Mylan Sales Miss Mark Ahead of Tie-Up With Pfizer’s Upjohn
(Bloomberg) -- Mylan NV reported lower-than-expected sales for the fourth quarter but projected revenue for the full year 2020 in line with Wall Street estimates, as the company prepares to combine with Pfizer Inc.’s off-patent drug unit Upjohn.
- The generic-drug maker reported fourth-quarter revenue of $3.19 billion, shy of the $3.23 billion analysts expected, on average. Mylan said it expects 2020 revenue of $11.5 billion to $12.5 billion.
- Mylan, run from Canonsburg, Pennsylvania, doesn’t provide detailed financial results for individual products. But it said that most of its current growth was driven by volume increases in emerging markets outside the U.S. and Europe.
- As U.S. pricing headwinds pressure generic-drug makers, Mylan is staking its future with Pfizer’s Upjohn on China. But questions remain about the long-term outlook; Pfizer said in a separate filing Thursday that Upjohn and its branded drugs were “not successful” in initially navigating China’s volume-based drug-procurement program.
- Mylan and Pfizer also finalized the new company’s 13-member board, which includes former Pfizer Chief Executive Officer Ian Read and Mylan President Rajiv Malik. The companies also said Sanjeev Narula, the current chief financial officer of Upjohn, will serve as CFO of the new company, which will be called Viatris.
Mylan shares fell 1.1% in late trading on Thursday. Through the close of regular trading, the stock had fallen 7.1% year-to-date, hurt in part by a broader selloff in the stock market.
- Read more about Mylan’s financial results here.
- Read Mylan’s news release here.
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