Business, Latest News

Mylan’s 1st quarter 2020 earnings up 5% compared to Q1 2019

MORGANTOWN — Mylan’s first-quarter 2020 earnings were up 5% compared to Q1 2019, Mylan said in a Monday press release.

Mylan filed its Q1 results with the SEC and offered highlights in its release. The quarter covers the period from Jan. 1 through March 31.

Total quarterly revenues were $2.62 billion, up 5% from the $2.5 billion the same quarter last year. North American sales were $955.5 million, up 4% from 2019’s $922.9 million. Mylan credited the majority of the increase to higher sales volumes of existing products, with some increase also in new-product sales.

Europeans sales rose 14%, from $895.3 million in 2019 to $1.02 billion this quarter, largely for the same reasons. Rest of World sales were down 5%, from $642.4 million to $610.8 million. Losses were tied to foreign currency translation, COVID-19 impacts in China and Japan and government price cuts in Australia and Japan.

Mylan maintained its 2020 earnings guidance, estimating total revenues of $11.5 billion to $12.5 billion.

Mylan’s leaders had COVID-19 in mind in their comments.

Mylan CEO Heather Bresch said, “As we navigate the COVID-19 environment, our hearts and thoughts are with those who have been affected by COVID-19, and all of the healthcare workers and first responders who continue to go above and beyond to help save lives across the globe.

“Looking ahead,” she said, “we remain on track to close the pending combination with Pfizer’s Upjohn Business in the second half of the year and continue to have great confidence that Viatris will be well positioned to deliver value for all of our stakeholders as a true partner of choice.”

Mylan President Rajiv Malik said, “During these trying times, I am especially inspired by the dedication of Mylan’s manufacturing colleagues who, with the support of their families, are continuing to work on-site to respond to the need for critical medicines.

“As a result of the Mylan team’s efforts,” he said, “our broad and diverse manufacturing footprint of more than 40 manufacturing facilities, which is spread across 12 countries, has maintained supply continuity. The strategic locations of our plants have enabled Mylan to avoid disruptions due to logistical challenges in any one part of the world.”

Mylan noted that is is not experiencing any significant negative impact on overall global demand trends. Inventory levels, theirs and and those in their distribution channel, remain in line with normal levels and are currently assessed to be sufficient for anticipated demand. Implementation of a global restructuring program announced in February is delayed because of COVID-19 “and the related uncertainty and complexity of the current environment.”

Tweet David Beard @dbeardtdp Email