Moody's Upgrades Mylan
Cites Mylan's Geographic and Product Diversity and Growth Potential
PITTSBURGH, May 23, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today reported that Moody's Investors Service ("Moody's") has upgraded the company's credit ratings, including the "Corporate Family Rating," to Ba1 from Ba2. Following this action, Moody's rating outlook is stable.
According to Moody's: "Mylan's Ba1 Corporate Family Rating reflects the company's strong position in the global generic pharmaceutical industry, its strong geographic diversification and its robust generic pipeline capabilities... Moody's believes 2012 will be a double digit growth year for Mylan, supported by a high number of branded drugs going generic and continued strength in the EpiPen® auto-injector franchise. Beyond 2012, Mylan's increasing operating leverage as a result of improving product mix and vertical integration should translate into higher EBITDA growth and stronger free cash flow."
Mylan's Chief Financial Officer John Sheehan commented: "We are pleased that Moody's has again recognized Mylan's significant capital structure achievements of the past two years, as a result of which Mylan today has a level future debt maturity schedule, a leverage ratio below 3.0 times, and ample liquidity to help fuel future growth. In its third upgrade of Mylan since 2010, Moody's has recognized many of Mylan's core strengths, such as our geographic diversification, the breadth of our product portfolio, our strong reputation for high product quality, and our leading position within the generics industry. Importantly, Moody's also has recognized Mylan's potential for continued strong top and bottom-line growth."
This press release includes statements that constitute "forward-looking statements," including with regard to the company's anticipated growth. 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: the impacts of competition; changes in economic and financial conditions of the company's business; uncertainties and matters beyond the control of management; and the other risks detailed in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Mylan is a global pharmaceutical company committed to setting new standards in health care. 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 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 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately one-third of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 150 countries and territories. Our workforce of more than 18,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com
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