HERTFORDSHIRE, England and
PITTSBURGH, Jan. 8, 2018 /PRNewswire/ -- Global
pharmaceutical leader Mylan N.V. (NASDAQ, TASE: MYL) today
announced that it is completing its previously-approved
$1 billion share repurchase
plan.
Mylan's Chairman Robert J. Coury
commented, "We are very pleased to announce that Mylan is
completing the $1 billion share
repurchase plan previously approved by the Mylan N.V. Board of
Directors. This return of capital to our shareholders comes at
a time of positive momentum for Mylan, with the recent launches and
approvals of several key products, our strong future growth
expectations, and our belief that the diversified and unique
platform we have built is substantially undervalued.
"In addition and pursuant to its agreement with Abbott related to the Abbott EPD acquisition,
Mylan has received notification from Abbott that it has sold its remaining 20.3
million shares of Mylan prior to year-end, removing a potential
share overhang and consistent with Abbott's stated position that it did not
intend to be a long-term shareholder."
Coury continued, "Following our 2017 Annual General Meeting, we
initiated an extensive outreach program to better understand
shareholders' perspectives and increase their awareness of and
appreciation for the unmatched strength and breadth of Mylan's
global platform. We are committed to continuing our dialogue with
shareholders and the larger investor community in an effort to
continue to optimize Mylan's valuation."
Mylan CFO Ken Parks added, "Our
continued strong adjusted free cash flow generation, even after
taking into account the completion of our $1
billion share buy-back program, allows us to continue to
execute on our business strategies, while effectively deploying our
capital and maintaining our commitment to an investment grade
credit rating."
This press release includes statements that constitute
"forward-looking statements," including with regard to: Mylan
completing its $1 billion share
repurchase plan; this return of capital to our shareholders coming
at a time of positive momentum for Mylan, with the recent launches
and approvals of several key products, our strong future growth
expectations, and our belief that the diversified and unique
platform we have built is substantially undervalued; that Mylan is
committed to continuing its dialogue with shareholders and the
larger investor community in an effort to continue to optimize
Mylan's valuation; and that Mylan's continued strong adjusted free
cash flow generation, even after taking into account the completion
of our $1 billion share buy-back
program, allows us to continue to execute on our business
strategies, while effectively deploying our capital and maintaining
our commitment to an investment grade credit rating. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Because such
statements inherently involve risks and uncertainties, actual
future results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to: success of clinical trials and our or our partners'
ability to execute on new product opportunities; any regulatory,
legal or other impediments to our or our partners' ability to bring
products to market; other risks inherent in product development;
the scope, timing, and outcome of any ongoing legal proceedings,
including government investigations, and the impact of any such
proceedings on our or our partners' businesses; actions and
decisions of healthcare and pharmaceutical regulators, and changes
in healthcare and pharmaceutical laws and regulations, in
the United States and abroad; the
impact of competition; strategies by competitors or other third
parties to delay or prevent product introductions; the effect of
any changes in our or our partners' customer and supplier
relationships and customer purchasing patterns; any other changes
in third-party relationships; changes in the economic and financial
conditions of the businesses of Mylan or its partners;
uncertainties and matters beyond the control of management; and the
other risks detailed in Mylan's filings with the Securities and
Exchange Commission. Mylan undertakes no obligation to update these
statements for revisions or changes after the date of this
release.
About Mylan
Mylan is a global pharmaceutical company committed to setting
new standards in healthcare. Working together around the world to
provide 7 billion people access to high quality medicine, we
innovate to satisfy unmet needs; make reliability and service
excellence a habit; do what's right, not what's easy; and impact
the future through passionate global leadership. We offer a growing
portfolio of more than 7,500 marketed products around the world,
including antiretroviral therapies on which more than 40% of people
being treated for HIV/AIDS globally depend. We market our products
in more than 165 countries and territories. We are one of the
world's largest producers of active pharmaceutical ingredients.
Every member of our more than 35,000-strong workforce is dedicated
to creating better health for a better world, one person at a time.
Learn more at Mylan.com. We routinely post information that may be
important to investors on our website at investor.mylan.com.
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SOURCE Mylan N.V.