Company Overview of Mylan Laboratories Limited
Mylan Laboratories Limited manufactures and supplies active pharmaceutical ingredients in India. It also manufactures finished dosage formulations and injectables; and engages in research and development activities. The company was formerly known as Matrix Laboratories Limited and changed its name to Mylan Laboratories Limited in October 2011. Mylan Laboratories Limited was founded in 2001 and is based in Hyderabad, India. Mylan Laboratories Limited is a subsidiary of MP Laboratories (Mauritius) Ltd.
Plot No. 564/A/22
Road No. 92
Founded in 2001
Key Executives for Mylan Laboratories Limited
Chief Executive Officer and Managing Director
Chief Financial Officer and Executive Director
Executive Vice President of Strategic Business Planning & Emerging Business and Member of Advisory Board
Executive Vice President of Supply Chain & Management Services and Member of Advisory Board
Compensation as of Fiscal Year 2016.
Mylan Laboratories Limited Key Developments
Mylan Laboratories Limited Reports Unaudited Standalone Earnings Results for the Six Months and Year Ended March 31, 2016
May 13 16
Mylan Laboratories Limited reported unaudited standalone earnings results for the six months and year ended March 31, 2016. For the six months, net sales/income from operation was INR 43,196.8 million against INR 40,037.8 million a year ago. Loss from operation before other income, interest and exceptional items was INR 454.5 million against profit from operation before other income, interest and exceptional items of INR 758.5 million a year ago. Profit before interest and exceptional items were INR 1,384.9 million against INR 3,069.0 million a year ago. Net loss was INR 1,729.1 million or INR 7.59 per basic and diluted share against net profit of INR 214.2 million or INR 1.13 per basic and diluted share a year ago.
For the year, net sales/income from operation was INR 92,047.4 million against INR 78,044.1 million a year ago. Profit from operation before other income, interest and exceptional items were INR 2,822.4 million against INR 1,406.4 million a year ago. Profit before interest and exceptional items were INR 6,220.6 million against INR 6,359.8 million a year ago. Net profit was INR 86.2 million or INR 0.41 per basic and diluted share against INR 1,342.8 million or INR 7.09 per basic and diluted share a year ago.
Mylan Laboratories Limited, Board Meeting, May 12, 2016
May 13 16
Mylan Laboratories Limited, Board Meeting, May 12, 2016. Agenda: To consider unaudited earnings results for the six months and year ended March 31, 2016.
Phosphagenics Limited Commences Legal Action against Mylan Laboratories Limited
Jan 6 16
Phosphagenics Limited announced that it has commenced legal action against Mylan Laboratories Limited by filing notices of arbitration at the Singapore International Arbitration Centre. Phosphagenics and Agila Specialties Private Limited (Agila) entered into a Master Research Agreement (in 2011) and a Licensing Agreement (in 2012) to develop and ultimately commercialise a formulation combining Phosphagenics’ proprietary TPM® technology with the injectable antibiotic daptomycin, which is indicated for the treatment of complicated skin and skin structure infections, and staphylococcus aureus bloodstream infections. In 2013 Mylan acquired Agila. A lead TPM®/Daptomycin formulation is in the final stages of development by Mylan and, based on a patent filed by Agila, is expected to have commercial advantages over the existing formulation of daptomycin. Daptomycin is currently marketed by Merck under the brand name Cubicin, and is expected to have generic competition in the United States in June 2016. The arbitration notices assert that Mylan is liable for breaches of several provisions under the two relevant agreements, fraudulent or negligent misrepresentations, breaches of confidence and/or unjust enrichment in relation to intellectual property and commercial licensing terms, amongst others. The dispute has been referred to arbitration in Singapore, in accordance with the relevant agreements. The substantive hearing is expected to take place in late 2016. Meanwhile, the Licensing Agreement continues in full force and effect pending the Arbitrator's decision. Phosphagenics has already planned for the legal costs associated with the arbitration proceedings in its 2016 budget. There is no assurance in respect of the outcome of the arbitration proceedings and Phosphagenics will, in accordance with its continuous disclosure obligations, notify the market of any material events as and when they occur.
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