Mylan reports earnings with merger pending

MORGANTOWN, W.Va. — On the same day Mylan and Upjohn announced their merger, Mylan released its second-quarter earnings report.

Mylan’s second quarter financial results showed improvement over the same period last year, with positive growth in all but its European markets – and Europe showing only a minute decline. For the first time in several quarters, North American sales were up.

Mylan’s total earnings for the second quarter – April 1-June 30 – were $2.85 billion, compared to $2.81 billion for the same period in 2018.

North American sales were up 2%: $1.02 billion compared to $1 billion in 2018. Rest of World sales were up 5%, $805.2 million compared to $764.1 million. European sales were down just $1 million, from $990.6 million in 2018 to $989.6 million this year.

For the first six months of the year, though, overall sales are still lagging, based on a weak first quarter, where earnings had fallen 7% compared to Q1 2018. For the first six months this year, sales were $5.347 billion, compared to $5.49 billion for the same period in 2018.

Mylan attributed the increase in North American revenues to new product sales – Fulphila, a biosimilar to Neulasta, for fighting infections from chemotherapy, and the Wilexa Inhub, an oral inhaler equivalent to Advair. But that was partially offset by a sales volume decline from existing products due to changes in the competitive environment.

Morgantown plant restructuring and remediation continued to play a role in North American revenue. Fir Q1, the estimated expense was $69.6 million for “for incremental manufacturing variances, site remediation and restructuring charges.” The figure for the first six months climbed to $123.2 million.

CEO Heather Bresch commented “Mylan’s second quarter performance was strong as we delivered or exceeded on expectations across all financial metrics. In addition, based upon our strong execution against our plan, we remain on track to deliver on our 2019 guidance.”

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