MORGANTOWN — With just 10 days to go before Mylan joins with Upjohn to become Viatris, Mylan reported its third-quarter earnings on Friday.
Total revenues were up just marginally for the quarter and the year to date, Mylan reported.
Quarterly revenue was $2.97 billion, compared to $2.96 billion for Q3 2019. Year to date was $8.32 billion, compared to $8.31 billion for 2019.
North American sales fell by 5% for the quarter: $1.03 billion compared to $1.09 billion for the 2019; year-to-date sales were down marginally, $3.02 billion compared to $3.03 billion.
Helping offset the loss, European sales rose 7% for the quarter, $1.12 billion compared to $1.05 for 2019; year-to-date was up 5%, $3.08 billion compared to $2.93 billion.
Rest of World quarterly sales were up marginally, $795.5 million compared to 2019; but year-to-date sales remained down by 5%, $2.13 billion compared to $2.24 billion.
Mylan CEO Heather Bresch – who will retire upon completion of the Viatris union, commented: “As we prepare to officially conclude the Mylan story and provide what will be the company’s final earnings update, Mylan’s strong year-to-date results once again demonstrate the benefits of the diverse and durable platform that we have created. I’m extremely proud of how Mylan has performed over the last nine months during these unprecedented times.”
Mylan Executive Chairman Robert J. Coury – who will become Viatris executive chairman – commented: “On behalf of Mylan’s Board of Directors and all Mylan employees, I would like to thank Heather for her truly exemplary leadership and lasting contributions to the company, the industry and patients around the world. As we officially close the book on Mylan, I would also like to offer my sincere appreciation and gratitude to all the Mylan employees, both past and present, for their extraordinary resilience and determination to help us reach this pivotal moment in our 60-year history.
He continued, “With just 10 days until we close our proposed combination with Pfizer’s Upjohn business, we are excited to bring the two organizations together. … We intend to provide details on Viatris’ strategy, including 2021 guidance, at our upcoming Investor Day, to be held in late February or early March 2021.”
The Mylan-Upjohn merger into Viatris – rhymes with Beatrice – is expected to close Nov. 16.
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