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My
lanN
VR
aym
ondJam
es37th
AnnualInstitu
tional
Investors
Conference
March
92016
Filedby
Mylan
NV
Pursuant
toR
ule425
underthe
Securities
Actof
1933
Subject
Co
mpany:
Meda
AB
FO
RW
AR
DL
OO
KIN
GST
AT
EM
EN
TT
hiscom
municatio
nco
ntains“forw
ard-lookin
gstatem
ents”
Such
forward-look
ingstatem
entsm
ayinclud
ew
ithoutlim
itationstatem
entsabo
utthe
prop
osedacq
uisitionof
Meda
AB
(publ)
(“Med
a”)by
Mylan
NV
(“Mylan
”o
rthe“C
omp
any”)
(the“Prop
osedT
ransaction”)
Mylan
’srelated
publico
fferto
the
shareholdersof
Meda
toacquire
allofthe
outstanding
shareso
fMed
a(th
e“O
ffer”)M
ylan’sacquisition
(the“E
PD
Transaction”)o
fMylan
Incand
Abb
ottL
aborato
ries’(“Abbott”)
non-US
developedm
arketsspecialty
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randedgenerics
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“EP
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usiness”)
the
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ftheE
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ransaction
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eP
roposedT
ransaction
futureoppo
rtunitiesfor
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orthe
combined
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otherstatem
entsreg
ardingM
ylan’s
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pan
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ticipatedbu
sinesslevels
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lannedactivities
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arket
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competition
ando
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pectationsand
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hese
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use
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rds
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“will”
“may
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”“sh
ould”“w
ould”“project”
“believe”“anticipate”
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“estimate”
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ecauseforw
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erentlyinv
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ateriallyfro
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entsFactors
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roposed
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including
asto
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posedT
ransactionuncertainties
asto
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leto
comp
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ransactionthe
possibilitythatcom
peting
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adethe
possibilitythatcertain
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Meda
beingm
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maintaining
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ersclients
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ppliers)being
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eP
roposedT
ransaction;the
retentionof
certainkey
employees
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EP
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usinessand
Meda
beingdifficult;the
possibilitythat
Mylan
may
beunable
toachiev
eexpected
synergies
and
operatingefficiencies
inconnection
with
theE
PD
Tran
sactionand
thePropo
sedT
ransaction
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esor
atalland
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eda;expectedor
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turefinancial
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ylan’sability
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ationto
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ostdirectly
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ylan’sg
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ystrengthen
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illionof
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adjustedearnings
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-$0
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mpelling
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reatesopportu
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Average
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ountD
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ecember
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aboratories
Lim
itedfor
theyear
ended
Decem
ber31
2014
Reconciliation
ofN
on-GA
AP
Metrics
Below
isa
reconciliation
ofG
AA
Pnetearnings
attributableto
My
lanN
Vand
GA
AP
dilutedE
PS
toadjusted
netearnings
attributable
toM
ylanN
Vand
adjusteddiluted
EPS
foreach
ofthe
fourqu
artersof
2015
(inm
illionsexceptp
ersh
aream
ounts):Adjustm
entfor
purchaseaccounting
relatedam
ortizationexpense
forthe
threem
onthsended
Decem
ber31
2015includ
esintangible
assetimpairm
entchargesof
$313
millio
nA
djustm
entrepresents
exclusion
ofthe
pre-taxloss
relatedto
My
lan'sclean
energyinv
estments
theactivities
ofw
hichqualify
forincom
etax
creditsund
erS
ection45
ofthe
InternalRevenue
Code
of1986
asam
ended
(the"C
ode")T
heam
ountis
included
inotherexpense
(incom
e)net
inthe
Consolidated
Statemen
tsof
Operations
Adjustm
entrepresents
appro
ximately
$712
million
relatedto
theterm
inationof
certaininterest
ratesw
aps
forthe
threem
onthsended
Decem
ber3
12015
and
chargeso
fapproxim
ately$
408
million
relatedto
thered
emptio
nof
theC
ompany’s
7875%
Senior
Notes
due2020
forthe
threem
onths
endedS
eptember
30201
5T
hreeM
onths
Ended
Th
reeM
onths
Ended
March
3120
15M
arch31
2015
June
30201
5June
302015
Septem
ber
302015
Septem
ber30
2015D
ecember
31201
5D
ecemb
er31
2015G
AA
Pnetearnings
attributable
toM
ylanN
Vand
GA
AP
dilutedE
PS$
566
$0
13
$167
8$
03
2$
428
6$
083
$19
46
$0
38P
urchase
accounting
relatedam
ortization
(primarily
includedin
costofsales)(a)
1440
2466
2192
291
1L
itigationsettlem
entsnet17
7(0
9)
23
(116
5)
Interestexpenseprim
arilyam
ortizationof
convertible
debtdiscount1
22
162
115
57
Non-cash
accretionan
dfairv
alueadjustm
ents
ofcontingent
consideration
liability9
29
69
79
9C
leanenerg
yinv
estments
pre-taxloss
(b)22
521
724
124
9F
inancingrelated
costs(included
inoth
erexpense
(income)
nattrib
utableto
Mylan
NV
and
adjusteddilu
tedE
PS
$309
1$
070
$474
3$
091
$733
8$
143
$620
2$
122
Weighted
averagediluted
ord
inaryshares
outstanding443
8521
95
140
509
8
Reconciliation
ofN
on-GA
AP
Metrics
(Unaudited;
USD
inm
illions)T
hreeM
onthsE
nded
Three
Months
Ended
YearE
ndedY
earE
nded
Decem
ber31
Decem
ber31
Decem
ber
31D
ecember
312
01520
15201
42014
20152
01520
142014
GA
AP
net
earnings
attributable
toM
ylanN
V$
1946
$18
92
$84
76
$9
294
Ad
dad
justments:
Netcontrib
ution
attributable
tothe
noncontrolling
interestandequ
itym
ethodinvestm
ents
276
272
1052
95
1Incom
etaxes
23
781
967
74
14
Interestexpense70
982
0339
43
332
Depreciation
andam
ortization340
7168
51
0321
5666
EB
ITD
A$
657
5$
548
8$
2392
0$
196
57
Add
/(deduct)ad
justments:
Share-based
com
pensation
expense26
417
992
865
9L
itigationsettlem
entsnet(116
5)
07
(974
)47
9R
estructuring
&o
therspecial
items
2598
1147
6247
286
4A
djusted
EB
ITD
A$
827
2$
682
1$
3012
1$
236
59
Adjusted
totalrevenues(e)
$2
4907
$2
082
7$
9446
4$
7719
6A
djusted
EB
ITD
Am
argin
(f)33
2%
328
%31
9%
306
%B
elowis
areconciliation
ofGA
AP
netearningsattribu
tableto
Mylan
NV
toE
BIT
DA
and
adjustedE
BIT
DA
forthe
quarter
andyear
compared
tothe
respectiveprio
ryear
period:(e)R
eferto
theno
n-GA
AP
reconciliations
forrecon
ciliationof
adjustedtotal
revenuesto
them
ostdirectly
comparable
GA
AP
financial
measure
forth
ey
earended
Decem
ber
312015
Forth
ethree
months
ended
Decem
ber31
2015
and2
014and
theyear
endedD
ecember
312014
GA
AP
totalrevenuesw
asthe
same
asthe
corresponding
adjustedm
easure(f)A
djusted
EB
ITD
Am
arginis
calculatedas
adjusted
EB
ITD
Adivided
byadju
stedtotal
revenu
es
Sum
mary
ofA
djustedT
otalR
evenues
byS
egment(U
naudited;U
SD
inm
illions)T
hree
Mon
thsE
nded
Three
Month
sE
ndedY
earE
ndedY
earE
nded
Three
Months
Ended
Year
En
dedD
ecember
31D
ecember
31D
ecember3
1D
ecemb
er31
PercentC
hange
PercentC
hange2015
20152014
2014
2015
20152014
2014
Actual
ConstantC
urrency(1)A
ctualConstan
tCurrency(1)
Generics
(adjusted):T
hirdparty
netsalesN
orthA
merica
$1
033
8$
1000
6$
3895
6$
33
612
3%
4%
16%
16
%E
urope(ad
justed)(2)
616
4373
42
222
71
476
865
%77
%51
%67
%R
estof
World
570
5441
02
056
61
621
329
%39
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djusted
totalth
irdparty
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)2220
71
8150
8174
96
4593
22%
27
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%33
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therthird
partyrev
enues
90
195
408
511
Adjusted
totalthirdparty
revenues2
229
71
834
58
2157
6510
4In
tersegmen
tsales1
11
06
34
7A
djusted
Generics
totalrevenues
2230
81
835
58
222
06
515
1S
pecialty:T
hirdp
artynet
sales254
1242
71
2048
118
72
5%
5%
1%
1%
Other
thirdparty
revenues6
95
525
922
0T
otalthird
partyrevenues
2610
2482
1230
71
2092
Intersegmentsales
51
17
109
90
Specialty
totalrev
enues
2661
249
91
2416
1218
2E
liminatio
nof
intersegmen
tsales(6
2)
(27
)(172
)(13
7)
Adjusted
consolidated
totalrevenues(2)
$2
4907
$2
0827
$9
446
4$
7719
620
%24
%2
2%
28%
Th
econstantcurren
cypercentchange
isd
erived
bytranslating
thirdparty
netsales
forthe
currentperiod
atpriory
earcom
parativeperiod
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Refer
tothe
non-G
AA
Preco
nciliationsfor
reconciliations
ofadju
stedth
irdparty
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Europe
Generics
segmentadjusted
thirdparty
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adjustedthird
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andadjusted
totalrevenuesto
them
ostdirectlycom
parableG
AA
Pfinancialm
easuresfor
theyear
ended
Decem
ber31
2015
For
theth
reem
onths
endedD
ecember
3120
15and
2014
andth
eyea
Reconciliation
ofN
on-GA
AP
Metrics
(Unaudited;
USD
inm
illions)T
hreeM
onthsE
nded
Three
Months
Ended
YearE
ndedY
earE
nded
Decem
ber31
Decem
ber31
Decem
ber
31D
ecember
312
01520
15201
42014
20152
01520
142014
GA
AP
thirdparty
netsales
fromE
urope
$616
4$
3734
$2
205
6$
1476
8A
dd:A
cquisitionrelated
customerincentive
——
171
—A
djusted
third
partynetsales
fromE
urope$
616
4$
373
4$
2222
7$
1476
8G
AA
PG
enerics
segm
entthird
partynetsales
$2
220
7$
1815
1$
8157
8$
64
593
Add
:Acquisition
relatedcu
stomer
incentive—
—17
1—
Adjusted
Generics
segmentthird
partyn
etsales
$2
220
7$
1815
1$
817
49
$6
4593
GA
AP
thirdparty
netsales
$2
474
8$
2057
7$
9362
6$
7646
5A
dd:A
cquisitionrelated
customerincentive
——
171
—A
djusted
third
partynetsales
$2
474
8$
2057
7$
9379
7$
76
465
GA
AP
totalrevenu
es$
2490
7$
20
827
$9
4293
$7
719
6A
dd:A
cquisition
relatedcustom
erin
centive—
—17
1—
Adjusted
totalrevenues
$2
4907
$2
082
7$
9446
4$
7719
6
Reconciliation
ofN
on-GA
AP
Metrics
(Unaudited;
USD
inm
illions)T
hreeM
onthsE
nded
Three
Months
Ended
YearE
ndedY
earE
nded
Decem
ber31
Decem
ber31
Decem
ber
31D
ecember
312
01520
15201
42014
20152
01520
142014
GA
AP
costofsales
$1
4281
$1
1137
$5
2132
$4
1916
Ded
uct:Purch
aseacco
untingrelated
amortizatio
n(287
2)(12
54
)(885
5)(40
36
)A
cquisitionrelated
costs
(348
)(15
9)
(985
)(686
)R
estructuring
&other
specialitems
(165
)(1
31
)(36
3)
(451
)A
djustedcostof
sales$
1089
6$
959
3$
4192
9$
3674
3A
djusted
grossprofit(a)
$1
4011
$1
123
4$
5253
5$
404
53
Adjusted
grossm
argin(a)
56%
54
%56
%52
%G
AA
PR
&D
$159
0$
1502
$671
9$
581
8D
educt:A
cquisition
relatedcosts
(09
)(2
6)
(21
)(27
)R
estructuring
&other
specialitems
(18
)—
(20
3)
(179
)A
djusted
R&
D$
1563
$147
6$
6495
$56
12
Adjusted
R&
Das
%o
fadjustedtotalreven
ues6
3%
71
%6
9%
73
%G
AA
PSG
&A
$59
62
$42
56
$2
1807
$1
6257
Deduct:A
cquisitionrelated
costs(91
0)
(379
)(22
74
)(65
9)R
estructuring
&o
therspecial
items
(70
)(18
0)
(483
)(6
69
)A
djustedS
G&
A$
4982
$369
7$
190
50
$1
4929
Ad
justedSG
&A
as%
ofadjusted
totalrevenues
200
%17
7%
202
%1
93
%A
djustedgross
profitiscalcu
latedas
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Adjusted
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profitdivid
edby
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revenuesG
AA
Pgross
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asG
AA
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revenuesless
GA
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costofsales
GA
AP
grossm
arginis
calculated
asG
AA
Pgro
ssprofit
dividedby
GA
AP
totalrev
enues
Reconciliation
ofN
on-GA
AP
Metrics
(Unaudited;
USD
inm
illions)T
hreeM
onthsE
nded
Three
Months
Ended
YearE
ndedY
earE
nded
Decem
ber31
Decem
ber31
Decem
ber
31D
ecember
312
01520
15201
42014
20152
01520
142014
GA
AP
pre-tax
inco
me
$218
3$
2724
$91
54
$9
745
Pre-tax
lossrelated
tothe
cleanen
ergyinvestm
ents
249
225
932
789
Purchase
accountin
grelated
amortization
including
prod
uctandIPR
&D
assetim
pairm
ents29
11
129
2900
9419
0L
itigationsettlem
ents
net(116
5)
07
(97
4)
479
Financing-related
costs71
233
3112
03
33
Acquisition
relatedcosts
(prim
arilyincluded
inselling
generalan
dadm
inistrativ
eexp
ense)19
43
585
4380
1395
Acqu
isitionrelated
customer
incentive
(included
inthird
partynet
sales)—
—17
1—
Interestex
penseprim
arilyaccretion
ofcontingent
consideration
and
amortizatio
nof
convertibled
ebtdiscou
nt156
211
840
81
3R
estructuringand
otherspecialitem
s25
623
91
121
119
0A
djustedpre-tax
income
$724
5$
5616
$2
575
3$
1893
4G
AA
Pinco
me
taxexpense
(benefit)$
237
$81
9$
677
$41
4T
axeffect
ofadjustm
ents
topre-tax
income
andotherincom
etax
relateditem
s(80
6)
(586
)(3
701
)(432
0)
Adjusted
income
taxex
pense
$104
3$
1405
$437
8$
473
4A
djustedeffectiv
etax
rate14
%25
%17
%25
%G
AA
Pnetcash
provided
byoperating
activities$
651$
127$
2008
$1
015
(Dedu
ct)/A
dd:(R
eceipt)
/payment
oflitigatio
nsettlem
ents(113
)42
(113)
96Financing
Fees
—24
137
24A
cquisitionrelated
costs70
11
9164
R&
Dexp
ense
——
12
21Incom
etax
items
(7)(13
)(22)
(13
)O
ther1
—4
3A
djusted
cashprovided
byoperating
activities$
602$
181$
2217
$1
210
(Ded
uct)/A
dd:C
apitalexpenditures
(156
)(105
)(363
)(325
)Proceeds
fromsale
ofproperty
plantand
equipment—
——
9A
djustedfree
cashflow
$4
46$
76$
185
4$
894
Reconciliation
ofN
on-GA
AP
Metrics
Below
isa
reconciliation
ofG
AA
Pnetearnings
attributableto
My
lanN
Vand
GA
AP
dilutedE
PS
toadjusted
netearnings
attributable
toM
ylanN
Vand
adjusteddiluted
EPS
forthe
yearsend
edD
ecember
312
01320
12and
2011
(inm
illionsex
ceptper
share
amounts):A
djustmen
tforpurchase
accountingrelated
amortization
expensefor
theyears
ended
Decem
ber31
2013
2012
and20
11in
cludeintang
ibleassetim
pairment
chargesof
approximately
$18
millio
n$42
million
and
$16m
illionrespectiv
elyA
djustm
entrepresents
exclusion
ofthe
pre-taxloss
relatedto
Mylan's
cleanenerg
yinv
estments
theactivities
ofw
hichqualify
forincom
etax
creditsund
ersectio
n45
ofth
eU
SInternalR
evenue
Code
Th
eam
ountis
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ino
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ense
(incom
e)netin
theC
onsolidated
Statements
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perations
Year
En
dedD
ecember
31Y
earE
ndedD
ecember
31(U
naudited;in
millions
exceptp
ersh
aream
ounts)2013
20132
01220
12201
12011
GA
AP
net
earnings
attributable
toM
ylanN
Van
dG
AA
Pd
ilutedE
PS$
624
$1
58$
641
$1
52
$537
$1
22Purchase
accountingrelated
amortization
(primarily
included
incostof
sales)(a)
371
391365
Litigation
settlements
net(10
)(3
)49
Interestexpensep
rimarily
amo
rtizationo
fconvertible
debtdiscount
3836
49N
on-cashaccretion
and
fairvalue
adjustments
ofcontingent
consideration
liability35
39—
Clean
energyin
vestments
pre-taxloss
(b)2
217
—Finan
cingrelated
costs(included
inother
expense(incom
e)net)
73—
—A
cquisitionrelated
costs(prim
arilyincluded
incosto
fsalesand
sellinggeneral
and
admin
istrativeexp
ense)50
—34
Restructurin
gand
othersp
ecialitems
includedin:C
ostofsales
4966
8R
esearchand
developm
entexp
ense5
212
4Selling
generaland
administrative
expense
71105
45O
ther
incom
e(exp
ense)n
et25
(1)
—T
axeffectof
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veitem
sand
otherincom
Reconciliation
ofN
on-GA
AP
Metrics
Below
isa
reconciliation
ofG
AA
Pnetearnings
attributableto
My
lanN
Vand
GA
AP
dilutedE
PS
toadjusted
netearnings
attributable
toM
ylanN
Vand
adjusteddiluted
EPS
forthe
yearsend
edD
ecember
312
01020
09and
2008
(inm
illionsex
ceptper
share
amounts):A
djustedd
ilutedE
PSfor
theyearended
Decem
ber31
2010
includes
thefull
effectof
theconversion
ofthe
company's
preferredstock
into1
252
million
sharesof
comm
onstock
onN
ovem
ber15
2010
Adju
steddiluted
EP
Sfo
rtheperiod
endedD
ecember
31
2009w
ascalculated
underthe
"if-convertedm
ethod"
wh
ichassum
escon
versionof
theC
ompan
y'spreferred
stockinto
sharesof
com
mo
nsto
ckbased
onan
averageshare
priceand
excludes
thepreferred
dividendfrom
the
calculationas
the
"if-converted
method
"is
more
dilutiveY
earE
ndedD
ecember
31Y
earE
ndedD
ecember
31(U
naudited;inm
illions
exceptper
shaream
ounts)
2010
2010
20092009
2008
2008
GA
AP
netearningsattributable
toM
ylanN
Vand
GA
AP
dilutedE
PS
$224
$0
68$
94$
030
$(335
)$
(110
)P
urchase
accounting
relatedam
ortization
(primarily
includedin
costofsales)3
09283
489G
oodw
illim
pairm
entcharges
——
385
Bystolic
revenu
e—
—(468
)Litig
ationsettlem
entsnet127
2261
7Interest
expenseprim
arilyam
ortizationof
convertibledeb
tdiscount60
4330
Finan
cingrelated
costs
(includedin
otherexpense
(income)
net)37
——
Acceleratio
nof
deferredrevenue
—(29
)—
Non-controllin
ginterest—
9—
Restructurin
gand
othersp
ecialitems
includedin:C
ostofsales
733
53
Research
anddev
elopment
expen
se10
221
4Selling
generaland
administrative
expense63
49
89O
therinco
me
(expense)
net
1(13
)1
Tax
effectofth
eabov
eitem
sand
otherincom
etax
relateditem
s(253
)(2
73)
(31)
Preferred
dividend
(c)122
139
—A
djustedn
etearnin
gsattrib
utableto
Mylan
Reconciliation
of2016
Forecasted
Guidance
The
reconciliationsbelow
areb
asedon
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ent'sestim
ateof
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netearningsand
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idedby
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elve
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Decem
ber31
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Mylan
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nG
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ountsfo
r2016
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nciliationbelow
Other
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cludingthose
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ouldbe
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