Mylan To Explore Strategic Options, Claiming Investors Have Failed To Appreciate The Value
CEO Heather Bresch gave a soliloquy on US health care during the second quarter call, saying ‘perverse incentives’ have created a system that ‘feeds on higher prices.’
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Mylan will be merged into a new company with Pfizer’s Upjohn, closing the chapter on a generic drug powerhouse that will be remembered as much for scandal as success.
The combined company will have pro forma 2020 revenues of $19bn to $20bn, generate $1bn in synergies by 2023 and be led by Upjohn CEO Michael Goettler. Mylan's longtime CEO Heather Bresch will depart.
Novartis's Sandoz unit is the first of the big generics players to report second quarter financials, and its outlook for the US market remains pessimistic.