Breaking News

Tweet TWEET

Moody's and Standard & Poor's Upgrade Mylan to Investment Grade Credit Ratings

Moody's and Standard & Poor's Upgrade Mylan to Investment Grade Credit Ratings

Mylan Announces $500 Million Share Repurchase Program

PR Newswire

PITTSBURGH, Nov. 20, 2012

PITTSBURGH, Nov. 20, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today
reported that Moody's Investors Service ("Moody's") has upgraded the company's
credit ratings to Baa3 from Ba1 and that Standard & Poor's Ratings Services
("S&P") has upgraded the company's credit ratings to BBB- from BB+.

Mylan also announced today that its Board of Directors has approved the
repurchase of up to $500 million of the company's common stock in the open
market or through other methods.

According to Moody's: "Mylan's Baa3 senior unsecured rating reflects its
strong global position in generic pharmaceuticals, its robust growth outlook
and the expectation that financial policies will be consistent with an
investment-grade rating. Mylan has articulated a financial policy in which it
does not expect leverage to exceed the covenant limits in its credit facility
(currently 4.25 times) and in which deleveraging to 3.0 times would be
accomplished within 18 months of acquisitions which resulted in a leverage
increase. The rating also reflects Mylan's strong geographic diversification
and its robust generic pipeline capabilities. Further, the rating is supported
by favorable industry fundamentals based on the large number of branded
pharmaceutical products facing patent expirations in the coming years as well
as global demographic factors driving drug utilization."

According to S&P: "With a large global footprint and a full generic drug
pipeline, Mylan is also well positioned to capitalize on the opportunities in
the global generic space over the next three years... A broad product
portfolio lessens the risk that any one product setback could significantly
affect operations... [W]e believe that the company has the capacity to make a
richly valued $4 billion acquisition within the context of the current
rating."

Mylan's Chief Financial Officer John Sheehan commented, "We are pleased that
Moody's and S&P have each continued to recognize Mylan's long-standing
commitment to financial discipline and a strong capital structure. We also are
pleased by their recognition of Mylan's strong operating performance and
ability to generate significant free cash flows. All of these factors have
allowed us to accelerate our deleveraging, meet and exceed our long-term
leverage target of 3.0 to 1, and achieve our current 2.6 to 1 leverage ratio.
The agencies' upgrades of Mylan to investment grade credit ratings will only
further enhance Mylan's financial flexibility and capacity to execute on our
growth strategy."

Sheehan continued, "The further enhancements to our financial flexibility
provide Mylan with substantial capacity and a tremendous range of options to
continue to maximize shareholder value. Not only does Mylan have the capacity
to accelerate our long-term growth targets by executing on appropriate,
strategic external opportunities, we also have capacity for additional share
repurchase programs such as the one announced today."

This press release includes statements that constitute "forward-looking
statements," including with regard to, among other things, the company's
future operations, growth, liquidity, financial flexibility and share
repurchase program. 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 effect of any changes in
customer and supplier relationships and customer purchasing patterns; the
ability to attract and retain key personnel; changes in third-party
relationships; the impacts of competition; changes in economic and financial
conditions of the company's business; and uncertainties and matters beyond the
control of management.These cautionary statements should be considered in
connection with any subsequent written or oral forward-looking statements that
may be made by the company or by persons acting on its behalf and in
conjunction with its periodic SEC filings. In addition, please refer to the
cautionary statements and risk factors set forth in the company's Quarterly
Report on Form 10-Q for the period ended September 30, 2012, and in its other
filings with the SEC. The forward-looking statements herein are qualified by
those cautionary statements and risk factors. The company undertakes no
obligation to update statements herein for revisions or changes after the date
hereof.

The share repurchase program will be financed with cash on hand and
availability under the company's revolving credit and receivables
securitization facilities. The program will not require any waivers or other
exemptions under the company's credit facility or under its bond indentures.
The repurchase program does not obligate the company to acquire any particular
amount of common stock and may be suspended without notice.

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 excellence 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

SOURCE Mylan Inc.

Website: http://mylan.com
Contact: Nina Devlin (Media), +1-724-514-1968, or Kris King (Investors),
+1-724-514-1813
 
Press spacebar to pause and continue. Press esc to stop.