WeexpecttoseeacceleratedearningsandEBITDAgrowthgoingforward,aswellassubstantialcashflowsandenhancedmargin.Evenwiththefinancialcommitmenttothistransaction,westillhaveamplefinancialflexibilityforbusinessdevelopmentactivities,foradditionalsharebuyback,allwhile




keepingourcommitmenttoinvestmentgrade.

Givingourlonghistorytogether,weknowMeda'sbusiness,theirpeople,andtheircultureextremelywell,andwebelievethatwewillbeabletoquicklyandsmoothlyintegratethisbusiness.Ilookforwardtoworkingwith,andwelcomingMeda'sleadershipteam,andtalentedworkforcetoourorganization.Theyhavebuiltaterrificcompany,andIbelievewewillbeabletoachievegreatthingstogether.

Withthat,letmeturnnowtothehighlightsofourperformanceduring2015.Mylanagain,hadanoutstandingyear,deliveringexceptionalfinancialresults,whilecontinuingtoexecuteonourlong-termgrowthdrivers.Onthetopline,wegeneratedadjustedtotalrevenuesofapproximately$9.4billion,despiteconsiderableFXheadwinds,representingayear-over-yearconstantcurrencyincreaseof28%.

Onthebottomline,adjusteddilutedEPScameinat$4.30,a21%year-over-yearincrease,evenafterabsorbing$0.11ofFXheadwind,whichputusatthehighendofourguidancerange.Wealsohadarecordyearwithrespecttocash.Adjustedfreecashflowmorethandoubled,andadjustedfreecashflowstoodat87%ofadjustednetincome.

Inaddition,weclosedontwostrategicacquisitionsduringtheyear.FirstwasAbbott'sEPDbusiness,whichhassurpassedourgrowthexpectation,andhasproventobeasolidrevenuecontributor.Second,wastheFamyCaretransaction,throughwhichwearenowwellonourwaytocreatingaleadingwomen'shealthcarefranchise.Alsonoteworthyduring2015,wasthefurtherstrengtheningofourEpiPenfranchise,andourcontinuedeffortstoincreaseawarenessandexpandaccesstotheanaphylaxismarket.

Onepointofnote,whilewesawhighersalesofEpiPenduetohighervolumesthatresultedinpartfromtheAuvi-Qrecall,wesawthesamenetpayerpricingdynamicsthatexistedthroughout2015,andwedon'texpectmaterialchangestotheenvironmentin2016.Wealsocontinuedtomakegoodprogressacrossourstrategicgrowthdrivers.Inourrespiratoryprogram,werecentlyannouncedthatwesubmittedourANDAforgenericAdvair.Weareextremelyexcitedaboutthisopportunity,andwecontinuetobelievethatMylanwillbethefirstcompanytobringgenericAdvairtotheUSmarketin2017.

InbuildingonoursuccessfulBioconpartnership,weannouncedearlierthisyearanexclusiveglobalagreementwithMomentathatexpandsourportfolioofbiologics,withuptosixadditionalproducts,andbroadensthescopeandscaleofourcapability.ThecombinationofthisprogramandourBioconpartnershippositionsMylanasaworldwideleaderinthebiologicsspace.

Insummary,2015underscoresthepoweroftheexceptionalglobalplatformwe'vebuiltandourabilitytoabsorbvolatilityandmaximizeopportunity.ItalsoreflectsthesuperbexecutionandteamworkbyMylan'semployeesaroundtheworld.AndonbehalfoftheBoardofDirectorsandourentireleadershipteam,I'dliketothankthemforanoutstandingyearandajobverywelldone.

Nowturningto2016,welookforwardtodeliveringyetanotheryearofoutstandingfinancialperformance.Onthetopline,weexpectgrowthofapproximately16%,comparedto2015,andaguidancerangeof$10.5billionto$11.5billion.Onthebottomline,weexpectgrowthofapproximately16%yearoveryear,withguidancerangeforadjusteddilutedEPSof$4.85to$5.15.

Ourguidancerangesincludeaquarter'sworthofcontributionfromMeda;however,wearealsocommittedtotheserangeswithoutMeda.Andasmentionedearlier,weseeopportunitytoacceleratetheachievementofour$6adjusteddilutedEPStargetto2017.

I'dnowliketotakeaminutetothankJohn.He'sretiringfromMylanonApril1,forhisservicetoourCompany.Duringhissixyearswithus,JohnhelpedshapetheCompany'songoingtransformationintoagloballeaderinhealthcare.Weareallwishinghimtheverybestasheentersthisnewchapterofhislife.




BeforeIturnthecallovertoTony,I'dalsoliketotakeamomenttocongratulatehimonbeingappointedMylan'sChiefCommercialOfficer,whichbecameeffectiveearlierthisyear.TonyhasbeenwiththeCompanyfornearly20years,andmostrecentlysuccessfullyledourlargestcommercialbusiness,theNorthAmericanregion,forthelastfouryears.Inhisnewrole,Tonyoverseasallofourcommercialbusinessesaroundtheworld.Withthat,I'llturnthecallovertohimtodiscusstheperformanceofourcorebusinessduring2015.

T onyMauro (ChiefCommercialOfficer):

Thankyousomuch,Heather,andgoodafternoon,everyone.Asmentionedearlier,Mylanhadaphenomenalyear,withconstantcurrencyadjustedtotalrevenuesrising28%comparedto2014,comingfrom9%growthinourlegacybusiness,and19%fromEPD.Allofourregionsandbusinessescontributedtothisstrongperformance.

InourNorthAmericagenericsegments,revenuestotalednearly$4billion,a[16]%increasecomparedto2014.Growthcamemainlyfromsalesofnewproducts,andtoalesserextent,fromtheEPDbusiness.Alsocontributingwerehighervolumesonexistingproducts,partiallyoffsetbylowerpricing.

InEurope,salestotaled$2.2billionin2015,ayear-over-yearconstantcurrencyincreaseof67%.GrowthcameprimarilyfromsalesgeneratedbyEPD,andtoalesserextentfromnewproducts.Highervolumesonexistingproducts,mainlyinFranceandItaly,wereoffsetbylowerpricingthroughouttheregion.

Intherestofworld,salestotaled$2billion,ayear-over-yearincreaseof38%constantcurrency.ThegrowthcamefromEPD,newproductlaunchesinAustraliaandJapan,andhighervolumesinIndia,predominantlyof[ARBs]andinBrazil.IncreaseswereoffsetsomewhatbylowervolumesonexistingproductsinJapan,andlowerpricingintheregion.

Ourspecialtybusinessdeliveredrevenuesof$1.2billionin2015,anincreaseof1%comparedto2014.InadditiontothestrongperformanceofEpiPen,asHeatherreferenced,salesofPerforomistand[ULTIVA]increasedbydouble-digitpercentagepointsfromtheprioryear.IwouldalsoliketonotethatourEPDbusinessgrew2%yearoveryear,demonstratingagainourabilitytotakeadecliningbusinessanddrivegrowthaheadofourexpectations.Withthat,I'llturnthecallovertoJohn.

JohnSheehan (EVP&CFO):

Thanks,Tony.Goodafternoon,everyone.AsHeatherandTonybothmentioned,we'reextremelypleasedwithourfinancialresultsforthefourthquarterandfullyear2015,highlightedbythestronggrowthinourgenericssegmentandtheexceptionaladjustedfreecashflowwegenerated.

Ourtotalrevenuesforthefourthquarterof2015were$2.5billion,anincreaseof24%onaconstantcurrencybasisfromtheprior-yearperiod.Revenueswereunfavorablyimpactedbyforeigncurrencytranslationbyapproximately$91millioninthecurrentquarter,whencomparedtotheprior-yearperiod.

Adjustedtotalrevenuesfor2015were$9.4billion,anincreaseof28%onaconstantcurrencybasisfromtheprioryear,whichincludesrevenuesfromtheEPDbusinessofapproximately$1.5billion.Revenuesforthefullyear2015wereunfavorablyimpactedbyforeigncurrencytranslationbyapproximately$[433]millionwhencomparedtotheprior-yearperiod,andmorethan$300millioncomparedtotheFXratesweusedforprovidingourfinancialguidanceatthebeginningoftheyear.

Forthefourthquarter,third-partynetsaleswerepositivelyimpactedbythecontributionfromtheacquiredEPDbusinessofapproximately$456million,ofwhichapproximately$286millionwasinEurope,and$123millionwasinourrestofworldregion,withtheremaindercomingfromEPDCanada.Asareminder,beginningin2016,theEPDbusinessandMylancommercialbusinessesareoperatingasone.As




such,separaterevenueinformationwillnolongerbereported.

Adjustedgrossmarginforthefourthquarterandfullyearof2015wasaverystrong56%,up200basispointsforthequarter,andapproximately320basispointsforthefullyear.OurstrongmarginsareprimarilytheresultofthepositivecontributionfromtheacquiredEPDbusiness,combinedwithnewproductintroductions.

R&Dexpenseonanadjustedbasiswasapproximately6%oftotalrevenuesforthefourthquarter,andapproximately7%oftotaladjustednetrevenuesforthefullyear.R&DexpenseforthequarterandfullyearincreasedduetotheimpactoftheacquiredEPDbusiness,aswellasthecontinueddevelopmentofourrespiratory,insulinandbiologicsprograms.Atthesametime,SG&A,alsoonanadjustedbasis,wasapproximately20%oftotaladjustedrevenuesforthequarterandfullyear,whichincludestheimpactoftheEPDbusiness.

Throughout2015,wecontinuedtorealizeadditionaltaxbenefitsfromtheEPDtransaction,andasaresultofourongoingeffortstooptimizeourtaxstructure,wehadanadjustedeffectivetaxrateforthefullyearofapproximately17%.Wecontinuetolookatadditionaltaxplanningstrategiesforopportunitiestofurtherreduceourannualeffectivetaxratein2016andbeyond.

Alsothisquarter,adjustednetearningswere$620million,ora$1.22pershare,a16%increasefromourQ42014adjusteddilutedEPSof$1.05pershare.Forthefullyear2015,ouradjustednetearningswere$[2.14billion],or$4.30pershare,a21%increasefrom2014adjusteddilutedEPSof$3.56,andatthehighendofourpreviouslycommunicatedguidance.

It'simportanttonotethatUSGAAPrequiresEPStobecalculatedforeachindividualperiod,basedontheaverageoutstandingsharecountforthatperiod.AsresultoftheissuanceofsharestoAbbottinthefirstquarterof2015,ouradjusteddilutedEPSforthecalendaryear,andthesumofthequartersdoesnot[add]by$0.04pershare.

Our2015EPSgrowthwasachievedinspiteofunrelentingforeigncurrencyheadwinds,whichreducedourcalendar-yearadjusteddilutedEPSby$0.11pershare,versusourguidanceratesatthebeginningoftheyear,andby$0.18pershareversus2014actualFXrates.Ourverystrong2015adjusteddilutedEPSresultedfromthestrengthofourglobaloperatingplatform,includingtheacquiredEPDbusiness,andtheorganicrevenuegrowthacrossourlegacygenericsbusiness.

Turningtoourcashflowandliquiditymetrics,adjustedcashprovidedbyoperatingactivitieswasanimpressive$2.2billionforthecalendaryear,representinganincreaseofapproximately$1billionfromtheprioryear,whichistheresultofthegrowthintheadjustedearnings,combinedwithourongoingworkingcapitalinitiatives.Throughdiligentcashflowmanagement,ouradjustedfreecashflowtotaled$1.9billion[for]2015.Asaresultofourstrongoperatingcashflowattheendoftheyear,ournetdebttoadjustedEBITDAleverageratiowaslessthan2times.

Wehavenoamountsoutstandingonour$400millionARfacility,orour$1.6billionrevolvingcreditfacility,andwehavefullaccesstothemorethan$1billionofcashonourbalancesheet.Aswelooktowards2016,weremainfullycommittedtoourinvestmentgradecreditrating,includingafterthesuccessfulcompletionoftheoffertoacquireMeda,andwecontinuetohaveampleborrowingcapacityandfinancialflexibility.Asareminder,wehavefullycommittedfinancingtofundtheacquisitionofMeda.

Tosummarize,wefinishedtheyearstrongerthanever,andbegin2016withamplefinancialflexibility.Ourfourth-quarterandfull-year2015resultswereoutstanding,aswecontinuetoexperiencethepositiveimpactoftheEPDbusiness,combinedwiththecontinuedorganicgrowthofourlegacybusiness,andthestrengthofourglobaloperatingplatform.I'llnowturnthecallovertoRajivtoreviewtheMedatransactioninmoredetail.




RajivMalik(President):

Thankyou,John.Attheoutset,IwouldliketoechoHeather'ssentiments,andsaythatIverymuchlookforwardtowelcomingandworkingwithMeda'sleadershipteamandworkforce.AsHeathernotedearlier,thistransactionstoodouttousbecauseMedaisanextraordinarilyattractivestrategicfitforMylan.

Wehavealwaysbeenactiveinevaluatingmanydifferentstrategicopportunities,lookingforcompaniesandassetsthatwouldcomplementourexisting[stance]andcapabilities,makeourCompanyfinanciallystronger,andbetterpositionustoachieveourmission,strategy,andsustainablegrowth.Thisacquisitiondeliversonallofthosecategoriesinapowerfulway.

Medaisahighlyprofitableand[beautiful]business,deliveringtotalsalesofabout$2.3billionin2015,andwithestimatedgrowththrough2018ofabout3%inrevenues,andabout5%inadjustedEBITDA.Medabringsusaveryattractiveportfolio,includingabout900branded,OTCandgenericproducts,withstrongpositionsinrespiratory,allergy,dermatology,painandGI.Throughthistransaction,we'readdingnearly4,500employees,includingMeda'sglobalsalesandmarketingorganizationofmorethan2,600people,withstrongbusinessesinEurope,US,andexcitingbusinessesinkeyemergingmarkets.

Medaalsobringsacomplementarynetworkofseven[manufacturingfacilities]inEurope,US,andIndia,whichfurtherstrengthensouroperatingplatform,andprovidesuswithnicecapabilitiesin[nasals],[topicals],[liquids]andDPIs.Whileyoucanseethatthisaveryattractiveasset,thisisnotjustaboutwhatMedaisdeliveringonastand-alonebasis,butwhatwecandotogether.Let'slookatthatnow.

Onthenextslide,youcanbegintoseewhatMylanandMedalooklikeonacombinedbasis,andseehowMedafurtherdiversifiesandstrengthensourbusiness,bycoregeographyandbychannel.Ona2015combinedbasis,we'llgofromhavingtwo-thirdsofourrevenuesfromgenerics,togenericsmakingupjustmorethanhalfofourbusiness.Combined,ourspecialtybusinesswouldrepresentmorethanone-thirdofthebusiness,andOTCabout10%.

Asyoucansee,thecombinedCompanywillhaveadiversifiedportfolioofmorethan2,000brandedOTCandgenericproducts,andtheadditionofMeda'sportfolioexpandsMylan'sbrandedandOTCportfolioinallregions.Geographically,wecontinuetoenhancethebalanceofourbusinessbetweenNorthAmerica,Europeandemergingmarkets,withanevenlargerEuropeanbusiness,andmorediversifiedemergingmarketsbusiness.Ourcontinuedfocusondiversification,acrossportfolio,channel,andgeography,helps[both]coreplatform,andstrengthenourabilitytocapitalizeonourhigh-valuefuturelaunches.

Turningtothenextslide,youcanseethediversityofthiscombinedportfolio,brokenoutbythesalescontributionofeachtherapeuticarea.Togiveyouasenseoftheenhancedscalewe'llhaveinkeytherapeuticcategories,weexpecttohavesix$1billionfranchisesatclose,respiratoryallergy,GI,cardio,CNS,diabetesandmetabolic,andinfectiousdisease.

Further,wewillhavesignificantlyenhancedourpresenceinotherareassuchasdermatology,women'shealth,anesthesia,andpain.Weseeagreatdealofopportunitytobeginbuildingtotalpatientandpharmacysolutionaroundthesefranchises,giventhebreadthofourpresence,andabilitytomeetcustomerandpatientneeds.

Onthisnextslide,youcangetasenseofthisportfolioandpipelinebreadthanddepthinsomeoftheselargestrategictherapeuticcategoriesacrossbranded,genericandOTCproducts.Firstandforemost,isourcombinedallergyrespiratoryfranchise,whereweseeopportunitiestoreallyleverageourbreadthandscalecommercially,withproductsincludingEpiPenand[Dymista],andpositionourselvestomaximizeupcominglaunchessuchasgenericAdvairandRevefencin.

Dermisananotherexcitingopportunityforus,andoneMylanhasbeeneagertoexpandin.Asyoucan




see,Meda'sbrandedportfoliowithmarketleaderslike[Elidel]nicelycomplementsMylan'slargelygenericsportfolio,andprovidesopportunitytoenhanceourpresenceinthisspaceacrosschannels.Similarly,inpain,theMedaportfolioiscomplementarytoMylan'sportfolio,whichwasenhancedsignificantlythroughtheacquisitionofourAbbottEPDbusiness.

Asyoucansee,theseareleadingdurablebrandsthatlieinMylan'scoreareasofstrategicfocus.Medaenhancesouralreadystrongexpertiseandmarketknowledgeintheseareas,andtogether,wehavetheplatform,capability,speedandagilitytomaximizetheseportfolios.

Inaddition,theMedabusinesswillbenefitfromoursteadfastdedicationtoourrobustR&Defforts,productinnovation,andthecombinedbusinesswillbefueledbyMylan'scommitmenttoR&D,andexpansionofourproductportfolio.

Again,thistransactiondeliversononeofMylan'skeystrategicimperatives,expansionintheOTCmarket,andMeda'sstrengthinthisarea,wasanimportantdifferentiatingfactorforus,whenevaluatingthistransaction.MedahasasubstantialOTCpresenceinEuropeandemergingmarkets,andanexcitingplatformforgrowthinUS.Thiscombinationinstantlycreatesa$1billionglobalOTCbusinessandafoundationforfurtherexpansion.

IwouldliketonotethatMeda'sportfolioisnotaprivatelabelbusiness.It'sallbrandedOTCproducts,whichyieldsmuchhighermargins,anditcontainssomeverywell-establishedanddifferentiatedOTCbrands.WeseemanyopportunitiestoleveragethisOTCportfoliothroughourcombinedglobalplatform,andweareconfidentinourabilitytoaccelerategrowthinthisbusinessthroughmarketingandlineextensions.Further,weseeexcitingpossibilitiesforfuturebusinessdevelopmentandM&A.Wewillcontinuetomaintainourstrategicandopportunisticapproachinthisregard.

Turningtothenextslide,youcanseehowMedawillexpandMylan'sgeographicfootprint.Medaprovidesuswithentryinto16newcountriesandbuildsrealcriticalmasscommerciallyacrossEuropeandemergingmarkets,whiledeepeningourpresenceinAmericas.ThecombinedCompanywillsellintomorethan[165]countriesaroundtheworld,withadirectcommercialpresenceinabout60markets.Ourcombinedsalesforcewillnumberapproximately5,900people.

Lookingatthismap,youcanseethatweareincreasingoursalesheadcountbyabout50%inbothAmericasandEurope,andnearlydoublinginemergingmarkets.EspeciallyinEurope,weareaddingverysignificantlytoourmanpowerincriticalgrowthmarkets,givingusthebreadthandscaleweneedtocontinuebuildingoutourportfolioofproductsandservices.Aswelookatourenhancedanddiversifiedgeographicprofile,wealsobelievewehaveanopportunitytooptimizethisinfrastructureandaccelerateourgrowth,especiallyourEPDbusinessandacrossemergingmarkets.

Onthenextslide,youcanseeanotherdifferentiatingfactorforMylan,andforthecombinedbusiness,ourunmatchedmanufacturingandsupplychainplatform.WeareexcitedtodeploythisplatformtoMedaandseeopportunitiesforefficienciesandintegrationalongthesupplychainprovidingopportunitiesforsynergies.Withthat,IwouldliketoturnitbackovertoTonytowalkthroughingreaterdetailthegeographieswearestrengtheningthroughthistransaction.


Thanks,Rajiv.I,too,wouldliketoexpressenthusiasmforwelcomingMeda'steamtoourorganization,andworkingalongsidethemtodeliverbetterhealthforabetterworld.Asyouhaveseen,thiscombinationcreatesanevenstrongercommercialplatformaroundtheworld.

Onthenextslide,youcanseehowMedaaddsconsiderablestrengthandscaletoalreadyrobustbusinessinEurope.ThecombinedCompanygeneratedabout$3.8billionin2015revenuesfromEurope,




about[60]%morethanMylanwould'vehadonastand-alonebasis.Asyouknow,scaleisveryimportantinthisregion,giventhehighlycompetitivemarketdynamics.

Onthechartontheright,youcanseethatwehaveincreasedscaleacrosseachofourkeyEuropeancountries,withsignificantenhancementstoourbusinessesinGermany,theNordics,ItalyandFrance,amongothers.Meda'sbusinesscomplementsandbuildsonthestrengthofourEPDassetstocreateadeeper,strongerandmorediversifiedplatformacrossEurope,thatcanfurthermaximizemarketopportunitiesandweatherchallenges.

MedaalsoprovidesuswithastronganddurableOTCbusinessinEurope,whichmakesusaleaderacrossallchannels.IalsonotethatthetransactionconsolidatesEpiPenforusinEurope.Medahasbeenmarketingthiskeyproductforusintheregionforseveralyears,andwebelievethatbringingthisproductintoourcombinedcommercialinfrastructure,withagreaterabilitytoleverageourglobalexpertiseinthisarea,willallowustodrivegreaterperformancefromthisproduct.

Onthenextslide,youwillgetasenseofhowthistransactionwilldramaticallyaccelerateMylan'sgrowthinemergingmarkets,bycreatingadiversifiedscaledbusinessof$1.5billionin2015proformarevenues.The16newcountriesweareaddingthroughthistransactionareintheemergingmarketsarea,withMedaprovidingusentryintoexcitingnewmarketssuchasChina,Russia,SoutheastAsia,theMiddleEast,Turkey,andMexico.Chinahaslongbeenanareaofinterestforus,butwehavebeenverydeliberateabouthowwegetintothismarket.

WearepleasedthatMedahasastronghistoryinChina,havingestablisheditsbusinesstherein1994,andthatithasoperatedthebusinessasanownedaffiliatesince2011.Importantly,Medahasadirectsalespresenceinmanyofthesekeymarkets,notrelyingonacontractsalesorganizationintheseimportantcountries.Forinstance,MedahasrepsonthegroundinChina,Russia,andTurkey,amongothercountries.

Medaalsohasdoneagreatjobestablishingstrongbrandsinthesemarkets.Someofthekeyonesarelistedhere,andwelookforwardtoleveragingourcombinedportfolioacrosstheregions.Weseelonger-termopportunitiestobringMylan'sdifferentiatedportfoliointothesenewmarkets,especiallyininfectiousdisease,biologics,insulinsandwomen'shealth.Whileourpresenceinmanyofthesemarketsisstillsmall,itprovidesanexcitingfootholdandopportunitytobuildupon.

Onthenextslide,wecomebacktoourcoremissionofprovidingaccessto7billionpeople.Thiscombinationmeanswewillbebetterabletoservetheevolvingneedsofourcustomers,acrossallchannels,bybeingabletoofferthemagreaterdiversityofproducts,andbysellingOneMylanaroundtheworld.WehavealreadyseenthevalueofourOneMylanapproachwithEPDandourexistingspecialtyandgenericbusinesses,intermsofbeingabletoleverageourpowerfulplatformtobringmorevaluetoourcustomers,throughourbroaderrangeofproductsandservices,andtotalpatientandpharmacysolutions.

Further,byworkingtogetheracrossallourchannels,wehavebeenabletoleveragecommercialbestpracticesincustomerrelationshipstodelivermore.Now,JohnwillwalkyouthroughthedealstructureandresultingfinancialprofileofMylan.


Thanks,Tony.Letmestartbyprovidingaquickoverviewofthetransaction'sterms.ThistransactionisstructuredasarecommendedpublicoffertotheshareholdersofMedatotenderalloftheirsharestoMylan.

Atannouncement,thevalueisequalto[SEK165]perMedashare,consistingof[SEK132]incash,andthe




remainderinMylanordinarysharesforatransactionvalueofapproximately$9.9billion.TheMedaBoardhasrecommendedtheoffer,andMedashareholdersrepresentingapproximately30%oftheoutstandingshareshasirrevocablycommittedtoaccepttheoffer.

AsImentionedearlier,weexpectthetransactionwillcloseattheendofthethirdquarterof2016,subjecttoreceiptoftypicalregulatoryclearances,acceptanceoftheofferbymorethan90%ofMedashareholders,andsatisfactionofothercustomaryconditions.TheofferisnotsubjecttoanyfinancingconditionsorapprovalbyMylanshareholders.

AsHeatheroutlinedearlier,thistransactionprovidescompellingfinancialbenefitsforshareholdersandotherstakeholdersofbothcompanies.Asmentionedearlier,weseeopportunitytoacceleratetheachievementofour$6adjusteddilutedEPStargetto2017.Wealsowillcompletetheintegrationbytheendofyearthree,realizingthefullfinancialbenefitofapproximately$350millioninsynergiesinyearfour.

Asyouknow,wehaveaproventrackrecordofachievingoursynergytargets,andweareconfidentthatthesesynergiesarehighlyachievable.Asyoucanseeonthisnextslide,thetransactionwilldeliversignificantaccretionwithaCAGRfrom2015to2017ofmorethan18%.

Flippingtothenextslide,the[implied]multiplesforthistransactionareinlinewithrelevantmarketprecedentsforscarce,high-qualityassetslikeMeda.Asyoucansee,weexpectatrailingsynergizedmultipleof8.9times.

Onthefollowingslide,youseejusthowMylanwillcontinuetohaveaverystrongfinancialprofileposttransaction,andthatwearepositionedforcontinuedgrowth.Weexpectourproformaleveragetobeapproximately3.8timesdebttoadjustedEBITDAattransactionclose.Wealsoexpectwewillmaintainourinvestmentgradecreditrating,whichagainisanimportantattributeforanydealwepursue.

Asyoucanseeonthechart,weexpectjust--debttoadjustedEBITDAoflessthan3timesbytheendof2017.Withoursignificantfreecashflows,highlyleveragableinfrastructureandacompetitiveglobaltaxstructure,wecontinuetohavethefinancialflexibilitytocompetitivelypursuetherightadditionalopportunitiesastheyarise.Weintendtocontinuetoserveasaleadingconsolidatorinourindustry,inawaythatmeetsourmissionandbusinessstrategy,andcontinuestodelivervaluetoourshareholders.

Iwouldnowliketowalkthroughourfinancialguidancefor2016infurtherdetail.Atthebottomline,weareprojectingadjusteddilutedEPSbetween$4.85and$5.15pershare,themid-pointofwhichisanincreaseof16%from2015adjusteddilutedEPS.ThisEPSguidancerangeisbasedonthefollowingincomestatementlineitemguidancemetrics,allofwhichareonanadjustedbasis,withtheexceptionoftotalrevenues.

Totalrevenuesareprojectedtobebetween$10.5billionand$11.5billion,themid-pointofwhichisanincreaseof16%from2015totaladjustedrevenue.Thisguidancerangeincludesaquarter'sworthofcontributionfromMeda;however,wearealsocommittedtotheserangeswithoutMeda.

ExcludingMeda,ourgenericsbusinessisexpectedtogeneraterevenuegrowthofapproximately20%in2016,whilespecialtyisexpectedtogeneraterevenuegrowthofapproximately8%.RevenuesfromnewbusinessincludingMedaandEPDforthefullyearareexpectedtobebetween$800millionand$900million,andtheremainingincreaseinrevenuewillcomeequallyfromincreasedvolumesonexistingproductsandnewproductlaunches.

Adjustedgrossmarginswillincreaseagaintobebetween55%and57%.Driversoftheincreaseincludenewproductrevenues,andthestrengthofourNorthAmericangenericsbusiness,aswecontinuetobenefitfromanimprovedproductmix.AdjustedSG&Awillbebetween19%and20%oftotal




revenues,whichincludesafull-yearimpactofEPDbusiness.AdjustedR&Dwillbebetween6%and7%oftotalrevenues,aswecontinuetoinvestinourfuturebiologics,insulin,andrespiratoryprograms.

Usingtheseguidancemetrics,weprojectadjustedEBITDAofbetween$3.5billionand$4billion.Also,weexpectouradjustedtaxratetobeintherangeof15%to17%.Baseduponthe2016guidancemetricsforadjustedoperatingcashflowof$2.4billionto$2.6billion,andcapitalexpendituresbetween$400millionand$500million,weareprojectingadjustedfreecashflowintherangeof$2billionto$2.1billion.

Finally,weareprojectinganaveragedilutedsharecountofbetween520millionand530millionshares,whichincludestheweightedaveragesharesissuedfortheacquisitionofMeda,andthesettlementthisAprilofthewarrantsrelatedtothecashconvertiblenotes,whichwerecashsettledin2015.Asthischartdemonstrates,our2016financialguidanceprovidesignificantoperatingleverage,includingincreasingadjustedgrossandEBITDAmargins,anddecliningadjustedR&DandSG&Aasapercentofrevenue,resultinginouradjusteddilutedEPSgrowthof16%.

Lookingatthebridgeto2016revenueguidance,revenuesfromnewproductlaunches,combinedwithvolumegrowthinourbasebusiness,willservetooffsetpriceerosiononexistingproducts.Intermsofbasepricingassumptionsinthegenericsegment,aswetraditionallyhave,weassumelowtomidsingle-digitpriceerosion.Inspecialty,we'veassumedhighsingle-digitgrowthintermsofpricing.

WeexpectrevenuefromtheMedaacquisitiontocontributeapproximately[$500million]to[$600million]ofincrementalrevenuein2016.Inaddition,revenuefromnewbusinessincludesthefull-yearimpactoftheEPDbusiness.Asmentionedpreviously,our2016guidanceFXratesdonotresultinasignificantyear-over-yearforeigncurrencytranslationimpactonour2016revenueguidancerange.

Thischartprovidestheprojectedbridgebetweenour2015,actual2015adjusteddilutedEPSof$4.30,andthemid-pointofour2016guidancerangeof$5,showingayear-over-yearincreaseof16%.Newproductlaunchesfromourlegacybusiness,andtoalesserextentmarginexpansion,willdriveourearningsgrowthin2016.Partiallyoffsettingthisearningsgrowth,willbeincreasedinvestmentsinR&Dspending,andhigherinterestexpense,largelyduetothefinancingoftheMedaacquisition.

Fromaphasingperspective,weexpectthequarterlydevelopmentofourEPSfor2016tobesimilarto2015,withQ1beingrelativelyflattotheprioryear,Q3beingourhighestquarteroftheyear,andfollowednextbyQ4.Thatconcludesmyremarks.AndI'llturnthecallbackovertoHeather.


Thankyou,John.Aspromised,wedeliveredalotofgreatnewstoday,andasourtrackrecordsuggests,wehavebeenconsistentinourphilosophyofmakingacquisitionsbasedonthebeliefthatwecandomoretogether,thantheycoulddoonastand-alonebasis.Medaisnodifferent,andwebelievewecandomorewiththisassetthantheycouldalone,andweseesignificantopportunitiesforacceleratedgrowth.

Further,bysuccessfullyexecutingonourvisionandstrategyforthepastdecade,wehavedeliveredexceptionalresultsforourshareholders,withanearningsCAGRof26%through2016.Again,withthisMedatransaction,wehavetheopportunitytoaccelerateour2018earningstargetof$6inadjusteddilutedEPSto2017.

Inowlookforwardtakingyourquestions.Thankyou.

QUESTIONS&ANSWERS

Operator :




(OperatorInstructions)

ChrisSchottwithJPMorgan.

ChrisSchott (Analyst-JPMorgan):

Great.Thanksverymuchforthequestions.Iguess,justtwohere.First,whattypeoforganicgrowthshouldweexpectfromtheMedaassetsoverthenextfewyears?Ithinkthisisabusinesswherefirst,allofus,justtryingtogetthehandsaround.Andjusthowfastdoyouthinkyoucangrowthetoplinefortheseacquiredassets?Andthesecondone,isjusttoelaborateonthepricepaidhere?Itdoesseemlikealargepremium,particularlyinthismarket.Iknowit'sstrategic,Iknowitbringsaccretion.Butjustagain,canyoujust--howdidyougetcomfortablewiththistypeofprice,givencurrentmarketdynamicsoutthere?Thanksverymuch.


Sure,thanks,Chris.I'llstartandthenI'llletRajivweighinalittlebitonthebusiness.Ithinkit'simportanttofirstpointoutthatwecertainlydon'tmakelong-termdecisionsthatwillcreateshareholdervalueonshort-termpricefluctuations.AndIthinkthatcertainlythereissignificantmacrodynamicsatplaywiththemarkettoday.Ithinkweseethatsystematicallyacrossthe--especiallyhealthcaresector.AndIthinkthatwewerefortunatetohaveaveryhighqualityprocess,andhavetheabilitytododuediligence.

Andthemorewedug,themorecomfortableweare,notonlywiththestrategicandthecompellingrationale.ButasImentioned,iteventhenwasmuchmoreenhancedwiththeiradditionofRottapharm,whichwehadlookedatseveralyearsago,andverymuchlikedthatassetaswellasourAbbottEPDbusiness,andhowthat'sgoingtoallowustoreallyleverageinfrastructureinEurope,aswellasbringingon16additionalcountries,wherewe'llbeabletonowhaveinfrastructuretolevertheMylancurrentportfolio,aswellasthepipeline.

SothestrategicandfundamentalsoftheCompanyhavenotchanged.Andwhenyoulookatjustoverthelastcoupleofmonths,likeIsaidIthinkit'smuchmoretothemacrodynamics.Andwebelievethelong-termdecisionsaremuchmoreinlinewhenyoulookatthemultiples.Theyareverymuchinlineforassetssuchasthisscarcehigh-quality.Andso,webelievethevaluereallyspeaksforitself,iswhatwearecreatingforshareholdersandwhatthiscombinationcandogoingforward,andlikeyousaidimmediatelyaccretive.Rajiv?

ChrisSchott (Analyst-JPMorgan):

AndIthink,Heather,youansweredit.Butthe--becausethequestion,theotherpartofthequestionisnotsorelevant,(inaudible)standalone.Onthetopline,it's3%growth,ofprojectedgrowth,and5%growthontheEBITDA.ButasHeathermentioned,that'snotmuchrelevant,becausethepullingeffectweseebetweenourRX,GX,OTCchannelsareleveragingour--thisplatformfromthegeography'spointofview,excitingopportunity.It'spresencealsoontheemergingmarkets.Soweseealotmoretothis,thanjuststandalonegrowthof3%


AndIthinkjustlastly,it'simportanttonote,thatit'snotthetradingmultiplerightnow.IfIgobacktowhat'shappeningintheenvironment,it'sthedealtransactionmultiples,whichIthinkevenintimeswherethere'salotofvolatilityinthemarketplace,youdon'treallyhistoricallyseethosechange,tothetransactionmultiples,ortranslateinthetransactionmultiples.

Operator :




JamiRubinwithGoldmanSachs.

JamiRubin (Analyst-GoldmanSachs):

Thankyou.Justtofollow-uponthequestionconcerningprice,Heather.Itdoesseemlikealotofmoneytopayjusttoaccelerateyourearningsgrowthto$6.00by2017.Canyounowupdateyour20--Ithinkyouhadsaidbefore,youexpecttodoatleast$6.00by2018.NowwithMedainhand,canyouatleastsortofupdatewhatyouexpecttheearningsprogressiontolooklikewiththisassetinhandoverthenextthreeyears,sayoutto2020?Thatwouldhelpful?

AndalsoJohnorHeather,canyoujustenlightenusonwhatexactlyhappenedwithEpiPenthisquarter,intermsofthepricingdynamics?Youhadmentionedthatyouexpectedthosedynamicstocontinueinto2016.Whatchanged?Thanksverymuch


Sure.Thankyou,Jamie.Solook,letmestartwiththe$6.00beingtheopportunitytoaccelerateto$6.00into2017,versus2018.Thatbynomeans,that'sjustthebeginningofwhattheMedaMylancombinationwillbear.Ithinkimportantly,notonlydoesitacceleratednear-termaccretionandshareholdervalue.Butoverthelonger-term,Ithinkaswe'vesaidthestrategicrationalespeaksforitself.Thecomplementarynatureofourtheproductportfolio.

We'llnowhaveover2,000productsacrossmultiplegeographies,expansionintoemergingmarkets,thatletusmoreleverageourportfolio.Whenyoulookoverthenext10yearstoourbiologics,insulin,Imean,theopportunitytotrulymaximizetheselaunchesintheseterritorieswiththisinfrastructure,isjustinouropiniongoingtobeunparalleled.

IthinkthatMylanwillbepositionedasatrulydiversifiedglobalgenericsandspecialtypharmaceuticalcompanythat'sabletodeliverthroughourunprecedentedglobalsupplychain,tobeablenowtobeabletoapplythat.Andinaddition,tonowhavethekindofcommercialinfrastructureandoperationalinfrastructurethatwillallowustocontinuetoaddon,whetherit'sother(inaudible)forms.We'vetalkedabouteverythingfromdermsto[opthalmics]tonewtherapeuticcategories.Sohonestly,wejustseethe$6.00in2017,asthebeginningtocontinuingthegrowthtrajectorythatourshareholdershaveenjoyedoverthelast10years.

Andcertainly,asweclosethetransaction,andwemoveforward,wewillbegivingcontinuedguidance,andupdatingthelonger-termtrajectory.ButIcanassureyouthatitwillcontinue--thisplatformwillcontinuetodeliverasithasinthepast.

AsfarasEpiPen,Jami,IthinkthatItriedthroughout2015,especiallyatthebeginningoftheyeartopointoutthatMylanhadbeenveryproactive,inmaintainingourmarketshareinaverycompetitivemulti-epinephrinemarketplace.Andthatinvolvedenteringcontractswithourpayers,long-termmulti-yearcontracts.AndIthinkthenwhentheunprecedentedeventofAuvi-Qhavingtodoacompleteproductrecall,whileweabsolutelyenjoyedvolumeincreases,andweseeobviouslythatcontinuingthrough2016--whatIpointedoutisthenetpricefromthepayer,wasmainlywhatithadbeenthroughout2015,andwedon'tseethatmateriallychanging.

Imean,Ithinkit'simportanttorememberthatwearethedealingwithawholeportfolioofproductswiththesepayers,thatisnotaboutanyoneproduct.Andwhilewewillcontinuetobeopportunistic,IthinkthatasI'vesaid,EpiPen,anveryimportantbrandforus,andbrandfranchisegoingforward.Butitmoreandmorerepresents--it'smuchsmallerpartofMylan.AndcertainlynowwiththeMylanMedacombination,againit'sthatdiversificationoftakingawayfromanyconcentration,fromanyoneproduct.Thankyou,




Operator :

RonnyGalwithBernstein.

RonnyGal(Analyst-Bernstein):

Hi,goodafternoon,goodevening.Thankyoufortakingmyquestions.Ihavetwo,andjusttwopointsthatpuzzleme.AndI'msorry,Iamkindof[treading]italittlebit,onwhatpeoplehavesaidalready.IfI--youarespendingabout$10billiononMeda,andyourmarketcapisabout$25billiontoday.Soyou'regeneratingabout10%accretionlevel,whereifyoujusthadtakenasimilaramountofmoneyandboughtbackshares,youwouldhavegenerated--youwouldhavebought40%ofyoursharecount.Soyes,maybeit'snotthatefficient.Butitlookslikethere'sahuge--amis-adjustmenthere,betweenwhatyoucandowiththeshares,buyingbackshares,ratherwhatyoucandowithyourtransaction.SoI'mkindofstrugglingwiththis.UnlessyouareseeingsomefantasticgrowthgoingforwardforMedaasset,itishardformetoseeitworking.

Thenifyoudon'tmindtwo,I'llsneakintwomore.OnEpiPen,Idistinctlyrememberaconversationwiththemanagementteam,includingRobert,whenIwastoldspecificallybyyouguysthatnow--thatAuvi-Qisoutofthemarket,youareinagreatpositiontodriveahighernetpricefromEpiPen.Soisthis--ifyoucancommentmorebroadlyonwhathaschangedfromthatperspective?Andlast,andthismoreforRajiv,Rajiv,youguyskindofmentioned--orTony--youguyskindofmentionedabeachhead,anadditionalmarket.

IkindoftookalookthroughtheMedastatements,apresentationforthirdquarter.Imean,theygot$[60]millionin(inaudible)Mexico,ifwejusttakethethirdquartermultiplyby4.Theygot$30millioninRussia.Itsoundslikeallthosebusinessesarekindoflikeborder-lineprofitable.Isthatenoughofabeachheadforyou?Itdoesn't--itsoundslikeitwilltakeseveralyearsbeforeyouguyscanreallyturnthosebusinessesintoprofitability?


Okay.Well,Ronnie,youcertainlymaximizedonequestion.Soletmestartwiththeoverall,againcomingbacktoMylan,andourphilosophyonusesofcapital.Ithinkwe'vebeenveryclear,thatweareopportunistic.IthinktheBoardisconstantlylookingatbuybacks,andeverythingelseinthemarketplace.

Butwiththatbeingsaid,we'vealsoverymuchfocusedongrowingtopline,aswellasbottomline,andstrikingthatrightbalance.SoIthink,whenyouthinkoverthelonger-termandthevaluetoshareholders,there'smuchmorevalueincontinuingtobuildasustainableplatformthat'sgoingtodeliveroutintoperpetuity,versustheshort-termcentricviewpointofjustlookingatsharebuybacksinisolationfromanykindofM&AorBDactivity.


Yes,Iguess,Ronniehadalsopointout,I'msureyouappreciatethatMylancannotgooutandborrow$10billion,maintainingitsinvestmentgradecreditrating,anddoingasharerepurchaseprogram.Nowthe$10billionalsocomeswithalloftheEBITDAandearningsthatMedahas.SoI'mnotsurenecessarily,thatthere'sanapplestoapplesof$10billionacquisitionversus$10billionofsharerepurchase.That'snotrealistic.


AndasfarasEpiPenisconcernedRonnie,I--obviouslywereinmany,ifnotallofthosemeetings.Ineverremembereddiscussingthatprice.Ithinkwhatwedidsay,isthatwewereveryproactive.AndIhadvery-




-Ithinkverystraightforwardconversationswithalloftheinvestorsandshareholders,thatweweremaintainingmarketshare.Andtodoso,thatrequiredaggressiverebating,andthat'swhyweabsorbedmuchofthatduring2015.

AndsowhentheAuvi-Qrecallhappened,weabsolutelyhadtheopportunityto,notonlyincreaseourmarketshareandincreasevolumes.We'recontinuingtoinvesttoincreasetheoverallmarket.Westillthinkthereisrunwayroom,aroundgrowingtheanaphylaxismarket.Butnothinghaschanged.Andthat'swhyIwantedtopointoutthatthosecontractsareinplace,andwe'llcontinueto--likeIsaid,beopportunistic.Butthat's--onEpiPen,Rajiv,doyou--?


Andonmarkets,IthinkIwouldliketoagainsay,it'snotaboutMedahasdoneonstandalone.But[Russia]at$35millionforexample,orMexico,theseareniceentrypointsforus,toloadour--downloadourownportfolio,andwhatwebring,becausewehavebeenincubatingproductportfolioinallthesemarkets.Andwewerelookingtocreate--wewerelookingforwardtocreatethisinfrastructure.AndweknowwhatwehavedonewiththefootholdinBrazil,andweareonanicetrajectoryoverthere.Soforus,theseareniceentrypointsintothesemarkets,whichwehavebeenlookingfortobuildupon


Allright.Nextquestion?

Operator :

GreggGilbertwithDeutscheBank.

GreggGilbert (Analyst-DeutscheBank):

Yes,I'veafew.Hopefullyquickies,easyones.Firstofall,youhavementionedacoupletimesyousubmitted(inaudible)Advair.Canyoucommentonwhetherit'sbeenacceptedornotforfiling?Andsecondly,HeatherandTony,anychangeinpricingdynamicsintheUSgenericsmarketlatelastyear,earlythis?Iknowyouareforecastingasimilartohowyou'vedoneitinthepast,butanyinterestingsortofcoloryoucanprovideonwhetherthingsarechangingonthemarginornot,orhavechanged?Thatwouldbehelpful.Andlastly,Heather,whatareyourM&Apriorities?

Iknowwejustannouncedanewdeal,buttheCompanyhasgonetogreatlengthstotalkaboutcontinuedflexibility.Soarewelookingtojustshopforawhile,butnotbuy?Whatareyourprioritiesoverthenext6to12monthsonM&A,beyondconvincingfolksthatMedaistherightdeal?Thanks.


Sure,thankyou


SoGregg,yes,wesubmittedgenericAdvairapplicationtowardstheendofDecember,andweexpecttohearfromFDAanytimenow.


AndasitrelatesGregtoyourquestionaroundpricing,webelievethatourUSgeneric-basedbusinesswillcontinuetobestablefor2016.IthinkJohnhadarticulatedalowtomidsingle-digitrange,andwefeelverygoodaboutourgenericsbusiness,andthestabilityofitmovingforward.





AndasfarasM&Aisconcerned,weabsolutelyasImentioned,stilllookingatassetsouttherethatwouldnowjustbeeventhatmuchmorecomplementary,withtheglobalinfrastructurewehave.AndasI'vementioned,whetherit'sdosageformsaroundderm,dermatologyorophthalmics,andalsotherapeuticcategoriesthatwestillbelievewehavegreatopportunitiestobuildoutcriticalmassnowacrossallthesechannels,RX,GXandOTCThankyou.

Operator :

DavidRisingerwithMorganStanley.

DavidRisinger (Analyst-MorganStanley):

Yes,thanksverymuch.SomyquestionisonEpiPen,andthen,theguidance,please.WithrespecttoEpiPen,obviouslythesalesgrowthwasdramaticallybelowtheRXgrowthduetopricing.Myquestionis,withrespecttothecontractsthatyoumentioned,Heather,maybeyoujustcouldprovidealittlebitmorecoloronthelengthofthose?I'massumingthatyoumayhavecontractedmoreaggressively,topotentiallyblunttheriskofaTevagenericEpiPenlaunch?JustwonderingifthatisarealisticassumptionthatI'mmaking,thatyouwereconsideringthatwhenyoupricedmoreaggressively?Andthenjustaquicktidbitofaquestion,intermsofyour$6.00numberfor2017,doesthatincludeanassumedlaunchofgenericAdvair?Thankyou.


Okay.Sure,David.SoIguess,letmestartwithEpiPen.PricevolumewasnodifferentinQ4fromotherquartersoftheyear,soI'mnotquitesurewhatyou'rereferencingthere.AsfarasthecontractsthatImentioned,look,wewere--asImentionedin2015,theaggressivenesscamefromthemostcurrentmulti-epinephrinemarketandtheplayersthatwereinthere,includingAuvi-QandSanofi.SolikeIsaid,wearemaintainingmarketshare.

AndIthinkwhereabitofadisconnectcame,isthatpeoplebelievedthatonceAuvi-Qwasrecalled,thattheworldwouldgobacktopreAndso,Ithinkaswelookforward,aswesaidwe'remanagingawholeportfolioproductswiththesepayers.Thecontractsarealldifferentinnature,andsocertainlywe'renotgoingtocommentonanyindividualcontract.I'mjusttryingtogivesomeflavortoandfeeling,thatEpiPenisanextremelyimportantbrandfranchise.Wethinkithasgreatbrandequity,anditwillbeanimportantfranchiseforusforyearstocome.ItjustmoreandmorerepresentsamuchlessportionofMylan'soverallbusiness,andespeciallyonnowacombinedMylanandMedafront.


IthinkthatyourotherquestionDavidwithrespectto2017,aswe'vepreviouslyindicatedweexpecttoreceiveapprovalforbeingabletolaunchgenericAdvairin2017.Andwithallotherproducts,weconsidertheriskweightingofthatproduct,andwhenprovidingourguidance.Soyes,wedoexpecttolaunchtheproductin2017.Andyes,itisonarisk-weightedbasisincludedintheguidance.OurtargetIshouldsay,sorry,Idon'twanttousethewordguidance.


Okay.Thankyou.

Operator :

DouglasTsaowithBarclays.




DouglasT sao (Analyst-BarclaysCapital):

Hi,goodevening.Thanksfortakingthequestions.JustHeather,you'vespokenaboutwantingtobeaconsolidatorintheindustry.Andwe'veseenwithfirstPerrigo,andthenobviouslywiththisdeal--thePerrigooffer,andthenthisdealsortofmovingtoOTC.Justcuriousintermsofhowyouaredefiningconsolidator?Imean,shouldwebethinkingwithingenerics,ormorebroadlyoutsideofgenerics?

Andthen,justalsoacouple--anotherfollow-upintermsofthethinkingbehindthepartnershipwithMomenta,andmaybetalkalittlebitaboutwhattheycanprovide,thatyoucouldn'tgetfromyourongoingpartnershipwithBiocon?Andthenjustone--maybeJohn,ifyoucouldprovidesomecommentaryonthetrendsinEPDversusthethirdquarteronaconstantcurrencybasis?Thatwouldbegreat.Thankyou.


Okay,Doug.Soletmestartwiththeconsolidator.You'reabsolutelyright,wehavesaidthatwewillcontinuetobeaconsolidatorintheindustry.Andlook,Ithinkthatyoushouldconsideruscontinuingtodiversify.Ithinkaswesaid,OTCwasanimportantchannel.Thiscertainlyputsusagreatleapforward,andtostartingtobuildafoundationforOTC.

ButIthinkimportantly,it'salsodiversificationaroundreimbursement.Soasyoulookatthedifferentmodelsfrommayorsandacrossthedifferentgeographies,thatcontinueddiversificationamongstchannels,amongstgeographies,andwithRX,GXandOTC.

Soagain,thebeautifulandpowerfulthingaboutnowthiscombination,theinfrastructurethatwehaveinplacetotrulymaximizenowproductsthatwecanpullthrough,throughanyofthosechannels.SoIthinkit'sextremelyexciting,andIthinkitgivesusevenmoreopportunitytohavemoreaccretivestrategicacquisitionstonowboltontotheplatform.I'llletRajivcommentonMomenta.


IthinkonMomenta,IthinkBioconisfocusedonseventoeightprograms,whicharebetweennowand2022.Andwefind--wefoundMomentaprograms,someofthoseprograms,theyalreadyinitiatedsomeoftheseproducts,whicharebeyond2022.Sowedidn'tneedtoputalloureggsintoonebasket.Itwasapartof--notjustfocusingour[partnership]onBiocon,butwewerefocusedontheproductsandthepipeline.AndwefoundMomentatoarightpartner,anablepartnerinthisspace.


Andlastly,Dougonyourquestion,thatsurroundingtheEPDbusiness,andtherevenueof2%upfortheyear,Itellyou,wecouldn'tbehappierwiththat.You'llrecallthatinAbbott'shands,theEPDbusinesswasdecliningmidsingle-digits4%%or5%peryear.Andwehadindicatedlastyear,whenwe'reacquiringthebusinessthatourobjectivewastogettostabilized,getthesalesbacktobreakevenintermsofmaintainingstability.Andquitehonestly,wedidthatinlessthanayear.Andso,at2%growthyear-over-yearonaconstantcurrencybasisforthatbusiness,Ithinkwe'reverypleasedwiththat.

Yes,inthethirdquarter,wesawyear-over-yearforthatquarteralone,5%growth.Butaswesaidatthattime,onequarterdoesnotmakeatrendmake.Andso,Ithinkalonger-termviewhere,ofafull-yearofpositive[2%]isamuchbetterindicatorofthestrengthofthatbusiness,andwhatitdidforusinourhandsthisyear


Good,thankyou.




Operator :

SumantKularniwithBankofAmerica.

SumantKulkarni(Analyst-BofAMerrillLynch):

Goodevening.Thanksfortakingmyquestions.First,whatareyourassumptionsontimingofentryofgenericsinEpiPen?Andonthepotentialre-entryofSanofi'sAuvi-Q?Second,couldyoubreakdownonthecomponentsofsynergies,andcouldyouconfirmifthere'sanyrevenuesynergiesbuiltinto$6.00EPStarget?Andthird,forRajiv,hasyourRESTASIS[ANDA]beenacceptedforfilingbytheFDA?


Okay.Hi,Sumant.SoasfarasEpiPenisconcerned,wearefactoringinorassumingaBXapprovalinthesecondhalfoftheyear.Again,Ithinkwe'vebeenprettyvocalonthehighbar,thatwebelieveanABratedbrings.Butanyway,thosearetheassumptionsthatarebuiltintoour2016.Andthen,asfarasAuvi-Q,againIthinkitwasanextremelyunprecedentedactionthattookplace.

AndallIcansay,it'sIthinkunprecedentedtotrytocomebackfromsomethinglikethat.Butagain,Idon'twanttospeakforSanofi,butwecertainly,haven'theardanythingaboutthemcontemplatinganykindofreentry.Rajiv,doyouwanttohiton(inaudible)ofsynergies?


Onsynergies,thesynergiesaredominantlybasedoncoststructure,theG&A,thesalesandmarketing,aswellasthecostofgoods.AndaboutyourquestiononRESTASIS,yes,wereceivedouracceptance,andit'sunderactivereview.Infact,wereceivedouracceptanceinthemiddleof2015


Allright.Thankyou

Operator :

MarcGoodmanwithUBS.

MarcGoodman (Analyst-UBS):

Sorry,guys.Twoquestions.Firstthingis,Europejustseemedalittleweakintotal.Imean,evenifyouincludeFX,Iwashopingmaybeyoujustcouldgiveussomesenseofwhathappenedinsomeofcountries,someofyourkeycountries.AndtheUK,France,Italy,wherewereyoustrong,wherewereyouweakjustrelatively?AndthenIjustwantedtomakesurewe'reclearontheUSpricing.Canyoujusttellusin2015forthewholeyear,wheredidthebasebusinessUSpricingcomein?

Wasitflatfortheyear?Wasitinfact,lowtomidsingle-digit?Ithinkwhatyouweresayingis,youstartedtheyearwith2015guidanceoflowtomidsingle-digitdecline.Andthat'swhyyou'rekeepingthesameguidancefor2016.ButI'mcurious,howdidtheycomein2015?Andthenjustremindus,howdidtheycomeinto2014forthefull-year--US-basedbusinesspricing?Thanks.


Okay,soRajiv,doyouwanttoEurope?


SoEurope,Ithinkourkeycountries,whichisItaly--France,wewere--wedidn'tseeinthelastquarter,a




hugegrowth,butwedidn'tseeanylosingofthemarketshare.Italy,wesawsomegoodgrowth.UKwasverystrong,Infactabout[30]%growth.Sowedon'tseeanyweaknessinourkeyEuropeancountriesperse,andonequarter,aswesaid,onequarter,doesn'tmakeatrend


Andthenasfaras,Iguess,pricing,theonlythingthatI'llpointout,andthenIcanletTonyweighin,isthatIthinkthatMarc,youknowthatdrivingpricinghasneverbeenadriver.We'vebeen,Ithinkaveryresponsiblegenericplayerwithhundredsofproductsintothemarket,andhaveshownveryresponsibly,priceerosion.We'vesaidit'saverycompetitivemarketplace.There'sbeenopportunitiesthatwehadoverthecourseoftime,butcertainlyneveradriverofourgenericsbusinesswhatsoever


AndIthinkjusttoadd,certainlyin2014and2015,themarketwasrelativelyflatfromabasebusinessperspective.Thereweremomentsofopportunity,andcertainlyatthesametime,amomentsofdeflationaryactivity,thishappenseverydayinourbusiness.SolikeIsaidearlier,Ifeelverygoodaboutwhereourbusinessisat.Ifeelit'sverystablefromaerosiveperspective,andthat'saboutit


Okay.Thankyou.

Operator :

ElliottWilberwithRaymondJames.

Elliot Wilbur (Analyst-Needham&Company):

Thanks.Goodevening,andcongratulations,Heatherandteam,ontheMedadeal.Iknowthat'sanassetinyoursitesforawhile.Iguess,lookingatcombinationofallofpieces,bothgeographically,intermsofassetsfit,itlookslikeaverystrongtransactionfortheCompany.Obviously,there'sconcernsaboutprice.ButIwanttofocusonanotherissue,andjustgobacktosomeofRajiv'scommentary--excuseme--withrespecttogrowth,andmakesurethatIunderstandthiscorrectly.

Sothebusinessbasicallycurrentlyisdoingabout$2.3billionUS,andthenprojectedgrowthisaround3%topline,and5%adjustedEBITDA?Iwanttoconfirmthosemetrics,seewhetherthatadjustedEBITDAgrowth,infactdoesinclude--that'safullysynergizedgrowthtarget?Andthen,justthinkingaboutthosemetrics,whiletheassetis,orthepurchaseisaccretivetonumbers,andagainstrategicallylooksveryattractive,Imean,itclearlyisgrowthdilutive.SoI'mjustwondering,howyouthoughtaboutthatconcept,relativetothepotentialimpactonthevaluationandmultiple,versusthepotentiallong-termattractivenessoftheplatform?


Sure.Thankyou,Elliott.Andfirst,thankyou.Ithinkthatyourabilitytoseethestrategiccompellingnessofthisofthistransaction,thescarcityofthiskindofahigh-qualityasset,Iapplaudyouforyourvision.AndwhatIwouldsayasfaras,whenwethinkaboutthevalue--again,Ithinkit'simportanttonotebeforeI'llturnitovertoRajiv,togetalittlebitmoreintothebusiness.ButIthinkit'sveryimportanttonote,againit'snotwhatMedaisdoingonastandalonebasis,andthemetricsthatyouquotedisjustthat,Medaonastandalonebasis.

Ithinkthatwhat'simportantisnow,withthecombinationofMylan,whatwecandotogethercombiningMedawithourplatformacrosstheboard,whenyoulookfromanoperational,asupplychain,a




commercial,Imeannowthatexpertiseandexperienceacrossthemultiplegeographies,andincludinggivingusafootholdinthese16newmarkets,ittrulyjustbecomesaportalforustoleverageeverylaunch,everyasset,everyacquisitionfromthispointforwardthatmuchmore.

Sotrulythelong-termvalueofthis,isthecontinuationofwhatwe'vedoneoverthelast10years.AndIknowthatwedothesestrategictransactionsthatsometimesinthemomentislostonhowwe'regoingtodeliverthatvalue.ButIthinkifyoulookatour26%CAGRthrough2016,itbecomeshopefully,ourtrackrecordspeaksforitself,anditbecomesevidentthatwedeliver,anddowhatwesaywe'regoingtodo,whichisbeabletocontinuetomaximizetheseassets,optimizethisplatform,andcontinueagrowthtrajectoryintotheforeseeablefuture.Soagain,Elliott,Ican'tthankyouenough.AndRajiv?


And,Elliott,yes,letmeconfirm--reconfirmthatthe3%toplinegrowth,and5%EBITDA--adjustedEBITDAgrowthwasonastandalonebusiness.Wealsoconfirmedduringduediligence,thattheirkeycountries,likeUSGermany,Italy,France,Sweden,andSpainarealltheemergingmarketsespecially,andtherearekeyproducts,Dymista,[donna],[betadine],[elidel],[amalipid]areallareshowingsteadygrowthoverthenextfewyears.


Okay.Thankyou

Operator :

AndrewFinkelsteinwithSusquehannaFinancial.

AndrewFinkelstein (Analyst-SusquehannaFinancialGroup/SIG):

Hi,thanksverymuchfortakingthequestion.Acoupleclarificationsontheguidance.WhenyoutalkabouttherangesbeingvalidwithorwithoutMeda,andyougavesomequantificationofthepotentialMedacontribution,Imean,isthewholerangeinconsiderationwithoutMeda?Orshouldwethinkofthetopendasbeingsomething,thatwouldexclusivelybewiththedeal?

AndthenontheMomentacollaboration,couldyouclarifyifthemilestonesthataregoingtobepaid--Ithinkit'sabout$100millionthisyear,arethoseincludedinyournon-GAAPspendingorexcluded?Andthen,ifwethinkaboutthe[20]--excuseme--ifwetalk--backtothesynergies,becauseifyougothroughhowthoseweredetermined,andwheretheremaybeopportunitiesforupside,asyougetintothecombinedplatform?Thanksverymuch.


Sure,thankyou,Andrew.LookIthinkasfarastheguidancerangeisconcerned,regardingtheguidancerange,iswhyobviouslywedogivearange.Andwearevery--we'recommittedtothoseranges,withorwithoutMeda.

Ithinkimportantly,toknowwe'reassumingonequartercontribution.Soyes,Iwouldsayit'ssafetoassumethatifallthoseassumptionsareaccurate,andwehaveafullquarterofcontribution,thatcertainlyifyoulookatthetoplineoftherange,itcouldbenearthetopendoftherange.Andthey'reobviously,fromthebottomline,wouldhavethatopportunitytobeaboveourmidpoint.

Butagain,Ithinkthatsincewe'reonlytalkingaboutonequarter,wewantedtobeclearthatwewerecommittedtothoseranges.AndyouknowasIoftensay,allgoodthingsdon'thappenatthesametimeinthisbusiness,andallbadthingsdon'thappenatthesametimeinthatbusiness.Andwehavemultiple




movingpiecesandpartsthatcertainly,couldhaveuswithinthatrangewithoutMeda.AndIthinkaswehavedonehistorically,astheyearprogresses,andaseventsandthingsbecomemorecertain,weareabletoeitherhonein,oradjust,orupdatethoseranges,andwe'llcontinuetodoso.

Asfarasjust--againIamgoingtosayoverallsynergies,andthenIwillJohnandRajivweighin,moreindetail.ButIguess,Idohavetogobackandjusthopefully,remindpeopleofthetrackrecord.Ithinkwehaveoverdeliveredoneverysynergytargetwe'veeverputoutthere,backstartingwithMark.Andsoourability,asImentioned,notonlydidwehavetheopportunitytododuediligence,andmeetingswiththemanagementteam,andtrulyreallyunderstandwhattheseplatformscoulddotogether.AndlikeIsaid,Ihopeourtrackrecordspeaksforitselfonintegrationandexecution


AndIwouldsaythatthesynergiesarefromcombinedassets,whenyoubringtwoassetstogether.Wehaveafairlygoodinformationabouttheircoststructure,ourcoststructure.AndasIsaid,thesesynergiesaredrivenmostlyfromthestructure--no,coststructure,thecostofgoods,thatG&A,thesellingandmarketinfrastructure,hasledsome[cross-fertilization].Doweseeupsides?Absolutely.Wehavenotbeenabletoputourarmsaroundthat,whatwethatwebelievethattherewillbehugepullingeffect.Wewillbeabletocrossleveragetheportfolio,domorewiththismarkets,andwe'llcomebacktoyou,aswelearnmoreabouttheasset.


Andthen,Iwillclosewithrespecttomilestones.Milestonesare--thatwehaveinconjunctionwithcollaboration,suchastheonewithMomenta,areconsideredacomponentoftheacquisitioncostoftheproduct.Andassucharenotincludedinouradjustedincomeorincomestatement,butratherarecapitalizedaspartofthecostoftheacquisitionoftheproducts.


Okay,thankyou.

Operator :

TimChiangwihthIG.

T imChiang (Analyst-BTIG):

Hi,Heather.CouldyoutalkalittlebitabouttheinternationalopportunityforEpiPen?Imean,IwaslookingatsomeofMeda'ssalesfigures,anditlookslikeEpiPens--Imean,it'snotgrowingasmuchasit's--itdoesn'tseemlikeit'sactuallygrowing.CouldyoutalkaboutwhatyouguysplantodowithEpiPenoutsidetheUS,togrowthatproduct?


Sure.SoTim,look,Ithinktheopportunityisreallymulti-faceted,asitrelatestoEpiPen.AsfarasIwouldsaywe'retaking--sharingthisproductbetweenthreecompanies,Pfizermanufacturestheproduct,andthenMylanownstheEpiPen,andthenMedawasourpartnerinEurope.Sojusttheopportunitytocontractbackdowntotwo,certainlymakesthefinancialdynamicsmuchmoreattractive.Andobviously,throughoutEurope,there'scertaindynamicsaroundpricing.Andagain,beingmulti-epinephrinemarketplacesinmanyofthosecountries,certainlyhadmadechallengesincontinuingtogrowtheproduct.

Ithinknowinourhandswhenyoulookattheinfrastructure,withthecombinedAbbottEPD,andnowwith




Meda,we'regoingtohavemuchfurtherthereach.AndbeabletoIthink,doandinvestinamuchdifferentway,thanthatMedaasathird-partypartnerwasabletodo.SonotonlydoIseeitthroughoutEuropeasanopportunity,butaswecontinuetolookandaddenhancementsinhowwebringEpiPentothemarketandvariousotherregionsaroundtheworld,wedosee,likeIsaidalotofopportunity,evenoutsideofEuropewiththerestoftheworld,aswecontinuetoinvestaroundEpiPen,andtheawarenessofanaphylaxis

Well,thankyoueveryone.Iappreciatedallthequestions,andlookforwardtoseeingyousoon.

Operator :

Thankyou,ladiesandgentlemen,foryourparticipationintoday'sconference.Thisdoesconcludetoday'sconferencecall.

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Mylan (MYL) Earnings Report: Q4 2015 Conference Call Transcript · 2016. 2. 11. · Mylan (MYL) Earnings Report: Q4 2015 Conference Call Transcript The following Mylan conference