Mylan Profit Misses Analysts’ Estimates on Dollar’s Strength (1)
2015-05-05 20:13:40.873 GMT
(Updates with trading in fourth paragraph.)
By Caroline Chen
(Bloomberg) -- Mylan NV, the drugmaker involved in a three-
way takeover fight, reported quarterly profit that missed
analysts’ estimates as the strength of the U.S. dollar cut into
sales abroad.
First-quarter profit excluding certain items was 70 cents a
share, the company said in a statement Tuesday. Analysts had
estimated 71 cents on average, according to data compiled by
Bloomberg. Revenue rose 15 percent to $1.87 billion. Analysts
had predicted $2.05 billion on average.
Mylan, which gets most of its revenue from generic drugs,
has made several unsolicited takeover overtures to Perrigo Co.,
a company that generates about half of its sales from consumer
health-care products. Perrigo has rejected those offers. At the
same time, Mylan is fending off an unwanted acquisition attempt
by Israel’s Teva Pharmaceutical Industries Ltd. Mylan has said
that it wants to stay independent and that a combination with
Teva would face antitrust hurdles.
Mylan, which is run from Canonsburg, Pennsylvania, fell
less than 1 percent in late trading.
Teva had offered $40.1 billion for Mylan last month, or $82
a share in cash and stock. The deal would create a generics
powerhouse with more than $27 billion in annual revenue and re-
establish Teva as the leader in the industry.
Mylan, which offered $32.7 billion in cash and stock in its
latest attempt to acquire Perrigo, found itself rebuffed as its
target said the offer undervalued the company. Teva’s bid for
Mylan was contingent on it ending its pursuit of Perrigo.
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--With assistance from Niamh Ring in New York.
To contact the reporter on this story:
Caroline Chen in San Francisco at +1-415-617-7211 or
cchen509@bloomberg.net
To contact the editors responsible for this story:
Crayton Harrison at +1-212-617-6145 or
tharrison5@bloomberg.net
Drew Armstrong, Niamh Ring
2015-05-05 20:13:40.873 GMT
(Updates with trading in fourth paragraph.)
By Caroline Chen
(Bloomberg) -- Mylan NV, the drugmaker involved in a three-
way takeover fight, reported quarterly profit that missed
analysts’ estimates as the strength of the U.S. dollar cut into
sales abroad.
First-quarter profit excluding certain items was 70 cents a
share, the company said in a statement Tuesday. Analysts had
estimated 71 cents on average, according to data compiled by
Bloomberg. Revenue rose 15 percent to $1.87 billion. Analysts
had predicted $2.05 billion on average.
Mylan, which gets most of its revenue from generic drugs,
has made several unsolicited takeover overtures to Perrigo Co.,
a company that generates about half of its sales from consumer
health-care products. Perrigo has rejected those offers. At the
same time, Mylan is fending off an unwanted acquisition attempt
by Israel’s Teva Pharmaceutical Industries Ltd. Mylan has said
that it wants to stay independent and that a combination with
Teva would face antitrust hurdles.
Mylan, which is run from Canonsburg, Pennsylvania, fell
less than 1 percent in late trading.
Teva had offered $40.1 billion for Mylan last month, or $82
a share in cash and stock. The deal would create a generics
powerhouse with more than $27 billion in annual revenue and re-
establish Teva as the leader in the industry.
Mylan, which offered $32.7 billion in cash and stock in its
latest attempt to acquire Perrigo, found itself rebuffed as its
target said the offer undervalued the company. Teva’s bid for
Mylan was contingent on it ending its pursuit of Perrigo.
For Related News and Information:
Top Stories: TOP<GO>
--With assistance from Niamh Ring in New York.
To contact the reporter on this story:
Caroline Chen in San Francisco at +1-415-617-7211 or
cchen509@bloomberg.net
To contact the editors responsible for this story:
Crayton Harrison at +1-212-617-6145 or
tharrison5@bloomberg.net
Drew Armstrong, Niamh Ring