Mylan's board starts review of strategic options

Mylan's board starts review of strategic options
Mylan is evaluating "all alternatives", says chief executive officer Heather Bresch

9 August 2018 - Deborah Wilkes

Mylan's board has set up a strategic review committee and is considering a wide range of options.

Chief executive officer Heather Bresch said Mylan was evaluating "all alternatives". She stressed this was the "beginning of the process" and declined to discuss the options under consideration.

The company commented in a statement that the "US public markets continue to underappreciate and undervalue the durability, differentiation and strengths of Mylan's global diversified business, especially when compared to peers around the globe".

The generics company said it had not set a timetable for evaluating alternatives, and there could be no assurance that any alternative would be implemented.

Second-quarter results released

The news came as Mylan reported sales of USD2.81 billion in the second quarter of 2018, representing a fall of 5% compared to the same period a year earlier.

The company's sales in North America dropped by 22% to USD1.00 billion, but sales in Europe were up by 4% to USD991 million and sales in the Rest of World region grew by 10% to USD764 million.

"Our Europe and Rest of World segments continue to deliver growth in line with our expectations," said Bresch. "However, our efforts to serve patients in the US have been shaped by the industry's transformation there."

Mylan – which is registered in the Netherlands and has key offices in the UK and the US – did not release figures for its OTC sales in the second quarter of 2018 but said recently that its OTC operations were expected to account for around 10% of sales in 2018.

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